Kristin D’Amore of Dovel Technologies provides a look into how Virginia is supporting student innovation, an essential asset to the Commonwealth’s economy.
- New businesses account for nearly all net new job creation and almost 20 percent of gross job creation as well as being responsible for a disproportionate share of innovative activity in the United States.* There is an enormous amount of entrepreneurial activity occurring at institutions of higher learning throughout the country, and Virginia is taking strides to strengthen student innovation on its campuses. On April 14, 2016, Governor Terry McAuliffe signed into law legislation that directs the Boards of Visitors of public colleges and universities to adopt intellectual property (IP) policies that are supportive of student entrepreneurship. The legislation, which was sponsored by Del. Charniele Herring, was supported by NVTC and a broad coalition of higher education and business community organizations across Virginia.
The legislation reduces some barriers to entry for student entrepreneurs by clarifying existing university IP policies to specify the conditions under which institutions of higher education own intellectual property as opposed to student ownership. Current policies at some institutions of higher education create uncertainty about IP ownership, which discourages students from launching new ventures, starting businesses, or commercializing research based on their own ideas. The bill encourages a campus culture that supports entrepreneurship and motivates Virginia’s universities to be hubs of creativity and innovation with the potential to drive regional economic growth through research commercialization and new business formation.
The issue of student entrepreneurship and IP rights was raised by the Governor’s Council on Youth Entrepreneurship, which was formed in August 2015 to study and recommend ways to support young business owners and innovators in the Commonwealth. The group is comprised of leaders in higher education, business, innovators and entrepreneurs. As a member of the Council, I was pleased to see an early win for young entrepreneurs and students across Virginia.
Increased student innovation and promoting IP commercialization and new patents by students is critical to growing Virginia’s economy. Statistics from the Council on Virginia’s Future show that although Virginia’s rate of patent formation has improved in recent years, it is still well below the U.S. average. Furthermore, Virginia universities generated 1.94 startups per one million residents in 2013, measurably below the national rate of 2.38 startups and ranking the Commonwealth 27th in the country.
The Council on Youth Entrepreneurship is continuing its efforts assessing resources and opportunities in Virginia for young entrepreneurs and will be presenting additional recommendations to the Governor later this year. The Council will make additional recommendations on areas including financial incentives for business formation, improving regulatory processes for entrepreneurs, strengthening academic programs for student innovators in K – 12 and higher education, and marketing the assets of Virginia’s education system to students, faculty, and business leaders across the country. The Council’s efforts are focused on providing the next generation of entrepreneurs and innovators a solid foundation from which to launch their ideas, ultimately leading to further growth in the economy.
* According to the Kauffman Foundation, the largest foundation in the world devoted to entrepreneurship.
Kristin D’Amore is Director, Market Development and Strategy at Dovel Technologies and a member of Governor McAuliffe’s Council on Youth Entrepreneurship.