"-It was my idea, I did this! "+Sure, but you did it HERE"

Way back before 1980, if you were a college genius who invented something new with the government's money, Uncle Sam kept the rights to your work. You wouldn’t see extra cash from your big idea, and you couldn’t decide who got to use your invention. It was like creating an awesome video game but only being able to watch others play it.

Then, something big happened. A law called the Bayh-Dole Act was passed, and it was like handing the controller back to the players-the inventors. This law let colleges and their brainy inventors keep their inventions, patent them, and even make money from them! Colleges got to decide how to use their discoveries, and the people who actually came up with the ideas got a share of the profits.

It was like starting a giant idea factory where before there was just a library. Suddenly, colleges were getting more patents than ever, and those patents were like golden tickets to new businesses and gadgets that could change the world. Science magazines started saying that this mix of college smarts and business was creating jobs and making the U.S. even more of a boss in the world market.

Sure, there were some who said, "Hey, not so fast! Colleges might be spending more money than they’re making from this." But when you look at the big picture, like all the cool startups and the new tech that came out of it, it seems like the Bayh-Dole Act turned colleges into invention powerhouses

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So, what’s the deal with the Bayh-Dole Act? It's like someone took the training wheels off and said, "Go invent stuff, and if it’s cool, you can totally sell it." And it is exactly what colleges have been doing ever since. Hmm, is it?

The article above is just one of the many fascinating things I learned by participating in the Terasaki Innovation Summit 2023. Experiences like these broaden our horizons and ignite a passion for discovery. As we gear up for this year's Summit, I’m thrilled at the prospect of what new insights will unfold. I encourage all the innovative thinkers out there- students brimming with ideas, researchers on the cusp of breakthroughs, scientists forging new paths, and professors nurturing the next wave of brilliance- to join us at the Terasaki Innovation Summit. Let’s come together to inspire and be inspired, and to contribute to a future where innovation thrives.