2.5 Role of Innovation and Commercialization

Innovation and commercialization are consistent with and directly support the education, research and public service goals of Michigan Tech. Innovation refers to the process of creating economic and social value from inventions and discoveries. Commercialization supports innovation and results in the creation of societal and economic value from knowledge, discoveries, and experiences. Commercialization can result from a number of activities including applied research, consulting, securing patent rights and technology commercialization through licensing to established businesses or through the formation of new businesses. Faculty participation in innovation and commercialization enhances student education by providing a source of content and context which can directly complement, reinforce, and add relevance to course subject matter.

Innovation and commercialization related to teaching, research, and scholarly expertise are recognized as having value within the Michigan Tech community. The University acknowledges that additional time and effort are required for involvement in such activities, and is committed to recognizing these efforts. In particular, promotion and tenure and merit evaluations shall recognize innovation and commercialization as an indicator of commitment and expanding traditional boundaries and to the economic prosperity of society.

Senate Proposal 5-18