Intellectual Property: Federal Agency Efforts in Transferring and Reporting New Technology

The General Accounting Office discloses that in fiscal year 2001, nine federal agencies created 3,676 new inventions, issued 1,585 patents and received $74.5 million in licensing revenues. The study argues that the federal laboratories and research facilities associated with the nine federal agencies can serve as a treasure chest of technologies for commercialization. Two recommendations are given for federal agencies to help with implementing the Technology Transfer Act of 2002.