This post was originally published by Indiana University. Click here to read the original article.

As a university-affiliated nonprofit, IU Inc. will help deepen industry collaboration, foster entrepreneurship and business attraction, and expand large-scale research initiatives, while creating new opportunities for faculty and students.

INDIANAPOLIS — The Indiana University Board of Trustees has authorized the university to form IU Inc., a nonprofit organization designed to expand and enhance IU partnerships with industry, start-ups and government agencies, with the goal of more rapidly transforming discovery into real-world impact for Indiana and the world.

IU Inc. will catalyze innovation and new economic activity by driving stronger collaboration between IU’s research enterprise, entrepreneurs and other potential partners, while creating new opportunities for students and faculty to advance transformational research.

As the front door for partners seeking to connect to the university’s more than $1 billion research enterprise, IU Inc. will further accelerate IU’s role in driving start-up activity and business attraction. The organization will also enhance IU’s ability to compete for large-scale, multi-organization research projects, including public-private partnerships and consortium-led federal grants, in high-demand fields such as biosciences, microelectronics, artificial intelligence and national security. Through revenue-generating ventures, IU Inc. will also drive reinvestment in the university’s academic and research mission.

“IU Inc. represents a major evolution in the way Indiana University brings innovation to the world while remaining grounded in our academic and research mission,” IU President Pamela Whitten said. “IU Inc. will strengthen our ability to move at the speed of industry to bring new ideas to market and into communities, expand opportunities for our faculty and students, and advance IU’s role as a driver of innovation and economic growth for Indiana and beyond.”

Initially, IU Inc. will include three existing corporations:

  • IU Launch Accelerator for Biosciences: IU’s signature life science innovation initiative drives research commercialization, industry partnerships and workforce development at the intersection of bioscience and technology.
  • IU Applied Research Center: This university-wide initiative supports national security through innovation, applied research and development and talent development in partnership with state, federal and industry partners.
  • IU Realty: This new entity will activate non-academic real estate to generate revenue, supporting the IU 2030 strategic plan’s vision through IU Inc.

“IU Inc. sends a bold signal that Indiana University, as the state’s premier research institution, is an innovation driver for industry and government partners,” IU Vice President for Research Russell J. Mumper said. “Enhancing competitiveness and discovery across the state, IU Inc. will engage with local and global partners, advance workforce development and national security, support startup growth, and foster long-term economic development.”

While IU has multiple affiliated nonprofit organizations, IU Inc. is the first with an integrated mission focused on agile industry engagement, partnerships and joint ventures, applied and secure research, and commercialization. The IU Inc. model parallels successful nonprofit innovation entities used by Big Ten peers and leading R1 institutions such as Arizona State University and the Georgia Institute of Technology.

“IU Inc. is tailored to reflect IU’s strengths and ambition, signaling to existing and new partners that IU is competing and leading internationally,” IU LAB President and CEO David Rosenberg said. “We look forward to continuing to refine the way we work with industry leaders, startups, investors and government partners to co-create, co-invest and co-build the future empowered by IU expertise and renowned and growing technical capacities.”

IU Inc. demonstrates IU’s commitment to advancing innovation that drives economic competitiveness and global leadership, delivering on historic investments to strengthen IU and the state’s leadership and impact in biosciences and to boost the growth of the country’s microelectronics sector and accelerate innovative solutions to major national security challenges.

Following the IU Board of Trustees’ authorization, IU will file articles of incorporation to formally establish IU Inc. as a 501(c)(3) supporting nonprofit with three subsidiary limited liability corporations: IU LAB LLC, IU ARC LLC and IU Realty LLC. All IU Inc. activities will uphold the university’s commitment to protecting academic freedom. IU expects the organization will begin operations later this year.

What they’re saying:

Dr. David Hormuth, chair, IU Board of Trustees: “Industry and government partnerships are the driving force that transforms IU’s more than $1 billion research enterprise into breakthrough innovation, job creation and lasting economic momentum. IU Inc. positions Indiana University to engage in these partnerships in more dynamic, strategic and ambitious ways than ever before and reflects the bold aspirations of our IU 2030 vision.”

Melina Kennedy, CEO, Central Indiana Corporate Partnership: “Indiana’s future depends on growing a strong economy and preparing the next generation of talent for high-demand careers. IU Inc. will help us tackle these twin challenges while better aligning research and workforce development with the needs of employers. This new structure will enable IU to accelerate innovation and commercialization, keep Indiana competitive, and continue to benefit humanity.”