This summer, a state law was approved to allow URI to create a private foundation to commercialize the intellectual property derived from university research.

Previously, the URI Foundation directed commercialization efforts, bringing in an estimated $600,000 to $1 million annually during the last 10 years. In comparison, the University of Massachusetts brought in $41.4 million last year across its five campuses from the commercialization of intellectual property.

Peter Alfonso, URI’s vice president for research and economic development, is heading up the creation of the foundation, designed as a nonprofit, self-sustaining enterprise... at a time of strained state revenues to support higher education, the foundation can provide money to support research that could lead to the commercialization of new technologies, start-up companies and new technology-based jobs.

Alfonso said that an independent research foundation will provide the flexibility to compete with other universities for licensing money while shielding the institution from liability. It will also give URI a vehicle to take an equity stake in a company, in lieu of royalty payments.