IU's total external and private funding reaches nearly $1 billion in most recent fiscal year
FOR IMMEDIATE RELEASE
BLOOMINGTON, Ind. -- Indiana University secured nearly $1 billion in external funding for research and other activities and in private philanthropy in fiscal year 2016, IU President Michael A. McRobbie has announced, further demonstrating that the university, through its ongoing commitment to excellence in education, research and engagement, is contributing mightily to a prosperous and innovative Indiana.
The university received $614.1 million in external funding for research and other activities and $524.1 million in private and philanthropic contributions for the fiscal year ending June 30. Both figures represent record totals at IU. This also includes a record $195 million in non-governmental grants, a figure that is included in both totals.
IU also experienced a banner year for economic development, highlighted by a record number of U.S. patents and a dramatic increase in licensing agreements, which has resulted in the university rising in reputation as a national leader in innovation.
"These figures confirm Indiana University’s continuing status as one of the leading and most vigorous public research universities in the world, and they also advance major priorities of the university's Bicentennial Strategic Plan," said IU President Michael A. McRobbie, who shared the funding totals today at a meeting of the IU Board of Trustees on the Bloomington campus.
"These figures are testament to the quality of the remarkable research being conducted by our faculty, staff and students -- research that expands knowledge, drives innovation, creates new industries and jobs, spurs economic growth and supports a high standard of living," McRobbie added. "They also reflect the long-standing tradition of generous support by alumni and friends of Indiana University, based on the university’s historic reputation for excellence over nearly two centuries."
External research funding
Indiana University researchers received $614.1 million in external funding for research and other activities in fiscal year 2016, the highest total of such funding for any public university in Indiana during the fiscal year. It is the highest annual total in IU history, surpassing the $604 million awarded in fiscal year 2010. That previous record included one of the largest single-year grant totals ever provided to the university by Lilly Endowment Inc., as well as a temporary boost in federal research funding under the American Recovery and Reinvestment Act.
IU also set new university records for federal grants and contracts ($331.5 million), awards from the National Science Foundation ($55.6 million) and sponsored funding from industry ($81.2 million). The $614.1 million also includes $180.3 million in awards from the National Institutes of Health.
From fiscal years 2007 to 2016, the overall annual growth rate in sponsored awards to IU was 3.95 percent. Without taking into account funding from the American Recovery and Reinvestment Act and Lilly Endowment, IU saw an annual growth rate of more than 5 percent over the same period.
"This year's record figure is an especially major accomplishment as university researchers around the nation are confronted with an increasingly competitive environment for funding," IU Vice President for Research Fred Cate said. "Indiana University's record-setting success in this area -- driven by the support of the National Institutes of Health, the National Science Foundation and other funding agencies -- is a clear indication of the quality of our faculty and the potential impact of IU research to meet the greatest challenges facing our state, nation and world."
The university received $524.1 million in total private individual and institutional philanthropy in fiscal year 2016, including non-governmental grants as well as contributions from individuals, businesses and foundations.
The total represented a 14 percent increase in philanthropic support over last year's amount raised. Since 2009, the average annual rate of growth of IU's philanthropic and non-governmental grant support is 10.3 percent.
"The remarkable philanthropic support we have received this year, which is unprecedented in the history of fundraising campaigns at Indiana University, will have an enormous impact on our efforts to fulfill the university's promise to the citizens of our state and continue to make a difference in the world," IU Foundation President Dan Smith said. "We are fortunate to have so many alumni and friends who are inspired to support the goals of our historic 'For All' fundraising campaign. Their generosity will help to create life-changing and affordable learning opportunities for deserving students, particularly those from Indiana."
The total of $524.1 million includes more than $329 million in philanthropic gifts.
IU launched the public phase of its first-ever university-wide philanthropic campaign last fall. For All: The Indiana University Bicentennial Campaign, the most ambitious fundraising campaign in IU's history and based on IU's strategic priorities, has set a record goal of $2.5 billion to be raised by 2020.
Economic development and entrepreneurship
One of IU's top bicentennial strategic priorities is actively engaging its strengths to support the health, economic and social development of Indiana, the nation and the world.
Figures from fiscal year 2016 demonstrate that IU continues to play a major and increasing role in fostering a culture of innovation in Indiana.
During the fiscal year, the IU Research and Technology Corp., which protects, markets and licenses intellectual property developed at IU so it can be commercialized by business and industry, was granted 53 U.S. patents, a record for the university.
The IURTC executed 43 licensing agreements last year, representing a 72 percent increase in licensing from the previous fiscal year. Sixty-six percent of the IURTC's active patent portfolio is currently licensed. Additionally, licensing revenue for the IURTC topped the $7 million mark for fiscal year 2016.
Since 1997, IU research has generated more than 2,700 inventions resulting in nearly 4,000 global patent applications being filed by the IURTC. These discoveries have generated more than $135 million in licensing and royalty income, more than $112 million of which went directly to IU departments, laboratories and inventors.
"These record achievements reflect IU's role as an increasingly powerful economic driver in Indiana, the state and the world," IU Vice President for Engagement Bill Stephan said. "IU research is fueling innovation, helping to create and support new jobs and industries, spurring economic growth and making Indiana a desirable place to live and work. IURTC president Tony Armstrong and his team continue to connect faculty research discoveries with market demand and pursue strategic engagement opportunities in both the public and private sectors."
Through its efforts to protect and commercialize inventions discovered throughout the IU system, the IURTC has risen in reputation as a national and international leader in advancing university intellectual resources and expertise toward economic development and improved quality of life.
The IURTC ranked 44th in the world in a 2015 report by the National Academy of Inventors of the "Top 100 Worldwide Universities Granted U.S. Utility Patents." The IURTC rose 43 spots in this ranking from the previous calendar year.
IU also ranked among the world's 50 most innovative universities, according to an analysis of patent and publishing data from hundreds of research institutions around the globe from 2008 to 2013. In this Reuters News study, IU placed 49th in the list of Top 100 World's Most Innovative Universities and 33rd among U.S. universities.
Precision Hawk, a drone mapping and aerial data services company that counts the Innovate Indiana Fund as a key financial backer, was named one of the world's 30 most promising technology pioneers for 2016 by the World Economic Forum. Precision Hawk’s team will present at the World Economic Forum meetings in Davos, Switzerland, in February.
Additionally, IU Distinguished Professor Richard D. DiMarchi, one of the world's leading peptide chemists, was elected as a member of the prestigious National Academy of Medicine in October. He became the 10th IU faculty member to join the organization and the first on the IU Bloomington campus.
DiMarchi holds more than 100 patents and co-founded Marcadia Biotech in 2007 with assistance from IURTC. Merck, Roche and Novo-Nordisk -- three of the world’s leading biopharmaceutical companies -- are advancing novel drug candidates inspired by discoveries in DiMarchi’s laboratory at IU.