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[5]

Part of Minutes of the University of Kentucky Board of Trustees

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-3 - UK Jazz Ensemble Is Selected for 2007 Midwest Clinic Concert The UK Jazz Ensemble traveled to Chicago to perform at the 2007 Midwest Clinic 61st Annual Conference. The School of Music Jazz Ensemble continues to do well under the leadership of Miles Osland. They were one of only seven jazz ensembles of any level selected from worldwide applicants to perform recently at the international band and orchestra conference. President Todd encouraged the Board to read the other interesting items in PR 1. Commercialization and Economic Development Report President Todd introduced Dr. Len Heller, vice president for commercialization and economic development, and expressed pleasure in having him at the university. He noted that Dr. Heller was with the university previously. He was also with the secretary of health and human resources under Governor Brereton Jones. He took a real leadership role in setting up the Bluegrass Angle Network and the Bluegrass Angel Venture Fund. He became an investor and then provided leadership to others. He said that Dr. Heller was a great choice for the vice president of commercialization and economic development position and asked him to give his report. Dr. Heller said the purpose of his presentation is to give the Board some highlights to get acquainted with commercialization and economic development accomplishments the past year. The Office of Commercialization and Economic Development was created by the Board of Trustees in October 2005. The joint goal was to move research into the marketplace and drive statewide economic development. He explained that the intellectual properties disclosures start with this office. They move it into incubators, find investments, create businesses, and create jobs. Dr. Heller said that his major philosophy to be competitive against Massachusetts Institute of Technology, Stanford University, or any other university is to realize that everyone is working in the same intellectual properly domains. The way to be successful is to get there with UK's Intellectual Property faster than others. The university's goal is to get good business transactions signed as fast as possible. Dr. Heller provided the following update on royalties and licenses for the 2007 fiscal year: 24 new licenses and options, including 11 to UK startups 109 active licenses $1,385,780 in royalties He noted that his goal is to increase these numbers substantially. Dr. Heller talked about a new state match program that helps UK faculty with commercialize innovations. The faculty now can write SBIR or STTR grants which go to the major federal agencies, like NIH and the National Science Foundation. During the