AUTM Lauds Passage of CHIPS Act, Urges Congress to Provide Funding

August 9, 2022 — AUTM applauds the passage of the bipartisan “CHIPS and Science Act” that, for the first time, authorizes critical investment in the technology transfer infrastructure necessary to bring the next generation of life-changing products and services to the public. 
President Biden’s signature on this legislation today is the culmination of a growing recognition of the importance of well-resourced technology transfer infrastructure for our future health, safety and economic security 
“While U.S. technology transfer has been successful - as evidenced by thousands of new products launched, millions of jobs and a trillion in gross domestic product impact over the past 25 years - it has been a predominantly self-funded initiative,” said AUTM CEO Stephen J. Susalka. “This legislation will turbocharge technology transfer and provide the resources needed to harness innovations developed across the nation.” 
“The authorization of funding to support technology transfer is a transformational step in the U.S. innovation ecosystem,” said Ian McClure, AUTM’s Board Chair.  “Technology transfer has been, for years, the “unfunded mandate,” and while research institutions have performed admirably and successfully with the resources they have been able to muster, this new boost to capacity will ensure greater economic and societal impact from research.”
AUTM congratulates Senators Chuck Schumer and Todd Young for their bold leadership of the CHIPS and Science Act and thanks Senate Commerce Committee Chair Maria Cantwell and Ranking Member Roger Wicker for their commitment to the technology transfer capacity building provisions. AUTM also thanks the House, led by Speaker Pelosi, for passing this monumental law. You can read more about the evolution of the legislation here. 
Technology transfer benefits institutions and their communities in every state in the country and we urge Congress to swiftly provide the funding that the CHIPS and Science Act authorizes for a healthier, safer, and more prosperous tomorrow.