What do sports drinks, recombinant DNA, search engines, the PSA test and nicotine patches have in common? These breakthroughs were all initially discovered at universities and then transformed into household names by some of the world’s leading companies.

Scientists and business executives are beginning to recognize that the concept of “open innovation” – the belief that companies should out-license their intellectual property, even to competitors – is necessary to bring consumers the best products imaginable.

“Approximately 50% of the prescription drugs you’ll find in your medicine cabinets were discovered by small biotech companies. It’s the big pharmaceutical companies, however, that make these products available to us,” explains Clifford M. Gross, Ph.D., CEO of UTEK Corporation, a Tampa-based company that offers a full suite of open innovation services. “If those companies weren’t open to developing and marketing a product that was not invented internally, these medications might still be in laboratories, or worse, ideas on paper languishing in the patent office.”

With more than 700 federally funded research institutions such as Los Alamos National Laboratory, the USDA, and the National Institute of Health, and over two thousand colleges and universities in the U.S. alone, vital new research and intellectual property is discovered every day. These discoveries, however, represent only the “r” part of the R&D equation. In order for inspiration to turn into products on shelves, research needs to be wedded to corporate development.

Responding to this need, UTEK has developed what is believes to be the world’s largest proprietary database of intellectual properties available for immediate license, which when combined with its global network of universities, research laboratories, and companies, provides clients with unparalleled access to external innovation.

Recognizing that great ideas can come from anywhere and everywhere, UTEK recently launched a network, TekScout, in which scientists and engineers from around the world can come together to help solve complex problems. For example, one company is looking for tools that improve, enhance, or automate diagnostic analysis for digital imaging. Akin to a Craigslist for open innovation, TekScout allows companies to securely post development challenges, along with suggested rewards and timeline requirements.

“Innovation is the key to bringing consumers the products necessary to improve quality of life and grow our economy,” says Dr. Gross. “Therefore, innovation should be shared.” Visit www.utekcorp.com or www.TekScout.com for more information.