Lappeenranta University of Technology is a Finnish pioneer in the commercialization of research results.
LUT's specialties include the establishment of start-ups and the creation of strategic cooperation with industrial enterprises and international universities.
Traditionally, the results of the research projects have been sold or licensed to companies participating in the project or to other actors and players in the field, but more and more often the establishment of a new company has been found to be the best commercialization option.
Supported by our own investment company
Since a significant portion of the university's research fields are oriented towards heavy industry, producing the first prototype can easily cost hundreds of thousands of euros. For this reason, the university management, together with the TIP team, has open-mindedly tried to find alternative ways for the commercialization of inventions.
One concrete example of this work is Lureco, an investment company that was established in the autumn of 2011 and invests in early stage-companies that were founded based on research results. In addition to the university, company shareholders include institutions close to the university: the Society for Viipuri School of Economics and the university's support foundation.
As a part of a more extensive ecosystem
The perspectives for the innovation process have been extended from the university's own needs and resources towards external resources, such as companies already in operation, business incubators, university students and other educational institutes.
Russia as a unique opportunity
The act concerning the commercialization of universities' inventions, which came into effect in August 2009 in Russia, resembles the Finnish law its contents: priority is given especially to facilitating the establishment of start-ups and to increasing other cooperation between companies.
The law gives the university the right to own and administer inventions that are based on research results as well as to own the companies founded based on those innovations.
In research cooperation with Russian universities, LUT's commercialization expertise is a real competitive advantage. Also, Finnish industries benefit from the cooperation, which enables LUT's contact network and cooperating companies to utilize the results of Russian research activities.
A good example of this is the research field of separation technology, which serves the mining industry: between Russia and Finland, LUT has built a very high-quality and unique competence network with both research institutes and the private sector players. The cooperation has already given birth to one company and some new inventions.
If you are interested in utilizing the university's research results, either by licensing them to a company already in operation or by establishing your own company, please contact the innovation services.
Innovation Manager Arttu Laasonen, email@example.com, tel. +358 50 062 6848