Today, CATI Executive Director Matt Wagner will receive a Technology-Based Economic Development Award in New York City from the International Economic Development Council at its annual conference. The Washington, D.C.-based International Economic Development Council is the world's largest membership organization serving the economic development profession.
The council's professional economic development awards consider organizations from around the world. Annually, they recognize excellence in the economic development profession.
The council called CATI a "standout" in its competition category: Technology-Based Economic Development by organizations serving areas with populations between 50,000 and 200,000. There were six entrants into that contest slot and 335 total entries this year.
"The award validates our unique approach to technology transfer as a viable economic development tool for regional economies, not only here in southeastern Wisconsin, but across the country," Wagner said in response. "We are honored to have been selected by the leading international organization for economic development professionals."
Wagner also said CATI, 2320 Renaissance Blvd. in the Renaissance Business Park, will try to use its award to increase awareness of the organization, its successes and services it offers.
Technology transfer is at the heart of what CATI does. In technology transfer, private companies with unneeded patents offer them to CATI in return for tax benefits. CATI works to match those new technologies with entrepreneurs who can turn them into new companies.
Most research that is spun off into new companies comes from universities, Wagner has said. However, "Our sense was that the research going on in major universities may not always match up well with business infrastructure in Racine County and southeastern Wisconsin." Most manufacturers here deal with traditional consumer products, while universities often work in biological sciences, genetic research and the like.
Instead, CATI usually uses cast-off research from private industry; Wagner says at least half of private industry's patents are just shelved. The projected market may be too small to bother with, or the new technology may not fit the company's strategy.
CATI's Commercialization Management Model represents a comprehensive program approach to technology-based economic development by:
Assisting businesses with internal growth potential through new product development and new market opportunity assessment.
Acquiring and licensing applied technologies developed by private industry to entrepreneurs and existing companies.
Aligning private industry intellectual property with the strategic assets of the regional economy.
The results include a $40 million patent portfolio from national companies such as Kraft Foods, SC Johnson, Boeing and ISP, six license agreements, five company product line expansions and three new company launches within the last two years.
In a news release about the award, Joseph Marinucci, the development council's chairman, said: "From localized community projects to large-scale endeavors, activities for the advancement of economic development have an enormous impact on the shoring up of the nation's economy. ... The award serves as a most respectful `hats off' to economic development organizations like the Center for Advanced Technology and Innovation for leading the charge."
The International Economic Development Council's mission is to provide leadership and excellence in economic development for communities, members and partners.