Tampa, Florida -- University of South Florida President Judy Genshaft announced Wednesday that the University of South Florida received a record $413,631,188 in research funding during the 2012-2013 academic year.
The research totals beat last year's record $411.1 million by 1 percent, a significant achievement in light of the current slowdown in federal funding resulting from the budget sequestration.
"Research is what differentiates USF as a lead institution in the state of Florida, and nationally," President Genshaft said.
"This is spectacular and a true testament to just how focused, strong and determined our faculty and researchers are.
We are defying the conventional wisdom by being more competitive in a year when federal budget cuts have made grants more difficult to win."
USF research has shown steady growth, with a total of over $1.2 billion over the past three years. USF, which was ranked as the fifth fastest growing research university in the U.S. from 2000-2010 by The Chronicle of Higher Education, has seen its research funding grow by an impressive 62 percent over the past 10 years.
Private partnerships have broadened the university's research support base. In 2003, 72 percent of research funding came from federal, state and local governmental sources, with just 28 percent from private partnerships. In the past two years, approximately 55 percent of the university's research funding came from governmental and public sources, with approximately 45 percent from private sources.
"This favorable trend is in keeping with our focus on increasing our private partnerships, which is particularly important as federal funds have decreased," said Paul Sanberg, USF's Senior Vice President for Research & Innovation.
In her address, Genshaft highlighted USF's success as an engine for regional economic development and job creation, citing a record year in technology transfer (the process of moving new discoveries from laboratory to market). During 2012-2013, the USF Tech Transfer Office launched nine new startup companies, executed 75 licenses and options for USF-developed technology (a 44 percent increase over the previous year), received 185 invention disclosures by USF researchers - the first step toward filing a patent - and saw a 50 percent increase in revenues and reimbursements.
The university's Tampa Bay Technology Incubator, currently home to 42 resident and affiliate companies, added 10 new resident companies in the past year. The incubator companies have created over 200 high wage ($65K+) jobs in Tampa.
USF inventors were recognized by Genshaft as an important component in the university's success. USF is the founder and home of the National Academy of Inventors (NAI), which now has more than 2,000 individual inventor members and Fellows spanning more than 100 U.S. universities, and governmental and non-profit research institutions, and is growing rapidly. The USF Chapter of the NAI - the organization's largest - has 270 USF inventor members who collectively hold more than 1,400 U.S. patents.
In addition to receiving funding for their research, USF faculty continued to garner national and international recognition through honors and awards. In the past year, said Genshaft, 73 faculty members have received highly prestigious awards, including Carnegie Foundation/CASE U.S. Professor of the Year, a record 15 fellowships from the American Association for the Advance of Science (AAAS), the only two Sloan research fellowships awarded in the State of Florida, three CAREER awards from the National Science Foundation, and four Core Fulbright awards, among others.