Local business leader Paul Paolatto has been appointed Executive Director of the WORLDiscoveries technology transfer consortium set up to commercialize research at The University of Western Ontario, Robarts Research Institute and Lawson Health Research Institute.
WORLDiscoveries draws upon a mix of industry connections, sector-specific market knowledge and business development expertise to help researchers and local inventors commercialize their discoveries through licensing and new company spin-offs.
Paolatto has held the position in an interim capacity since the initiative’s formation in 2008.
“Under Paul’s leadership, WORLDiscoveries has not only got off the ground, it has flourished, says Ted Hewitt, Western’s Vice-President (Research & International Relations). “He and his team have helped open the pipeline for technology development in London and already have several spin-off companies waiting in the wings.”
Western, Robarts and Lawson have produced six start-up companies over the last 12 months, and are national leaders in licensing income and invention disclosures.
WORLDiscoveries capitalizes on the three institutions’ combined research strengths in the areas of medical and health-related sciences, energy and the environment and new materials. These are identified areas of strength for London and areas where there are good opportunities for future growth.
“It is essential that discoveries made in London are translated promptly into products and financial value,” says David Hill, Scientific Director at Lawson Health Research Institute. “Our research institutions now work to a mixed funding model where public and charitable sector grants are complemented by business income. The momentum of discovery must be maximized by investing such income back into quality research performed by high quality scientists and WORLDiscoveries is central to the process.”
“We are pursuing effective matches between the scientists who make our discoveries and entrepreneurs who can take these discoveries to the market place” says John MacDonald, Director of Robarts Research Institute. "As a result, we are also hoping to expand our start-up portfolio and attract people who are comfortable starting businesses that provide a social benefit, as well as economic return."
"I am delighted to be a part of this new and exciting initiative," says Paolatto. "I am also very impressed by the passion and commitment of our Business Development team. They are clearly committed to raising our game, our client profiles and our contribution to the London community."
