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May 31, 2016 07:59 AM EDT

Universities in Chile Unite to Establish Technology-Transfer Hubs with $19 M Funds

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To increase the market of applied research, 26 universities in Chile along with 11 representatives and 12 science laboratories will establish technology transfer hubs.

The alliances are fully supported by CORFO in terms of financial development with total fund up to $19 million. According to the spokesperson, this attempt helps to create more enterprises and file new patents, contracts as well as license.

The three hubs are: Andes Pacific Technology Access, HubTec, and Know Hub.

Each hub serves research market purposes including managing intellectual property and putting the findings to best practices. These hubs are expected to open new markets according to the innovation needs, nationally and internationally, UC Davis Chile reported.

HubTec, receives financial support that will be used by as many as 17 institutions including UC Davis Chile. As for the Know Hub, the University of Chile will lead 15 institutions including University of Los Lagos.

Claudina Uribe from UFRO explains the benefit of getting involved in HubTec project for the university. She claimed that this new hub will enable scientists at small scale institutions to transfer applied science technologies that could not be done alone due to lack of funds. Speaking to  the University World News, Uribe believes that these hubs will connect research and development centers to industrial markets.

Similar to Uribe's statement, CORFO spokesperson, Eduardo Bitran, explains that the reason to establish the hubs is because each university is not able to conduct world class research with limited funds and accesses. At first, there were doubts whether universities could unite to create better paths for all research centers in Chile. With these hubs, researchers and their studies are more marketable in national and global stages, Economia Y Negocios reported.

The impact on business in Chile

Bitran further explains that the hubs will be able to push dynamic entrepreneurship to global spotlight and generate better business future in Chile as there are more capitals, reliable R&D centers and access to the international markets.

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