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12 23Sat12202014

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UOG research corporation approved

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WITH the signing of Bill 190 into law, the University of Guam is now set to ramp up its research activities through the establishment of a research corporation.

The bill, introduced by Vice Speaker Benjamin J.F. Cruz, establishes the Research Corporation of the University of Guam, or RCUOG, a public 501(c)(3) corporation that operates separate and apart from the university that will enable improved management of UOG’s federal grants and contracts as well as monetize the university’s research through public-private partnerships.

In addition, Bill 190 is expected to help the university translate annual research funding into increased revenues from commercial products and services.

The bill received bipartisan support prior to Gov. Eddie Calvo’s signing it into law.

According to Cruz, research corporations have been essential partners for a majority of public universities with an active research component. He said these organizations have supported and accelerated the growth of research and revenue for their universities as well as spurred growth of commerce and innovation in both their immediate communities and in the regions in which they reside.

With the new law, RCUOG will now be able to access new federal funding sources, forge innovative new partnerships, and move with the flexibility required by a future driven economy, according to Cruz.

“RCUOG is our vehicle to a research-driven future. I introduced the RCUOG legislation because the 21st century economy demands that we are fluid, flexible, and willing to partner with those who achieve the best results,” Cruz said in reaction to the enactment of the bill.

UOG President Robert Underwood, who was also instrumental in the creation of the RCUOG legislation, said the new law gives the university the opportunity to access additional federal funds and increase UOG’s flexibility to manage those funds.

“More importantly, the university is now poised to enter into relationships with private companies, nonprofit organizations and scientists which will generate new research opportunities and engender economic growth and social advancement,” Underwood said.

“This is a milestone for the University of Guam and our island region,” he said.

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