Please paraphrase the text below and rewrite it in your own words. Since the enactment of the Bayh–Dole Act in the USA in 1980, there has been a substantial rise in the commercialization of science and other forms of university technology transfer. According to the Bayh-Dole Act, universities are allowed to get the intellectual property rights of inventions made through the employees on their campus. An increase in university licensing, patenting and start-up creation in the USA has also been observed in many countries in Europe and Asia, as well as in Australia and Canada. These commercialization activities have come to be known in some circles as ‘academic entrepreneurship’. Academic entrepreneurship has certain distinctive features more traditional forms of entrepreneurship, notably regarding the emergence of entrepreneurial ventures from traditionally non- commercial contexts, where the academic usually continues to work for the university, and the ownership of intellectual property (IP), which often lies, at least in part, with the university. Academic entrepreneurship has changed dramatically since the time universities first established TTOs in the 1980s and 1990s. When these activities were first developed on campuses, there was a strong emphasis on two key dimensions of university technology transfer: patenting and licensing. Little attention was paid to the start-up dimension, since this would divert attention from ‘block-bluster’ patent licensing deals. Also, there were very few entrepreneurship courses and programs on campus, so those involved in the research enterprise were not well versed in entrepreneurship or well connected to the entrepreneurial community. In addition, many universities have only recently integrated academic entrepreneurship into their economic development mission.
Please paraphrase the text below and rewrite it in your own words.
Since the enactment of the Bayh–Dole Act in the USA in 1980, there has been a substantial rise in the commercialization of science and other forms of university technology transfer. According to the Bayh-Dole Act, universities are allowed to get the intellectual property rights of inventions made through the employees on their campus. An increase in university licensing, patenting and start-up creation in the USA has also been observed in many countries in Europe and Asia, as well as in Australia and Canada. These commercialization activities have come to be known in some circles as ‘academic entrepreneurship’. Academic entrepreneurship has certain distinctive features more traditional forms of entrepreneurship, notably regarding the emergence of entrepreneurial ventures from traditionally non- commercial contexts, where the academic usually continues to work for the university, and the ownership of intellectual property (IP), which often lies, at least in part, with the university.
Academic entrepreneurship has changed dramatically since the time universities first established TTOs in the 1980s and 1990s. When these activities were first developed on campuses, there was a strong emphasis on two key dimensions of university technology transfer: patenting and licensing. Little attention was paid to the start-up dimension, since this would divert attention from ‘block-bluster’ patent licensing deals. Also, there were very few entrepreneurship courses and programs on campus, so those involved in the research enterprise were not well versed in entrepreneurship or well connected to the entrepreneurial community. In addition, many universities have only recently integrated academic entrepreneurship into their economic development mission.
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