Virginia Tech surpasses $1 million in licensing royalties
July 29, 2004
Virginia Tech surpassed $1 million in licensing royalties in 2003-04 fiscal year, closing out the year at an all-time high of $1,001,048 in licensing revenues.
This new benchmark represents continuous growth in licensing royalties at Virginia Tech during the past 10 years. Previous benchmarks included $133,004 in 1993-94 and $251,178 in 1998-99.
"We are excited that we passed the $1 million mark in licensing royalties," said Locke White, director of licensing and trademarks. "Virginia Tech products, whether that is clothing or coffee cups, umbrellas or golf balls, can now be found in stores across the nation. The VT logo has instant brand recognition among sports fans."
Virginia Tech collects an 8 percent royalty on the wholesale price of goods that have the Virginia Tech name or logo on it, White said. Revenue collected by Virginia Tech from licensing royalties is used to support the educational mission of the university. The additional revenue source helps the university hold down tuition and other fees normally charged to students, making a Virginia Tech education and even better educational value.
"One million dollars in royalty revenues translates into retail sales of more than $25 million," White said. "Virginia Tech's new affiliation with the Atlantic Coast Conference has certainly generated a tremendous amount of excitement. There are a lot of people across the country who really want to show off their Hokie pride."
Founded in 1872 as a land-grant college, Virginia Tech has grown to become among the largest universities in the Commonwealth of Virginia. Today, Virginia Tech's eight colleges are dedicated to putting knowledge to work through teaching, research, and outreach activities and to fulfilling its vision to be among the top 30 research universities in the nation. At its 2,600-acre main campus located in Blacksburg and other campus centers in Northern Virginia, Southwest Virginia, Hampton Roads, Richmond, and Roanoke, Virginia Tech enrolls more than 28,000 full- and part-time undergraduate and graduate students from all 50 states and more than 100 countries in 180 academic degree programs.