On 12 December 1980, in the waning days of the lame duck session of the 96th Congress, the U.S. Senate passed the University and Small Business Patent Procedures Act, now known as the Bayh-Dole Act, a seemingly obscure act that allowed universities to claim title to inventions that had been made with federal funding. It is unlikely that many present that day realized what a dramatic impact that act would have. Data clearly show that it played a critical role in rejuvenating the entire U.S. economic system, transforming it from a manufacturing base to an innovation base. Yet ironically, the act has passionate critics.