Michael Kotlikoff, provost of Cornell and professor of molecular physiology; Emmanuel Giannelis, vice president for research & innovation and professor of engineering; and Glenn Altschuler, professor of American studies, write this opinion piece arguing for a paradigm shift in how research universities approach innovation. They emphasize the need for an “affirmation of the centrality of discovery,” recognition of “the role of the marketplace in driving innovation” and the implementation of discovery and commercialization engines.