Spin-offs Generated from Technology Venture Development Generate Jobs, Personal Income and Tax Revenue
SALT LAKE CITY--(BUSINESS WIRE)--An article in the March 2011 issue of Inc. magazine entitled “Utah’s New Tech Powerhouse” highlights the University of Utah’s No. 1 ranking in the nation for the number of start-ups the University has launched based on faculty research. The University of Utah landed at the No. 1 spot of the ranking compiled by the Association of University Technology Managers, thanks to its innovative and highly successful Technology Venture Development office, and beat out second place MIT, using only one-fourth of MIT’s budget.
“The University’s dynamic faculty and students have a strong creative output that contributes to the state’s success and our collective well-being. We are thrilled that our office has been able to have such a positive impact on the economy and are excited for what the future holds.”
“Utah has always possessed a unique pioneering and entrepreneurial spirit. That spirit, along with our state’s sustained commitment to fostering economic development, has made Utah a premier destination for business,” said Utah Governor Gary R. Herbert. “This is exemplified by the University of Utah’s record of technology commercialization. The University of Utah is not only doing innovative and groundbreaking research, they’re using that research to form successful start-up companies which generate jobs and boost the economy.”
In the Inc. article, Jack Brittain, who was appointed as vice president of Technology Venture Development at the University of Utah in 2005, discusses how the University has changed its approach to commercializing technology in recent years by centering less on reimbursements and focusing more on the long-term view. The University’s main goal is to create companies that impact the community and employ its graduates.
“It’s no secret that the University of Utah has a unique combination of remarkably progressive faculty and wonderfully entrepreneurial-minded students that pride themselves on creating innovative solutions. One of our key goals is to create a way for them to bring their ideas to fruition,” said Michael K. Young, president of the University of Utah. “Over the past few years, Jack Brittain and his team have turned Technology Venture Development into an extraordinarily productive office that is now generating new businesses, numerous jobs, millions in revenue and future business leaders.”
Students also play a vital role in the technology commercialization process at the University of Utah by building prototypes, helping with product development and writing business plans. Technology Venture Development supports start-ups by securing intellectual property rights, negotiating licensing agreements, finding business partners, and helping secure funding, office space and other essential resources.
“A unique combination of technological innovation, an educated workforce and a strong entrepreneurial spirit have been the driving forces behind our success,” said Brittain. “The University’s dynamic faculty and students have a strong creative output that contributes to the state’s success and our collective well-being. We are thrilled that our office has been able to have such a positive impact on the economy and are excited for what the future holds.”
