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Introduction Invest in Utah’s future by supporting the U of Utah T


echnology Venture Development has many stakeholders, all with opinions about and an interest in our operations and success. The state of Utah’s eco-


nomic future is linked to the University of Utah’s success is launching companies with high-paying, career positions and the capacity of the university to train people to excel in technical, managerial and leadership positions to support technology- based businesses located in Utah.


As the Bureau of Economic and Business Research study released this year documents, the jobs associated with companies based on university technology pay 150 percent of Utah average earnings. This linkage between good jobs and Utah’s economic future was recognized when the state made a com- mitment to the Utah Science, Technology and Research (USTAR) Economic Develop- ment Initiative, and the U has consistently performed beyond expectations as USTAR has started to mature and realize its promise. With USTAR’s success, there is increasing recognition in the legislature and in the business community that support for the University of Utah is an investment in Utah’s economic future.


The university is also an important partner for many local and regional companies develop- ing products and services through research collaborations with U faculty. Some of these collaborations are mentioned in this report, but there are literally hundreds more taking place at any given time. As the U’s startups are increasingly successful, they are doing research with U faculty and labs, and they are hiring graduating students to fill important roles in the company. The U is also proving a magnet for seed and angel capital, which benefits the general business climate for en- trepreneurs. The U has attracted seed funds


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with over $100 million in funding that invest in spinoffs associated with the U, and the companies that are getting traction coming out of the university raised nearly $300 mil- lion in venture funding in the past five years plus nearly $30 million in commercialization grant funding from government sources. Most of these funds are coming from outside Utah and are a direct investment in Utah’s economic future.


While the University of Utah is a catalyst for economic development, the Tech Ventures team recognizes the university’s success is based on inventive faculty and students doing the fundamental research that is the basis for the innovations that are the source of this economic success. What success has done for the university is create the resources to reinvest in faculty and students. Geoffry Nicholson, the 3M inventor of the Post-it note observed: “Research is the process of turning money into knowledge; innovation is the process of turning knowledge into mon- ey.” Universities are unique participants in the innovation ecosystem because they take the money earned from innovation and reinvest it back in the research enterprise, support- ing students with scholarships, providing translational research funding for faculty, and reinvesting in the next round of faculty re- search spinoffs. And success starts and stops


The University of Utah launched more


startups based on faculty research in 2009 than any other single university, according to the most recent survey from the Associa- tion of University Technology Managers. Utah, thanks to its six-year-old Technology Venture Development program, bested even MIT, the survey’s reigning champion.” — Inc. Magazine


‘‘ Jack Brittain, V.P. with innova- tive faculty doing original, creative research.


All these activities are rooted in the defining focus for the Tech Ventures organization: total mission integration. For every member of our team, this means understanding we are working to advance the research, teach- ing and service missions of the university by partnering in research where we can make a contribution, by delivering educational programs that are “defining experiences” for students, and by providing the commer- cialization services and assistance that help technologies make a difference in the world. You will find stories that relate to all aspects of this total mission integration in this annual report. Because the true measure of our success is making the University of Utah a better university. All other important things we accomplish come from this focus and this commitment.


of Technology Venture Development,


University of Utah.


Jack Brittain V.P. of Technology Venture Development


A recent national survey ranked Utah


tops in the nation at spinning off new businesses, ahead of such perennial pow- erhouses as MIT and Stanford University. Officials from scores of other universities and a few nations have flocked to Salt Lake City for pointers on harnessing sci- entific discovery as an economic driver.” — The Seattle Times


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More than 900 student inventors


and entrepreneurs statewide par- ticipate in the programs Brittain has helped the U of U create. In 2010, the U of U was announced No. 1 in the nation for generating spinoffs, passing MIT with one-fifth MIT’s annual funding.” — Utah Business, naming Jack Brittain one of the 100 Most Influential People


INTRODUCTION


2011 ANNUAL REPORT / TECHNOLOGY VENTURE DEVELOPMENT


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