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5 2011 ANNUAL REPORT / TECHNOLOGY VENTURE DEVELOPMENT


THE UNIVERSITY OF UTAH’S IMPACT


Report: Impact of university startups ‘significant and impressive’


A


recent report by the Bureau of Economic and Business Research (BEBR) concludes that the economic impacts of startup companies at the Uni-


versity of Utah are “significant and impressive.” The study indicates university startups directly or indirectly generated 15,767 jobs, $754.5 million in person- al income and $76.6 million in tax revenue in 2009. The full analysis covers 188 companies and invention licenses created since 1970.


“This report shows how important technol- ogy commercialization at the University of Utah is to the state economy, and how our efforts are paying off,” said Jack Brittain, vice president for Technology Venture Develop- ment at the University of Utah. The U has launched more than 120 companies since 2005.


“The University of Utah is widely recognized as a major research institution, receiving millions of dollars in research contracts each year,” the BEBR report concluded. “Many of these research contracts produce licens- ing disclosures that ultimately result in new companies, which contribute to economic expansion in the state of Utah. The economic impacts of university startups are significant and impressive.”


Highlights from the report include:


l At least 61 percent of all companies launched by the U still have operations in Utah and generate jobs, income and tax revenue for state and local governments.


l In 2009, at least 98 U startups and licens- ees had employees and operations in Utah. These companies directly employed 5,937 people. In addition to the direct employment, 9,830 jobs were generated by indirect purchases and induced con- sumer spending, resulting in a statewide employment impact of 15,767 jobs.


l The direct wages and salaries paid to employees of university startups were estimated at $358.7 million in 2009. The indirect impacts of these payments created $395.9 million in earnings for em- ployees in other industry sectors, resulting in statewide earnings of $754.5 million.


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l University startups are typically innova- tion-based and technology-driven, which is reflected in the high average annual wages paid to workers in these compa- nies. In 2009, the average wage per job in university startups and licensees was $60,415, significantly higher than the annual average of $38,052 for all Utah workers.


l In 2009, university startups and licensees contributed approximately $1.2 billion to Utah’s gross state product. Utah’s total gross state product for that year was $112.7 billion.


l University startups and licensees gener- ated a total of $76.6 million in state and local tax revenue during 2009. This includes $61.6 million in state tax revenue and $14.9 million in tax revenue for local governments.


This report shows how


important technology commercial- ization is to the state economy.”


U of Utah startups over time


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