Technology & Venture Commercialization (formerly the Technology Commercialization Office) at the University of Utah is dedicated to commercializing new technologies and inventions from discoveries made and developed at the University of Utah. We accomplish this by applying a stage-gated, milestone-driven process that has as an end-goal of licensing intellectual property, building beneficial commercial partnerships, supporting our community and educating students.
The mission of TVC is to create and drive value from an invention's discovery to its transformation into practical use.
TVC's purpose is to transform smart ideas into life-changing applications.
TVC incorporates the following values into every facet of its operations:
Trustworthy: Being loyal, accountable, honest and full of integrity
Relationships: Being open, striving to create win-win situations, being tolerant of failure, fostering teamwork, being accepting of criticism and being reasonable
Courageous: Making hard decisions, performing calculated risk taking, not being afraid to fail and striving to do the right thing
Fun: Incorporating fun activities into the organization’s operations, taking enjoyment in all we do, fostering relationships, finding time to laugh and reduce stress
Passion: Being driven, hard working, excited, persistent, focused, idea-loving and energetic
Creative: Being inspiring, innovative, open minded, positive and calculated in risk taking
Excellence: Exhibiting professionalism, aiming for effectiveness, striving for success, being timely, being precise and leading the way
TVC will be recognized as one of the top ten hubs for commercialization by:
#1-Leading the world in disclosures, patents, licenses, and start ups
#2-Leading the world in value formation
#3-Being a recognized center for education and thought leadership
Since 1970, the U has created over 230 spin-out companies from technologies developed at the university, most of which were launched over the past ten years. Over 130 of these are still operating as either a business or as part of another company. Companies such as BioFire, Attensity, Blackrock Microsystems, NPS Pharmaceuticals, and Myriad Genetics all originated from U technologies. Moreover, over 30 of the U's spin-offs have been acquired by outside companies. International businesses such as Merck, Xerox, Raytheon, Teva Pharmaceuticals, nVidia, Rockwell Collins, Bruker, Schlumberger, and BioMérieux have all acquired U startups.
A March 2011 study by the Bureau of Economic and Business Research (BEBR) found that U startups have either directly or indirectly generated close to 16,000 jobs. The average wage of these jobs was 59% higher than the statewide 2009 average. The BEBR study also found that in 2009 alone, U spin-offs generated $754.5 million in personal income and $76.6 million in tax revenue. Since 2011, the university's spin-offs have collectively raised over $300 million in investment funding, secured over $70 million in grants and have been involved in acquisitions totaling more than $500 million.
Commercialization at the U is not just a byproduct of research; it is an important and growing economic engine for the State of Utah.
TVC and related departments are dedicated to growing a "Culture of Innovation." We strive to create the programs, services and partnerships necessary to support existing progress and promote additional commercialization and entrepreneurship. We do this by collaborating across the campus, state, nation and world to build the connections needed to drive sustained innovation. We welcome partners of all sorts to join this effort.
The Lassonde Entrepreneur Center provides and teaches real-world business experience to help young entrepreneurs be better prepared to understand and assume the risks of business ownership and management. Through this educational process, the Lassonde Center hopes to inspire entrepreneurs to continue their own education not only today but continually so that they may be better prepared for tomorrow's market.
The Molecular Cloud is a vehicle for holding and managing equity on behalf of the University of Utah, including the ability to have and exercise preemption rights.