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A new report by the University of Utah pegs the economic impact of the school's start-up companies over the last 40 years at $754 million, responsible for more than 15,000 jobs.
The analysis by the Bureau of Economic and Business Research (BEBR) examines 188 companies and invention licenses created since 1970.
The U.'s process of start-up creation accelerated after it overhauled its technology commercialization procedures in 2005. It is now the No. 1 university in terms of spinning off companies based on technologies developed on campus, setting up about 20 new companies a year.
"This report shows how important technology 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 ventures, in a news release. "We have always believed that innovation drives economic growth for the state and this report gives us a clear measure of that progress."
In 2009, at least 98 U. startups and licensees had employees and operations in Utah. These companies directly employed 5,937 people and generated another 9,830 through indirect purchases and consumer spending, resulting in $76.6 million in state and local tax revenue during 2009, according to the report written by U. economist Jan Crispin.
"The economic significance of the research university goes far beyond its role of education and training," the report states. "For several decades, university research has increasingly formed the foundation of significant technological advancements. These technologies enter the marketplace through research collaborations with industry, licenses, and to an increasing extent, university-driven efforts to turn new ideas into startup companies."