The rise of UC’s startup culture
From the legend of Jobs and Woz launching Apple from their Silicon Valley garage to the hundreds of startup incubators spanning the state today, California has a reputation for bold entrepreneurial spirit.
A study released Aug. 17 by the Bay Area Council Economic Institute reflects just how essential UC is in fueling the state’s innovation economy. Researchers and entrepreneurs at UC have spawned hundreds of new companies employing tens of thousands of Californians, contributing more than $20 billion to the state’s economy, according to the report.
And the phenomenon is accelerating.
Of the roughly 1,300 startups that have spun out of UC since 1968, three-quarters were launched in the past 15 years, the BACEI study found. In 2015 alone, UC research led to 85 new startups and 1,756 new inventions — about five inventions disclosed every day.
“UC’s emerging entrepreneurial culture is providing enormous benefits for the university, its students and faculty, the state and local communities,” said Sean Randolph, the lead report author and senior director of the Bay Area Council Economic Institute.
Read full article about the acceleration of innovation and entrepreneurship on UC campuses and its positive effects on the California economy.