State invests $22 million to support UC’s role as startup incubator
The role of UC as a driver of the California economy is increasingly being recognized. On Sept. 30, the state authorized $22 million in funding for UC’s innovation and entrepreneurship initiatives. A few days later, President Napolitano published an article on LinkedIn describing the breadth, depth and impact of UC’s research:
Here’s what happens when academics and entrepreneurs team up
When you think of a startup’s humble roots, you probably think of a college dorm room or someone’s basement. But in 2006, a small utility room was set aside on the second floor of a building at the University of California, San Francisco for fledgling startups. The idea was to help life science startups succeed by reducing their risk and overhead, by providing lab space and equipment. Of the first six startups to rent space, four went on to receive venture capital funding and one, True Materials with its microparticle technology, was acquired by the genetic analysis company Affymetrix for $25 million.
Increasingly, public research universities are answering the call to help incubate new ideas and technologies. Between 2012 and 2013, the American Academy of Arts and Sciences found that research at public universities resulted in more than 13,322 patent applications, 3,094 intellectual property licenses and 522 startups.
At the University of California alone, research has led to roughly 1,300 startups since 1968, three quarters of which were launched since 2000, according to a new Bay Area Council Economic Institute report. In 2015, our research spawned 85 new startups and 1,756 new inventions. That’s nearly five inventions a day.
State invests $22 million in UC entrepreneurship, innovation to drive California economy
On Sept. 30, Governor Brown signed Assembly Bill 2664, the Innovation and Entrepreneurship Initiative authored by Assembly member Jacqui Irwin, D-Thousand Oaks. Sponsored by UC, this bill will allow the university to expand resources for developing real-world applications and cutting-edge technology from its well-established research pipeline.
Each of UC’s 10 campuses will receive $2.2 million in one-time state funds to further innovation and entrepreneurship efforts by providing incubator space, equipment, entrepreneurial training, legal services and other basics. UC will raise matching funds to maximize return on the state’s investment and drive long-term benefits for local and state economies.
“We are grateful to the Legislature for such strong support of the university, ensuring that our researchers, faculty and students – and California as a whole – remain at the forefront of game-changing innovation,” said President Napolitano. “We are excited to harness the power of UC research and make an even bigger impact on the California economy and the public good.”