The University of Minnesota announced today that it launched a record 17 startup companies over the past year based on discoveries and inventions by its researchers.
Launching new companies is one of the primary ways the University turns cutting-edge research discoveries into commercial products that fuel the economy and contribute to the public good. The 17 startups include 14 in Minnesota, with 13 of them in the Twin Cities metropolitan area and one in Duluth.
The FY16 record follows a milestone accomplishment in early June, when the University’s Venture Center announced it had launched its 100th startup since its founding 10 years ago, with 82 percent of those companies still active. A part of the Office for Technology Commercialization, the Venture Center matches intellectual property resulting from university research with experienced CEOs to provide a platform for that research to reach the public.
“We are pleased to see these new discoveries transform into companies that stand to strengthen Minnesota’s key industries and improve the health and well-being of its people,” said Jay Schrankler, OTC’s executive director. “Congratulations to the researchers who have partnered with experienced entrepreneurs and worked to bring these valuable inventions to market.”
The University’s collaborative research spaces and cutting-edge lab equipment cultivate an environment that encourages new discoveries and the development of new technology. Dedicated resources that support entrepreneurship and business development provide a pathway for these discoveries to then reach the market.
“I applaud the Venture Center and the Office of Technology Commercialization for their record of startup creation and for driving entrepreneurship inside and outside the University of Minnesota,” said Margaret Anderson Kelliher, president & CEO of the Minnesota High Tech Association. “A top research university is critical to our entrepreneurial ecosystem, both for the thoughtful, striving and skilled people it provides to our workforce, but also for the new ideas it brings to market.”
See the press release for a list of the 17 new startups.