The
University of Minnesota is proving to be particularly adept at turning research into commercial efforts, and this year, it will set a record for the number of startup companies it's launched.
In the university's 2013 fiscal year, 14 startup companies were given a boost into the marketplace through efforts by the
Office for Technology Commercialization (OTC). That's up from 12 last year, and it's likely that the momentum will continue into the next fiscal year. Already, five startups are on track to launch in the first few months of 2014 and another 19 technologies are in various stages of startup activity.
"Our continued success as a research institution depends upon our ability to transfer knowledge created at the university into the real world, where it can have a direct impact on our society," notes Brian Herman, the University of Minnesota's Vice President for Research. He adds that the team at the OTC is doing an especially impressive job given the challenging economic climate of the past few years.
The OTC has been aided by the formation of a Venture Center, first opened in 2006. Since then, 52 startup companies have been created, and nearly 80 percent of those are still active. That success rate is notable, Herman points out, since a study done by Harvard Business School showed that 75 percent of all startups fail.
Also worth noting is the breadth of startups coming out of the university. In 2013, the range of products included a plastic bead that cuts off the blood supply to tumors, a smartphone-based breathalyzer, a handheld probe that can measure tension in soft tissues during orthopedic surgery, and a genetic test that assesses certain risks in dogs.
So, investors take note: when looking for the next big startup, it might be time to go back to school.
Source: Brian Herman, University of Minnesota
Writer: Elizabeth Millard