UA, venture capital firm to partner: Deal is expected to generate companies from innovations by faculty and students
Posted on: Mon, 04 May 2009 04:14:00 EDT
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TCHY | Quote | Chart | News | PowerRating -- The University of Arizona may have more spinoff companies because of a deal with a new venture development firm, a UA official says.
The UA's Office of Technology Transfer announced last week that it signed a memorandum of understanding with The University Funds, based in Washington state.
The University Funds will license the UA's intellectual property and build companies around UA innovations, said Pat Murphy, the company's co-founder and CEO. Companies formed from UA technologies will also be managed by The University Funds.
"It takes entrepreneurial expertise and marketing savvy to get these companies going," Murphy said. "We are a company that builds companies in a very structured way."
The tech-transfer office's mission is to take inventions created by UA faculty and students and turn them into successful enterprises.
The Arizona Auditor General's Office released a report last year that said the Office of Technology Transfer needs to do a better job of targeting companies that could profit from the ideas.
Last week's move is not related to the report, said Patrick Jones, director of the UA's tech-transfer office.
"This is the trajectory that we've always been on," he said Friday.
The UA set a record last year with six new startups based on university technology, but this year Jones hopes to do more.
The new deal will also complement other cooperative arrangements Jones' office has with IdeaFunding, which holds annual showcases for startups and investors, and the Desert Angels, a local group of private investors.
The deal also will create networking opportunities because it will connect the UA with other regions, Jones said. No new companies have been funded because the deal is so new, he said.
The University Funds was founded in December. Seven other Western universities have also signed on with it.
"It will bring the right people and resources together," Jones said. "This business is a contact sport."
Contact NASA Space Grant intern Dan Sullivan at 573-4237 or at dsullivan@azstarnet.com.
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