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2004 Utah Changed Jon Huntsman became Governor USTAR concept formulated Utah’s President Michael Young.

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Presentation on theme: "2004 Utah Changed Jon Huntsman became Governor USTAR concept formulated Utah’s President Michael Young."— Presentation transcript:

1 2004 Utah Changed Jon Huntsman became Governor USTAR concept formulated Utah’s President Michael Young

2 USTAR Economic Leverage $25M/year Team Investment Average $166M/year Research Funding $250M one-time Infrastructure Investment Cumulative $977M State Investment $4,992M New Research Funds 123,406 USTAR jobs 422 USTAR companies Average $166M/year State Taxes $4,979M New State Revenues Papers Patents Products

3 USTAR Team Funding Start-up: average $5 million/team –3 PIs per team –teams average 30 members –computers and scientific equipment –moving costs for research –salaries and benefits costs are ongoing costs Research funds pay salaries after 4 years –Hire more teams –USTAR provides long term salary at $500,000 per team for expenses not covered by federal grants

4 University Commercialization Is the Critical Path USTAR Return on Investment $25 Million annual state investment & $250 Million for buildings 422 new companies 123,406 new jobs paying $62 Billion in salaries $4.9 Billion new external research funds $5 Billion in new tax revenues for Utah

5 Utah Transformed Operation 2004 Technology Prevention Organization “Hoping the coyotes will raise them” Bottom third of TTOs, ranked 96th 2008 Sustained Success Tied MIT #1 after 2 years at #2 09 Legislative proclamation # and th invention in 2010 Over 300 inventions

6 Returns from Commercialization Dollars are in –Equity and royalties –Research back to the University –Donations and other support University of Utah received over $35 million in gifts to support commercialization Commercial-sponsored research yields more than license income

7 Start-ups University Inventors, Startups, & Revenue Revenues Faculty Inventors

8 Leading Indicator: Investment

9 Economic Results : 134 companies created – 74 companies University of Utah companies – raised $ 568 million in financing – 7,160 Utah employees, total Utah direct and indirect employment: 19,818* – Total payroll over $947 million* – Taxes generated per year: $96.2 million* * 2011 Bureau of Economic and Business Research economic impact study

10 What we know now Smart team play can compete with unlimited resources Look for leverage/OPM Fund Critical Paths –Monitor milestones –Do not fund “no results”: post performance funding Outcomes depend on shots on goal –control strangles speed and momentum –place small bets with immediate milestones Capital Formation is about outcomes


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