Fostering Businesses
University of Iowa research and business outreach are helping advance economic development throughout Iowa.
Programs like the John Pappajohn Entrepreneurial Center, the IOWA Centers for Enterprise, the University of Iowa Research Park, and the UI Research Foundation foster new ideas and nurture new businesses. For example, the BioVentures Center at the UI Research Park offers 35,000 square feet of labs and offices for young biotechnology companies—the largest facility of its kind in Iowa.
Part of this work involves helping faculty researchers translate innovations into products and services. During fiscal year 2009, the UI Research Foundation—which supports UI technology commercialization—generated $22.4 million in royalty and license revenue. In 2007, the Chronicle of Higher Education ranked the foundation 19th in the nation for revenues.
Turning an idea or discovery into a thriving venture takes time, dedication, and investment. Looking forward, Tripp Umbach expects commercialization of UI research and development of spin-off companies to yield an overall impact of $1.4 billion to $2.4 billion by 2020.