| The University of Connecticut Research & Development
Corporation was formed in 1984 and re-activated in 2002 as a wholly-owned, for-profit subsidiary
of the UConn Foundation. Its mission is to create new business start-ups based on
innovative technologies developed by the faculty and staff. The UConn
Foundation, Inc., which manages the endowment assets of the University,
is its sole shareholder. The organization has an independent Board of
Directors and maintains separate operations from the UConn Foundation.
The Corporation evaluates technology at all UConn campuses including
Stamford, Avery Point, Farmington (Health Center), and Storrs. The UConn R & D activities include: identifying University technologies,
evaluating markets for potential technologies, creating business plans,
soliciting early stage venture capital, and recruiting business management
for the start-up companies. The University first determines the most
appropriate path to commercialization either through a license to a larger
company or the creation of a start-up company. This process is managed by
the Center for Science and Technology
Commercialization (CSTC), which is the department of the University that
handles its intellectual property. When the technology is licensed to an
existing firm in a particular industry, the licensee uses its own resources
to develop the business and pays a royalty back to the University. Each
technology is scrutinized by CSTC and UConn R & D staff to determine the
best development path for a particular technology in terms of generating the
highest return possible. Thus, UConn R & D looks at all
technologies that come through this process and determines if the technology
can form the basis of a company.
Once a decision has been made to create a new company, UConn R & D takes
responsibility for the development process. The primary objective in
creating a start-up is to maximize the total return to the University;
however, because of the unique nature of the University as a public
institution, there may be additional considerations that could influence the
decision process. The UConn R & D Board may consider other factors in some
instances where it is felt that the investment provides additional benefits
to the University (although these may be less quantifiable), such as:
- Scientific actualization (converting ideas to practice)
- University recognition
- Regional economic development/job creation
- Creating new channels for University contribution to constituents
- Recruitment of entrepreneurial faculty
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