CHARLOTTESVILLE, Va., Sept. 24 -- The University of Virginia issued the following news release:
Business ventures with research-and-development ties to the University of Virginia have created more than 850 jobs and pumped millions of dollars into the regional and state economies, according to a new report by U.Va. Innovation.
The report is based on U.Va. Innovation's inaugural venture survey, distributed to 53 active companies founded on U.Va. research discoveries. U.Va. Innovation seeks to maximize the impact of University research through strategic partnerships and new business development.
"University of Virginia researchers are having a significant human impact through innovation," University President Teresa A. Sullivan said. "They're developing devices that make surgery less invasive and more widely available, designing environmentally friendly housing for people displaced by disaster, and creating educational tools that improve children's literacy.
"With support from U.Va. Innovation and other valuable resources, the spin-off companies built on U.Va. research discoveries create jobs, attract investments and, in the process, boost the economy across the Commonwealth and beyond."
The companies surveyed range from Tau Therapeutics LLC (est. 2003), a Charlottesville-based biotechnology company conducting clinical trials on its lead brain cancer therapeutic; to Teachstone Training LLC (est. 2008), an educational services company employing 55 in Charlottesville that provides research-based tools for improving student learning and development; to Indoor Biotechnologies Inc. (est. 1997), a world leader in the detection of environmental allergens, with offices in Charlottesville and the United Kingdom.
"To be an engineer is to use science and mathematics to create solutions to societal problems," said James H. Aylor, dean of the U.Va. School of Engineering and Applied Science. "Innovation and entrepreneurship - the ability to think outside the box and to get your idea from the lab to the consumer - are essential aspects of our research endeavors. These statistics directly represent the many ways innovation and entrepreneurship in the Engineering School and throughout U.Va. impact the world."
Conducted earlier this year, the survey focused on several aspects of economic development, including job creation and external funding. Survey responses were supplemented with publically available data and University records.
Among the findings:
* Job Creation: The active U.Va.-affiliated ventures have created 862 jobs, 421 of which are located in the Charlottesville-Albemarle region and 101 of which are held by U.Va. alumni. Additionally, the ventures have employed 92 U.Va. student interns.
* External Funding: The ventures have generated more than $329 million in external funding, including investment capital as well as grants for research and development. Local ventures have attracted the majority of this funding, bringing $192 million into the Charlottesville-Albemarle economy. Twenty-one of the ventures are currently raising funds.