Aug. 29, 2007

  

A Publication of the Economic Development Corporation of Utah
CEO Jeff Edwards

PRESIDENT'S

MESSAGE

Powerful Engines for Economic Development
Utah's economy is booming. We continue to see increased interest from out-of-state organizations in areas throughout the state and our future looks bright. However, it's critical for our state to make long-term investments in the strategic development of our "home grown" opportunities.

University technology transfer is a growing trend involving the shift of university-based research to industry and licensing agreements, joint ventures and start-up companies. The practice has become big business for serious research universities – some of the most well-known companies in the United States, from Gatorade to Google, got their start through a technology transfer type operation. Today's feature article discusses the success of one such operation in Utah – the University of Utah's Technology Transfer Office.

Today's Economic Review also includes links to many of the ED-related news stories from the past week. As always, if you have comments, suggestions or topics you'd like to see in the Economic Review, please contact us by clicking the "Comments" button on the bottom of this page. Enjoy!

Jeff Edwards
Jeff Edwards
President and CEO


FEATURE

University of Utah Launches 17 Companies in Fiscal 2007; Leads
in Technology Transfer


Utah's institutions of higher learning have proven themselves to be powerful economic engines. The University of Utah's recently published commercialization results for fiscal 2007 bear that out. Just last week Brian Cummings, director of the Technology Commercialization Office, announced that 17 companies were launched from technologies developed at the U within the last year.
"To generate another 17 companies from University of Utah research is a testament to the entrepreneurial faculty on campus and the self-sustaining economic engine that is being created in Utah," says Cummings. "This is an amazing accomplishment, considering the national average in 2006 was about four companies per major research institution per year."

Indeed, earlier this year the Association of University Technology Managers (AUTM) ranked the University of Utah 19th among 228 schools in the country for generating companies from research, placing it above such research powerhouses as Johns Hopkins and the California Institute of Technology. Only 25 of the participating institutions earned more than $10 million in licensing revenues in 2005. The University of Utah's revenues were $16,137,282.

Jeff Edwards, President and CEO of EDCUtah, says his organization is fortunate to have eight of Utah's higher educational institutions as members, with the presidents of five serving on the board of trustees, and Dr. Lorris Betz, University of Utah president, serving on EDCUtah's executive committee.

The board members include:
President Cynthia Bioteau, Salt Lake Community College
President Mike Benson, Southern Utah University
Dr. Lorris Betz, University of Utah
President Stan L. Albrecht, Utah State University
President Michael Bassis, Westminster College

EDCUtah's Higher Education Members

"The strength of our educational institutions has an enormous influence on our economy," says Edwards. "The development and success of investments in technology transfer operations is critical to the growth and expansion of our local economy. By moving fundamental research from a university to the marketplace, we not only provide new products that benefit the public, but we create additional jobs in numerous fields."

The companies launched by the U are based on research in fields such as medicinal sciences, engineering, and fine arts. Commercialization helps move research forward, adds jobs to the marketplace, and helps to strengthen Utah's economy. Cummings says several promising medical technology companies were formed within the past year.

One such company, ThermImage, has a unique imaging system used to diagnose Vesicoureteral Reflux (VUR), a condition that 1 out of every 150 children are diagnosed with each year. VUR is commonly associated with urinary tract infections and can lead to reoccurring kidney infections and kidney damage. Currently, to diagnose VUR, a catheter must be passed through the urethra into the bladder. This test is traumatic for young patients, costly, time consuming, and potentially harmful. With the technology developed by Dr. Brent Snow and the company co-founded by CEO Doug Turnquist, ThermImage's new diagnostic technology is less costly, noninvasive (uses no radiation), and painless.

The University of Utah's Start-Up Companies for 2007

For more information on the University of Utah's Office of Technology Venture Development or the Office of Technology Commercialization, please visit: www.techventures.utah.edu.

IN THE NEWS

Economic Development Headlines from the Past Week

Aging, Low Pay Leave West Short on Labor

- The owner of a fast food joint in Montana's booming oil patch found himself outsourcing the drive-thru window to a Texas telemarketing firm, not because it's cheaper but because he can't find workers. (Forbes)

Costco to anchor 136-acre project in South Jordan

- Costco will anchor a new 136-acre mixed-use development on the west side of South Jordan that is being developed by Peterson Development at 10400 South and Bangerter Highway, featuring more than 240,000 square feet of commercial space and 102 single family, high density housing units. (Enterprise)

Part-time permanent staffing company enters Utah market

- 10 Til 2, a Denver-based staffing company that focuses on finding employment opportunities for college-educated people looking for permanent part-time jobs, has opened its first Utah franchise(Enterprise)

Paris, here we come! Salt Lake lands direct flight

-  Beginning June 2, 2008, Delta Air Lines will offer a nonstop flight from Salt Lake City International Airport to Paris' Charles de Gaulle International Airport once a day. It is the first trans-Atlantic flight from Salt Lake City on any airline.  (Salt Lake Tribune) (Daily Herald)

Stock Building Supply expands door manufacturing by 80,000 square feet

- Stock Building Supply has expanded its Salt Lake area door manufacturing operations and is preparing to open a destination showroom in Salt Lake City in partnership with sister company Ferguson Enterprises. (Enterprise)

CEBA discusses Kanab development

- As part of its continuing role in working with Kane County and Kanab City to develop the Center for Education, Business and the Arts project, Dixie State College of Utah, along with several other academic institutions, government agencies, and businesses collaborated on three subcommittees to design an economic development model for rural Utah. (Spectrum) 

Convention center moves forward

- Hotelier John Q. Hammons turned over a symbolic shovelful of dirt as city officials celebrated a milestone in the progression of Pleasant Grove's soon-to-be Embassy Suites Hotel, Convention Center and Spa. (Morning News)

2nd thoughts on Provo project

- For the first time in four years, at least one Utah County commissioner is rethinking plans to build a convention center in Provo. Less than a year ago, Commissioner Steve White was part of a unanimous vote that raised the county's transient room tax in order to garner funds for a potential county-run convention center in Provo.(Morning News) (Morning News)

55 acres of retail outlets are coming to Lehi area

- Fifty-five acres of fashion retail outlets are on their way to Utah County, Traverse Mountain officials announced Wednesday. (Morning News)

Ogden For Sale

- Armed with optimism and fat wallets, several developers within the last 21/2 years have bought numerous properties downtown in the hope that Ogden's hot real estate market will provide a cool return on their investment. (Standard-Examiner)

Delta picks former Northwest Airlines Chief

- On Tuesday, Delta announced former Northwest Airlines chief executive Richard Anderson was picked to replace Gerald Grinstein, who had pledged to retire after leading Delta through a painful 19-month bankruptcy and reorganization. (Salt Lake Tribune)

2 Davis cities join UTOPIA

- By early 2008, residents and businesses in Centerville are expected to be able to subscribe to voice and data service that runs over a 94-mile fiber-optics network. (Morning News)

Most at hearing oppose Sevier power plant

- More than 200 people gathered in Richfield on Thursday night to let Sevier County officials know what they thought about a proposed 270-megawatt coal-fired power plant near Sigurd. Most were critical of the project. (Salt Lake Tribune)

Multi-billion project could eclipse SLC

- Take a look now at the west side of Hill Air Force Base from the I-15 vantage point. Over the next several decades World War II and building designs that came with it will be going the way of the 20th century. It will all become a fond memory for those who worked in the west area of the base. Everything from just south of the Hill Air Force Base Museum to the railroad yard on the south end will be replaced in phases, it was announced Friday. (Davis County Clipper)

Davis County "growing" jobs strongly

- Davis County continues to be a relative powerhouse when it comes to the creation of new jobs. (Davis County Clipper)

Keller Williams Launches First Market Center in Riverton

- Keller Williams Realty will open a new Market Center in Riverton with 70 agents. The rapidly growing team is led by Boyd Brown, Operating principal, and Kaprice Gunn, team leader.. (Utah Business Magazine) 

2nd Annual GOED Procurement Symposium

Helping Utah companies Win Government Contracts

Every year the United States government spends billions of dollars to purchase products, from weapons systems, uniforms and services, information technology, to custodial work, and much more. Moreover, state and local governments purchase millions of dollars of goods and services each year. Your company could become a supplier in this high government market place.

The Utah Procurement Technical Assistance Center (UPTAC) was established to provide Utah companies with the information and assistance necessary to sell their products and/or services to federal, state and local governments. To that end, UPTAC is holding the 2nd Annual GOED Procurement Symposium this Oct. 18, where you can learn more about government contracting opportunities, teaming opportunities, and meet with potential buyers.

Cost: $50.00/person for the first person and $35.00/ additional registration from the same company. Fee includes a continental breakfast, lunch, and all the training sessions, exhibits and materials.

Date: 10/18/2007
Time: 7:45 a.m. to 4 p.m.
Location: South Towne Expo Center, 9575 S. State Street, Sandy, UT 84070
Event Coordinator: Myrna Hill
Phone: 801-388-775
E-mail: ptac@utah.gov

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