System unveils commercialization program and Utah Innovation Fund to turn campus research into startups

Utah System of Higher Education leaders told lawmakers about a system-level commercialization effort and an Evergreen-style Utah Innovation Fund that will invest in campus research and student startups.

Jerry Henley, who manages commercialization work for the system, said the shared service will provide technology-transfer support, legal help for entity formation, access to an analyst pipeline (students and Ph.D. analysts) and connections to venture advisors and corporate partners. The goal is to help faculty and student innovations move from lab to market without each campus having to duplicate commercialization infrastructure.

Henley described the Utah Innovation Fund as a $30 million evergreen fund that typically makes seed investments of about $250,000 and then helps startups attract follow-on rounds. "We do not get a carry and we don't get a management fee — it all goes back into the Evergreen Fund so that we can do this over and over again," Henley said.

System officials also described an innovation campus proposal with research, industry partners and student housing designed to create an entrepreneurial ecosystem and house startups, corporate mentors and training partners. The campus plan includes partnerships with private firms and national technology companies for mentoring and access to tooling, system staff said.

Ending: System leaders said the commercialization shared service and Utah Innovation Fund are intended to capture local economic value from research, create jobs that hire system graduates, and reduce institutional duplication of commercialization services.