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U of California reports benefits of $22 million innovation fund from the state


By Jesse Schwartz
Published: December 6th, 2017

The University of California (UC) system has announced that a $22 million innovation fund from the State of California has supported more than 500 new and existing companies, helped create at least 47 new products, and led to a total $3.7 million in follow-on investments in just one year.

Introduced in fall 2016, the Innovation and Entrepreneurship Expansion bill

(AB 2664) granted each of UC’s 10 campuses $2.2 million in one-time funding at the start of 2017 to fund the development of infrastructure, start-up incubators and entrepreneurship programs.

“We are grateful to members of the Legislature and Governor for their strong support of entrepreneurial activity and innovation across the UC system,” says UC president Janet Napolitano. “We are thrilled to see how these funds are accelerating the research and ideas nurtured in our laboratories and classrooms into the marketplace, where they can benefit the California economy.”

With help from the $22 million investment, UC campuses were able to add over 38,000 square feet of work space for researchers and entrepreneurs. In addition, more than 3,600 members of the UC community took part in networking, pitch events and entrepreneurial education, more than doubling the number of participants from the previous year.

“AB 2664 funds have been and will be used as a catalyst to bring together resources on campuses and within local communities to develop entrepreneurial skills and to help commercialize new products and technologies,” says Christine Gulbranson, senior vice president for innovation and entrepreneurship at UC.

“UC’s status as a research university and its public service role point to a growing opportunity to leverage the research and academic resources of the university, supporting more startup businesses and local economic growth,” Gulbranson says.

Source: The University of California

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