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UK Ranks No. 1 in Startup Companies Among Benchmarks
LEXINGTON, KY (Sept. 15, 2009) − More start-up companies are formed by University of Kentucky faculty and staff entrepreneurs than at any of UK's 19 benchmark institutions per $10 million in annual research expenditures according to a recently released report by the Association of University Technology Managers (AUTM) for 2007. UK's benchmark institutions include the University of Wisconsin and the universities of Maryland, Michigan, Illinois and Florida.
"Our commercialization rankings and stats give us the opportunity to show how UK research translates to new business opportunities for Kentucky," said Len Heller, UK vice president for Commercialization & Economic Development.
AUTM also reported that UK climbed from 39th in 2005 to 7th in 2007 among all public and private universities for developing new technology-based businesses. In the area of licensing, UK ranked 13th in licensing income compared to its benchmarks. During last fiscal year, UK recorded $1.5 million in gross licensing revenue and a total of 151 licenses.
"This is a clear indication that our efforts to work with faculty who want to commercialize their own intellectual property right here in Central Kentucky is paying off," said UK President Lee T. Todd Jr. "We know that the key to transforming Kentucky's economy is our ability to create our own companies and our own jobs. As Kentucky’s flagship university, UK is committed to partnering with the Commonwealth to build a new and vibrant economy – an economy built on creativity, innovation and discovery."
Founded in 1974, AUTM's global network of members come from more than 350 universities, research institutions, teaching hospitals and government agencies as well as hundreds of companies involved with managing and licensing innovations derived from academic and nonprofit research.
About UK's Benchmarks
UK's 19 benchmark institutions are selected in collaboration with the Council on Postsecondary Education.