A recent report from the Science Coalition highlighted 100 companies with roots in federally funded university research, seven of which were start-up technology companies that were created in the Technology Ventures Program at UIC’s Liautaud Graduate School of Business— more than any other university. The Science Coalition is a Washington, D.C. based nonprofit focused on supporting federal government investment in scientific research. The report was in response to the risk of funding cuts, due in part to the sequestration that began in March.
In 2011, UIC received almost $250 million in funding for research and development, and could be subject to a $20 million loss if the funding were to be cut. According to Nancy Sullivan, Director of the Office of Technology Management at UIC, “It takes a lot of energy and time and resources to translate complex research to the next level. If those federal dollars dry up, the seeds of that will all go away. That is a scary prospect for the innovation of our country.”
The Technology Ventures program at UIC is a three course series that connects UIC MBA students to UIC technology inventors with commercial potential. Business professionals mentor teams throughout the process to help students gain entrepreneurship skills, in addition to building networks across the UIC and greater Chicago community. The successful ventures featured in the Science Coalition report ranged from the development of infrared materials for the military to a medical device that shortens the time a patient needs to wear braces.