Venture Center Launches Record 19 Startups in Fiscal 2019
Cancer Therapeutics Labs, one of the 19 new U of M startup companies, develops cancer therapies for animals, with its first application in dogs.
Forming new companies is one way the University of Minnesota works to ensure its innovations reach the people and industries they were designed to help.
Over the last year, U of M Technology Commercialization’s Venture Center launched a record 19 startup companies based on discoveries and inventions by its researchers. The new startups, 11 of which are based in Minnesota, will help fuel the economy and contribute to the public good, both in-state and in regions across the globe.
“As a land-grant university, the U of M has a responsibility to ensure promising new technologies move beyond the bounds of academia and benefit Minnesotans’ health, environment, and quality of life,” said Russ Straate, Venture Center associate director, in a news release. “These 19 new companies hold exciting potential to improve society by bringing research-based solutions to the public in a wide range of fields, from agricultural technologies to medical devices.”
The record number of new startups follows another recent success in the U's startup enterprise. Eight startups have been acquired or gone public since 2017, demonstrating the high potential of their respective technologies to established companies capable of further developing them, as well as to investors who can support their development. Most recently, this included educational assessment startup FastBridge Learning’s June 2019 acquisition by Illuminate Education.
Since its founding in 2006, the Venture Center has launched a total of 154 startups, 78 percent of which are currently active. Three out of four startups are based in Minnesota. In total, the companies have generated more than $400 million in outside investment.