Arizona State University nurtures student and faculty startups from ideas through investor funding and partners with large corporations to address complex challenges with strategic alignment.
ASU startups and technology developed by our faculty have attracted more than $670 million in funding and licensing. This year, we celebrated the launch of the 100th startup based on ASU intellectual property, Gemneo Bioscience. ASU partnered with the Los Angeles Venture Association (LAVA) and nine universities and innovation research centers to launch the SoCal Startup Mill, a new initiative to boost high-potential university technologies by linking them with experienced entrepreneurs and business leaders. Marking a record year, ASU faculty working with Skysong Innovations (formerly AzTE) submitted 277 invention disclosures, initiated 15 startup companies and were issued 85 U.S. patents. Our volume of tech transfer activity has received national and international recognition while attracting and growing business in Arizona.
A study from the Seidman Research Institute found that ASU’s tech transfer activities resulted in the following impacts on Arizona in 2016-2017:
- $251.4 million in gross state product
- Employment of 1,212 in fiscal year 2016 and 1,391 in fiscal year 2017
- $171.3 million in labor income
- $23 million in state and local tax revenue
In addition, the future economic impacts for 2018-2022 are projected to be:
- $862 million in gross state product
- $582 million additional wages
- $78 million in additional state and local tax revenue
- 2,162 jobs (peak employment in 2022)
