With programs like TIP and facilities like the Innovation Partnership Building at the UConn Tech Park, we are creating an innovation ecosystem
FARMINGTON, Conn. (PRWEB)
January 12, 2018
The University of Connecticut, today announced another year of record growth for companies located in the university’s Technology Incubation Program (TIP).
In 2017, TIP startups attracted a record $60 million in equity, debt, grant, and revenue funding to accelerate the growth of their operations. This is over $15 million more than the previous record set in 2016. The majority of this investment came from out of state funds and sources.
A program within UConn’s Office of the Vice President for Research, TIP supports UConn startups as well as innovative external technology ventures. All TIP startups are able to conduct R&D activities at UConn and benefit from having access to the university’s research infrastructure, specialized equipment, customized business support services, and pool of talented graduates.
“At UConn, we are doing entrepreneurship, not just teaching it,” said Radenka Maric, Ph.D., vice president for research at UConn. “We are proud of the program’s rapid growth and are committed to supporting all TIP companies, including those that are developing technologies discovered at other top universities and in industry, as well as those started by our own UConn faculty and students.”
“With programs like TIP and facilities like the Innovation Partnership Building at the UConn Tech Park, we are creating an innovation ecosystem so that these promising technologies can advance from early stage development to fast prototyping, manufacturing, and clinical trial to benefit the citizens and economy of our state,” Maric said.
While nine TIP companies raised over $1 million each, several TIP companies received very large investments in 2017, contributing to the program’s record setting total and rapid growth.
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