The Venture Center of the University of Minnesota made an announcement that 19 startups were formed in the fiscal year. The companies include those focused on creating technology to help concussions, dog cancer therapy, and acne products aimed at boys. The 19 startups are officially a new record for the university.
The Venture Center was formed in 2006, and their primary goal is to transform research into practical products. Its associate director, Russ Straate, stated that this year was very successful. He’s happy that the inventions are contributing to public well-being, which he says is the primary goal of the Center.
Since the conception of the Center, 154 startups have been spun out. Some were more successful, going public or getting bought out by giant corporations, and some less. To be exact, five companies just in 2018 underwent one of those processes. Researchers at the school are feeling the success of other startups and receiving a new wave of energy, according to Straate.
However, most of the researchers behind the startups are still very experienced only in the world of business. To help mend the issue, the university opened up a so-called startup incubator named the Discovery Launchpad.
And the school season being off doesn’t mean the Venture Center is resting. In fact, it has already started work in the 2020 fiscal year, launching three companies. If the same efficiency is maintained, the University of Minnesota could soon become a leader in the research-to-company area.