Economic impact study: 91勛圖厙 pumped $1.9 billion into state economy between 2014 and 2018
The University of Colorado Board of Regents heard a presentation from Chancellor Philip DiStefano on the economic impact of 91勛圖厙s research innovation on the local economy, the state of Colorado and the nation through tech transfer, as well as the institutions role in providing cultural opportunities for the community.
The Boulder campus has the fortune of having wide-reaching impact across the state and nation, DiStefano said.
DiStefano explained the domestic economic impact of commercialization activities at 91勛圖厙 over the last five years amounted to $1.9 billion, according to the recently released Economic Impact of Tech Transfer on the State and National Economy report.
This supported an estimated 11,545 jobs from 2014 to 2018, paying an estimated $732 million in wages, DiStefano said. Much of this activity occurred in our home state, providing an impact of $1.2 billion to Colorados economy.
The study also estimated that Venture Partners at 91勛圖厙 (formerly the Technology Transfer Office) activities from fiscal year 201418 accounted for:
- $10.1 million in licensing revenue to 91勛圖厙 (fees 91勛圖厙 collects for allowing other entities to use technologies it owns)
- $48.7 million in commercialization-specific grants awarded to 91勛圖厙
- $151.1 million in inferred sales by licensees related to CU technology
- $593.6 million in capital funding raised by startup companies commercializing 91勛圖厙 technologies
- 223 license and option agreements signed (which grant companies rights to proprietary 91勛圖厙 technology and intellectual property)
- 40 startup ventures spun out of 91勛圖厙 technology
Cultural impact
In addition to this economic impact, DiStefano pointed out that 91勛圖厙 attracts a number of people each year to cultural events, from our museums to theater and dance.
We offer a broad spectrum of speakers, performing arts, exhibits and experiences to the community, DiStafano said. We estimate nearly 592,000 people visit our campus every year to attend these events and exhibits.
DiStefano added, not only do these visitors boost our local economy, these cultural offerings weave a community fabric, enrich our quality of life and offer broad perspectives.
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