The University of Utah boasts it has spun off more than 100 companies in the past six years, based on ideas developed on campus. While the school touts its status as No. 1 among research institutions for starting companies, some appear to be companies in name only.
The U. has launched 35 companies as wholly owned entities of the university since 2007, 20 of which it lists as startups. Many have no office, payroll, permanent leadership or assets. In state filings, most list as their address the suite at 615 Arapeen Dr., where the U.’s Technology Commercialization Office (TCO) operates in Research Park.
TCO chief Brian Cummings is a registered agent or officer of at least 32 companies, according to incorporation records kept by the Utah Department of Commerce. By setting up corporate shells owned by the U., officials say they can pursue federal grants and venture capital during the early phase of an invention’s development and speed it to market. Critics say this novel approach, taken by few other schools, raises the potential for conflicts of interest and antagonizes independent entrepreneurs.
To read the full, original article click on this link: Fits and startups: Is U. tech transfer flawed? | The Salt Lake Tribune
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