The University of Utah recently partnered with Salt Lake City-based venture capital company EPIC Ventures to create University of Utah Ventures. This fund will pave the way for students and faculty to fund research and innovation in areas like life sciences, technology and business disciplines.
The expertise of EPIC Ventures in entrepreneurship and investing will give students more opportunities at the University of Utah. The partnership will give students access to internships, startup funding and more. With its $700 million in research funding, the U aims to create opportunities for students and faculty members in science, technology and business disciplines.
“I want to make it easier for faculty to innovate and start companies — students as well,” Jim Hotaling, associate vice president of research, said. “But really what I see [University of Utah Ventures] doing for the university is making it easier for faculty, students and anyone else be able to spin out companies in life science, technology and business.”
Utah Innovation Fund and University Startups
Hotaling said the U will also collaborate with the Utah Innovation Fund, a trust created by the state of Utah. It helps fund the commercialization of technologies born in institutions of higher education in Utah.
“There’s a state fund called the Utah Innovation Lab, which is a [$15 million] fund run by Jeff Moss,” Hotaling said. “It’s exciting because this will fund early steps, and the Utah venture fund can help with later steps.”
Knowing how an industry works, whether it be within life sciences, business or other, and having the opportunity to gain first-hand experience is an important part of paving a pathway to success, Hotaling said. As more companies are created with the help of this fund, local opportunities for jobs, internships and leadership opportunities for students at the University of Utah will present itself.
“As these companies get spun out, a lot of the people who they hire are students. There are a lot of companies now that have interns who are undergraduates,” Hotaling said. “Getting that experience as an undergrad is really valuable, because you understand how that works. These are jobs also have a lot of upward mobility where, if you do a good job, you can stay with the company as it grows.”
Commercialization at the U
U President Taylor Randall had a large part in driving the partnership between the institution and EPIC Ventures. Randall’s drive for commercialization within the U helped spark the incentive to create this fund.
“University of Utah Ventures represents a transformative opportunity for both the university and the broader entrepreneurial ecosystem,” Randall said in a press release. “By partnering with EPIC Ventures, we are positioning ourselves to not only foster groundbreaking innovation within our institution but also to drive significant economic growth across the region.”
University of Utah Ventures will be a significant contributor to this goal of commercialization by expanding the U’s influence in different industries across Utah.
“Taylor’s goal is for us to be the most entrepreneurial university in the country, and that’s really what sparked this,” Hotaling said. “This is kind of one of many tools to help us. When I say us, I mean the faculty, the students, everybody to get there. But, it really was his vision that this was an important component to move things forward.”
