The UW Center for Commercialization’s business incubator, known as the New Ventures Facility, has been named emerging incubator of the year in a ranking of top university business incubators by the 2014 University Business Incubators Global Index.
The research initiative, led by a Stockholm-based study group, selected the UW Center for Commercialization for its ability to produce startup companies with higher survival and growth rates, for success in raising funds for those companies, and for the number of jobs created by its startups, which the index cited as well above the global average.
The New Ventures Facility, located in Fluke Hall, opened in February 2012 as an incubator that provides UW startups with access to critical lab and office space on the UW campus.
In that short time, the Center for Commercialization has provided “exceptional quality to its clients, produced growth companies and high economic impact for the region,” said Dhruv Bhatli, co-founder of the global index.
“For these reasons it has been selected as the emerging business incubator of the year,” Bhatli said.
This year marks the second release of the global index ranking. More than 300 university business incubators in 67 countries participated in this year’s index, compared to 150 incubators in 22 countries included in the inaugural 2013 ranking.
“On the heels of just announcing our record number of 18 new UW startup companies launched in 2014, we are delighted to be named global emerging incubator of the year after only two-and-a-half years of operation,” said Patrick Shelby, director of New Ventures. “We’re not only spinning out more companies, we’re creating stronger startups with higher survival and growth rates that, in turn, are providing jobs and boosting our region’s economic health.”
The New Ventures Facility is one key element in C4C’s larger commercialization initiative dedicated to maximizing UW’s contribution to the Washington state economy by spinning out start-ups that bring to the marketplace innovations in life sciences, clean technology, alternative energy and information technology.
“This global recognition underscores the health of our companies and graduates, and the remarkable success of our many UW innovators, including faculty, students and research staff,” said Vikram Jandhyala, the newly named UW vice provost of innovation.
The ranking also enhances the UW’s reputation as a leader “in taking ideas to impact,” said Linden Rhoads, executive director for commercialization.
“From our No. 1 national ranking in the number of licenses signed and the number of technologies licensed to the increasing number of inventions disclosed, patents filed, and startup companies generated, we are helping to translate scientific discovery into products, services, therapies, diagnostics and cures that can help millions of people worldwide,” Rhoads said.