The University of New Mexico’s Science & Technology Corporation is showing promise to be the economic engine for the state that regents envisioned when they founded it in 1995 as a private non-profit corporation to license and commercialize technology developed by researchers at the university.
“STC is the springboard our faculty and student researchers need to commercialize new ideas,” said UNM President Louis Caldera. “They put the intellectual property of our researchers into the hands of entrepreneurs for development into products.”
A review of the STC technology commercialization program conducted by the UNM Bureau of Business and Economic Research shows that STC played a significant role in the development of 12 start-up companies in the physical and life sciences field.
Board Chairman Joesph Cecchi says, “An important part of STC’s mission is to support UNM’s inventive culture to benefit the state of New Mexico. This review clearly demonstrates the significant impact that STC has had on economic development in the region.”
The direct impact of STC to the New Mexico economy over the past decade is $21 million, and the employment of 73 people with an average salary of $80,000, well above the New Mexico average. Of the 12 start-up companies
STC has worked with, eight remain in the state.
They are:
MesoSystems Technology Inc. - Airborne biosafety and security products
Global Haptics, Inc. - Computer-mapping technology to shape and navigate in 3-D
Zia Laser, Inc. - Quantum dot lasers
Concise-Logic Inc. - Semiconductor design software
Qynergy Corporation - Power solutions for Microsystems
CoMeT Solutions - Computational modeling toolkit for engineering
Exagen Diagnostics Inc. - Genome marking tools
AVANCA Medical Devices - Medical devices and syringes
When indirect impacts are added, the total effect is to add $37 million to the New Mexico economy, resulting in the employment of 143 people. Much of the economic impact comes from the investment of $12.5 million from outside venture capital in New Mexico companies.
The companies have had combined sales of $8.8 million. STC Chief Executive Officer & President Lisa Kuuttila says, “The report demonstrates that STC is generating substantial impact for the New Mexico economy, even at a relatively early stage of its program. We expect this to be the beginning of even greater economic impact in New Mexico for the future.”
The full report can be accessed
online.
Contact: Karen Wentworth, (505) 277-5627