"That's the real mark of success — research divided into return on investment," he said. "In 2002, we received $20 million in research, and we got back $2 million in return in royalties and fees. That's extremely high."

BYU's Technology Transfer Office, which takes high-tech ideas and converts them into businesses, spins off four to five new companies every year. However, most of those move out of state. "We want to have a large, significant impact on diminishing those losses," Wilkinson said.

To help resolve the problem, UTABA is examining the creation of a regional incubator, or business accelerator, that would house start-up companies, particularly of the high-tech variety.

For fledgling companies, having an incubator would cut down on overhead because office space and a secretary would be supplied for free, Przybyla said.

"Incubators provide basic services that all companies need and connect entrepreneurs with capital, mentors, advisers and suppliers," said Clint Argyle, a Spanish Fork entrepreneur who has started four successful businesses. Argyle is putting together a business plan for UTABA.

"I can take my business experience and help them avoid pitfalls that I've run into," Argyle said.

As for the site of this regional incubator, UTABA has its eyes on a building at UVSC.

"There's a space on campus for this, and it would support many organizations, not just UVSC and BYU," Theobald said.

She said while several incubators have sprung up in Orem and Pleasant Grove, as well as other parts of the county, it's time to create a regional one because Utah Valley is regarded nationally as a hotbed of entrepreneurial activity. "It makes so much sense for everyone," Theobald said. "It's a win-win situation all the way around. That's what we're trying to do."

"The end result we want is a network of incubators," Argyle said, "instead of everyone being on their own little island."

Still, those involved in UTABA admit that this concept is in the preliminary stage and that the goals are long-range. "It's idealistic," Argyle said, "but there's a lot of potential for it."

To turn this concept into a reality, the state will likely have to kick in financial support, and that may not happen for a while because there are so many other pressing issues, Wilkinson said. Still, that doesn't dampen enthusiasm for the idea.

"It will happen eventually," Wilkinson said. "We're talking years instead of months, but sooner than 20 years."

Theobald said the Beehive State should tailor its business acceleration program around its unique attributes. "Utah needs to recognize that we're not Silicon Valley," Theobald said. "We have different strengths and weaknesses. Ultimately, this will be a Utah thing."

Members of UTABA agree they're on the cusp of something big.

"I feel like I'm in the ocean on a boogie board," Theobald said, "and here comes a tsunami wave."

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E-mail: jeffc@desnews.com