The Utah Science, Technology and Research Economic Development Initiative is in its infancy, but a leading proponent said Thursday that it could have a major economic wallop for the state.

Jack Brittain, dean of the David Eccles School of Business and vice president of technology ventures at the University of Utah, said the tens of millions of dollars in state and university funding over the next few years and the $5 billion from the universities and $1 billion from the state eventually needed will result in high-paying jobs for many of today's youths.

"Ultimately the bottom line for all of us here is kids and grandkids have a job in Utah, and a good job — one that can support their family, that they're glad to live here. ... Also I think there are going to be tremendous opportunities for the investment community," Brittain told MountainWest Capital Network members at their monthly luncheon.

The USTAR model calls for universities — initially the U. and Utah State University — to construct facilities and recruit high-end researchers whose technologies would be commercial- ized. USTAR is expected to lead to the creation of 422 companies with 123,406 jobs paying $9 billion annually and leading to $5 billion in new state tax revenue.

That would help the state turn around some trends. Utahns' average wages were 96 percent of the national average in the 1980s but are only 82 percent now — a situation that "should just not be acceptable" — and fewer people are employed by technology companies in Utah, he said.

"Certainly, we're not going to found companies. That's not the role of the university or the state government. But what we do have in the USTAR technologies is joint ownership and joint stewardship of those technologies," with the universities serving as the high-level research and development unit for commercial startup companies, Brittain said.

"The universities should not, cannot, do not want to run businesses. What we want to do is get technologies in the hands of entrepreneurs of existing businesses in Utah and let those individuals exploit and really realize the full potential of those technologies."

USTAR's oversight authority is being formed, and universities are working on their strategic plans, which will focus on their existing strengths and target faculty already thinking about commercial applications for their research. The U. already has interviewed some candidates.