University of Utah, MIT lead nation in new companies founded

"We're finding that faculty members are feeling that they really want to get their ideas to the patient's bedside, to the market, so they can do some good with them," Hajeb said. "Most of our faculty members really care more about making sure their ideas go somewhere and impact society somehow."

From new medical devices to ideas on stem cell therapy to fighting Lou Gehrig's disease and making railroad ties from recycled tires, U. faculty members and researchers are aware of the commercialization process, in which their ideas can turn a profit, and are "engaged," Hajeb said.

Since it was created in 2005, the Technology Commercialization Office has been focused on economic development and has founded 83 different companies, 78 of which are still operating, according to Jack Brittain, vice president of Technology Venture Development at the U. He said 70 of them are currently operating in Utah and have collectively raised more than $156 million in seed and venture capital, which contributes to the economy of the state.

"It really has been a nice microcosm of awareness in how the new ideas can impact society and actually keep companies here, keep jobs in Utah, build the economic growth for the state," Hajeb said.

e-mail: wleonard@desnews.com