Utah economic development agency approves $400,000 in technology grants

Published: Monday, Jan. 23 2012 1:35 p.m. MST

SALT LAKE CITY — The state has approved $400,000 worth of grants for 14 projects through its Technology and Innovation Program.

The Governor’s Office of Economic Development recently approved the grants in support of new technologies that universities and licensees are seeking to commercialize to help build companies, create jobs and drive economic development in Utah.

Funded TCIP projects range from technologies seeking to make a new flu vaccine that would require flu shots only every several years to a new LED nanotechnology using semiconductors called “quantum dots” that has the potential lower the cost of producing flat-screen TVs, cellphones and other devices.

The University of Utah, Utah State University and Utah Valley University were among institutions receiving funding.

The state invests approximately $1.6 million a year in support of university technology commercialization. The grants aim to help contribute to Gov. Gary Herbert’s goal of creating 100,000 new Utah jobs in the next 1,000 days.

“TCIP is the premier grant program in the state for helping commercialize new technologies that have been developed by Utah colleges and universities,” said David Bradford, TCIP program director. “Our institutions of higher education and the entrepreneurs who work with them are important drivers of economic development in the state because of their passion for innovation and world-renowned research.”

TCIP, which is managed by GOED, provides grants of up to $40,000 for university-developed technologies that show promise of commercial success. The grants are disbursed contingent upon matching funds from the recipient company or university to leverage the state’s contribution and are approved based on their potential for economic development in Utah.

Myriad Genetics and Sonic Innovations are Utah companies that have received past grants.

Get The Deseret News Everywhere

Subscribe

Mobile

RSS