CU Innovations: Pioneering Biomedical Technology & Boosting Economic Impact
Jun 20, 2024CU Innovations (CUI) is a central hub for groundbreaking collaboration involving research, data science, clinical care, venture capital, and the pharmaceutical industry. Its mission is to bring together industry partners, entrepreneurs, and investors to help CU researchers create biomedical technologies that improve the quality of life worldwide.
In 2023, CUI’s activities resulted in 145 invention disclosures, 189 patents filed, 41 licensing deals, $375 million of startup financing, and $35 million of gross revenue to the University of Colorado campus. During this period, CUI had commercial relationships with 86 organizations around the globe that resulted in payments or in-kind services between CU Innovations and the organization. These activities have had a significant economic impact, both in Colorado and across the U.S.
Economic Impact in Colorado
CUI’s technology commercialization activities in 2023 generated an estimated $423.1 million of economic activity in the State of Colorado. The services and funding CUI provided to companies supported 691 direct jobs and 1,005 indirect and induced jobs, resulting in a total of 1,696 jobs in Colorado. These jobs and earnings sustained an estimated 962 households in Colorado. Economic activity in Colorado arising from CUI’s commercialization activities also generated an estimated $43.0 million of federal taxes and $16.5 million of state and local taxes during 2023.
Total Colorado Impacts
Economic Impact in the U.S.
On a national scale, CUI’s commercialization activities in 2023 generated an estimated $3.73 billion of economic activity in the U.S. The services and funding CUI provided to companies supported 2,460 direct jobs and 7,426 indirect and induced jobs, resulting in a total of 9,886 jobs in the U.S. These jobs and earnings sustained an estimated 6,102 households across the country. Economic activity in the U.S. arising from CUI’s commercialization activities also generated an estimated $260.5 million of federal taxes and $155.1 million of state and local taxes during 2023.
Total U.S. Impacts
CUI’s work extends beyond the U.S., with companies across Canada, the United Kingdom, Poland, China, and Australia benefiting from its services in 2023. Through its efforts, CUI continues to foster innovation, stimulate economic growth, and improve lives globally.
Economic Impacts
CU Innovations Supporting Campus Innovators
LEARN about the impact CUI made last year in their 2023 Annual Report:
https://www.cuanschutz.edu/cu-innovations/cu-innovations/in-the-news/annual-report/2023
CONNECT to see how CUI can support your innovation efforts:
https://www.cuanschutz.edu/cu-innovations | cuinnovations@cuanschutz.edu | (303) 724-6653
FOLLOW on social media to see what exciting innovations are coming out of CU Anschutz:
LinkedIn: /company/cu-innovations | Twitter: @CUInnovations
Study Overview Silverlode Consulting was engaged by CU Innovations (CUI) to estimate the economic impact of its technology commercialization activities on the State of Colorado and the U.S. during 2023. IMPLAN, one of the most widely used and accepted methodologies for estimating regional impacts was used to complete the analyses. While the innovations managed by CUI have had tremendous societal impacts in terms of improved health, reduced cost, and other benefits, these impacts are not accounted for in this report. (Publication: Mar 2024)