University of New Mexico has revealed it generated 12 new businesses during its financial year that ended June 30.
Science and Technology Corporation (STC), University of New Mexico’s tech transfer office, has generated 12 new spinouts during the past financial year, which ended June 30, according to the Albuquerque Journal.
The TTO signed 58 licensing agreements, an increase from 54 during the previous financial year and the highest number since the office began operations in 1995. Patents issued also reached an all-time high with 73, while faculty and staff disclosed 114 inventions, up from 102.
STC also revealed it secured $2.05m in royalties and patent income, a slight drop from $2.55m during the previous year.
Of the 12 new spinouts, the university managed to retain four in the state. Lisa Kuuttila, president and chief executive of STC, said: “We tied last year’s record with a dozen new startups, which is great for a mid-sized research university like ours.
“The bad news is only four of the new startups this year remained in New Mexico.”
The move of eight spinouts has been attributed to the lack of venture capital funding available in the state, though the State Investment Council’s Catalyst Fund is expected to change that at least to a degree.
Kuuttila added: “We have more money flowing through the Catalyst Fund, and that’s wonderful, but it’s just not enough.”