UConn Ventures (known until recently as UConn R&D) was formed in 1984 and repositioned in 2002 as a for-profit subsidiary of the UConn Foundation. Its sole mission is to create new business startups based on innovative technologies developed by faculty and staff. Over the years, it has grown tremendously in capability and commitment and now focuses on these activities:
UConn Ventures converts ideas into practice; at the same time, it attracts some of the best minds and strongest business interests in the country to be part of the UConn innovation experience.
Once a decision to create a new company is made, UConn Ventures takes responsibility for the development process, focusing on maximizing the total return to the university. Other considerations often come into play and may include:
- Scientific actualization (converting ideas to practice)
- University recognition
- Regional economic development and job creation
- Creation of new areas of university contribution to its constituents
- Recruitment of entrepreneurial faculty