News and Events > CU IP Gets Help in Creating New Companies - Technology Transfer Expands Activities for Affiliate Corporation

CU IP Gets Help in Creating New Companies - Technology Transfer Expands Activities for Affiliate Corporation

Boulder, CO-

The University of Colorado Technology Transfer Office announced personnel changes for an affiliated non-profit corporation that assists in the process of creating new companies based on CU intellectual property (IP). Effective October 1, 2003, David Drake has become the Executive Director of the University License Equity Holdings Incorporated (ULEHI). The previous head of ULEHI, Jerry Donahue, has become a part-time Special Advisor to ULEHI.

ULEHI was created in April 2002 in response to University of Colorado Board of Regents actions reorganizing technology transfer activities at CU. Two aspects of the reorganization in 2002 were to reassign technology transfer responsibility from the University Technology Corporation (UTC) to the CU System-level Technology Transfer Office, and to revise the UTC's mission to one of holding ownership positions in early-stage companies in return for license rights to CU intellectual property. The name change from UTC to ULEHI reflects the role of holding licensee equity for the benefit of the university, since the University of Colorado is not permitted to hold private equity.

"The selection of David Drake as ULEHI Executive Director reflects an expanded responsibility for ULEHI to manage the business development process of creating new companies based on CU IP from 'cradle to bank'," said Jack Burns, CU's vice president for academic affairs and research.

"David is well known to the tech transfer community having served in a licensing capacity over the past three years and his experience with emerging companies and venture capital gives him excellent qualifications and network relations for this position within ULEHI," added David Allen, CU's associate vice president for technology transfer.

"The key to spinning-out high quality companies from CU's research enterprise is to find the right ingredients that will balance the needs of the university, particularly faculty inventors, and other internal stakeholders with the needs of entrepreneurs and investors associated with the start-up companies," said David Drake.

Last fiscal year six companies were started based on licenses or options to CU IP; this fiscal year the tech transfer office has set a goal for nine start-up companies. Overall, ULEHI holds equity in 15 companies, seven of which raised in excess of $100 million in venture capital funding in the past 15 months. Two of its biotechnology companies in the ULEHI equity portfolio have recently registered for Initial Public Offerings.