A new report indicates that startups and business generated through Tech Launch Arizona at the University of Arizona supported over 2,500 jobs and $561 million in labor income between fiscal years 2017 and 2021.
Tech Launch Arizona, the university office that commercializes inventions stemming from UArizona research and innovation, has produced over $1.6 billion in economic activity since 2016, according to the report, released Wednesday.
The report, produced by Rounds Consulting Group and titled "The Economic Impacts of Tech Launch Arizona," outlines the economic impacts generated by TLA for the five-year period from fiscal year 2017 through fiscal year 2021. It also projects impact for the next 10 fiscal years, from fiscal year 2022 through fiscal year 2031.
The top findings of the report indicate that between July 1, 2016, and June 30, 2021, TLA activities generated:
- $1.61 billion in economic output
- $561 million in labor income
- $59 million in tax revenues
The report projects that from fiscal year 2022 through fiscal year 2031, TLA activities will create an additional 1,000 jobs, bringing the total to 3,500 jobs, and generate:
- $4.7 billion in economic output
- $1.6 billion in labor income
- $172 million in tax revenues
"The impact of TLA on the local economy has grown and is a significant contributor to the region’s economic well-being. Our review indicates that this growth will continue throughout the remainder of this decade and beyond," Jim Rounds, co-author of the report, said.
"With their leadership, the Tech Launch Arizona team has grown its impact each and every year. They've engaged more faculty, staff and students as entrepreneurial inventors than ever before in the history of the University of Arizona, and have worked to patent thousands of inventions on behalf of the university," University of Arizona President Robert C. Robbins said in a video message about TLA's impact. "They've worked diligently to license them to companies that can take them forward."
Original source can be found here.
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