Photo: Associate Professor and co-founder of Mana Battery, a startup developing sodium-based batteries for sustainable energy storage, Chunmei Ban, is working with chemical engineering student Kangmin Kim in the CU Boulder College of Engineering and Applied Science lab. Source: Jesse Morgan Petersen
The University of Colorado Boulder reached a historic milestone, launching 35 new companies based on university intellectual property during fiscal year 2024, more than any other U.S. campus that year. This achievement not only secured CU Boulder the No. 1 spot in 2024 but also elevated its status to No. 2 for the most startups launched in a single year by a U.S. campus.
At the heart of this transformation is Venture Partners at CU Boulder, which drives the translation of innovative research into impactful companies and industry partnerships, not just within CU Boulder but also extending to CU Denver and UCCS.
From Steady Growth to Record-Breaking Results
Just a decade ago, CU Boulder averaged four to six startups annually, primarily based on university inventions. Fast forward to today, and it has established itself as a national leader in generating startups, surpassing well-known institutions such as the University of Michigan, the University of Minnesota, and even MIT, according to data released by the Association of University Technology Managers (AUTM). This remarkable turnaround can be attributed to a strategic approach to leveraging university intellectual property (IP).
A historical perspective from AUTM shows that only Stanford University has outperformed CU Boulder in total startups launched in a single year, with Stanford producing 38 startups in 2022. Yet what sets CU Boulder apart is its efficiency. Bryn Rees, associate vice chancellor for innovation and partnerships, notes that CU Boulder boasts an impressive ratio: 5.1 startups per $100 million in research funding during FY 2024. “Among those with similar outputs, we lead in efficiency,” Rees asserts, explaining the significance of this achievement as a testament to their innovative approach.
Remarkably, CU Boulder has achieved this milestone outside traditional capital hubs like Silicon Valley and Boston, illustrating the effectiveness of its collaborative innovation ecosystem.
A “Relentless Commitment to Supporting Founders”
The Venture Partners team is dedicated to guiding researchers, inventors, and creators at CU through the commercialization process—from intellectual property management to market launch. Their careful balance of experimentation and entrepreneurship redefines how research can lead to impactful businesses. As Rees mentions, “Our journey reflects years of careful planning and a relentless commitment to supporting our startup founders.”
An integral part of this philosophy includes minimizing administrative friction. The Licensing with EASE® simplifies the startup process via pre-negotiated licensing terms, allowing founders to concentrate on building their ventures. Additionally, tailored mentorship and long-term support further cultivate an environment conducive to innovation.
Venture Partners offers a toolbox of resources designed for various stages of startup development. Initiatives like the Center for Translational Research (CTR) address the “valley of death” that often plagues early-stage startups, providing comprehensive support for grant applications. Their partnership with the National Science Foundation I-CorpsTM Hub: West Region further enhances startup training for researchers beyond CU, while the annual Lab Venture Challenge (LVC) distributes over $1.25 million in proof-of-concept grants in collaboration with the Colorado Office of Economic Development and International Trade (OEDIT).
This willingness to innovate includes learning from failures. Rees humorously recalls a past initiative called the “i-Teams” program, which aimed to match lab innovations with business students but ultimately didn’t yield any startups. However, the lessons learned from that experience directly contributed to the creation of the successful Embark Deep Tech Startup Creator, which successfully launched 10 of the 35 companies in 2024 by connecting entrepreneurs with CU Boulder innovations.
35 Startups Accelerating Toward Impact
The 35 startups launched in FY 2024 cover a diverse spectrum of industries, with a strong focus on clean energy and biotech. For instance, Mana Battery , based on research by Chunmei Ban, is engineering sodium-based batteries to provide a more sustainable and safer alternative to lithium-ion technologies. This venture not only highlights the progress of energy solutions but also generated job opportunities and attracted significant investment—over $1 billion in funding has flowed into Colorado from battery-related startups.
CU Boulder also excels in quantum and healthcare research, as exemplified by the new startup Flari Tech, which aims to revolutionize disease detection through breath analysis. Founded by Eva Yao, the company leverages technology developed by notable faculty like Jun Ye and Qizhong Liang, building upon the Nobel Prize-winning frequency comb technology.
CU Boulder’s growth as a startup incubator is supported by initiatives like the NSF ASCEND Engine in Colorado and Wyoming and the Elevate Quantum Tech Hub designations. These programs enhance the university’s capacity to attract talent, secure funding, and support startups that contribute to global challenges.
Rees emphasizes the importance of such initiatives: “They amplify our impact and solidify CU as a leader in innovation.”
Looking Ahead
As Venture Partners reflects on its record-breaking year, the focus shifts to the future, with plans to expand incubator spaces, enhance funding avenues, and grow its investor network. CU Boulder is also keen on refining initiatives like Embark and forming new collaborations with institutions.
“Our goal is to create ventures with lasting impact,” Rees underscores. “We measure success not just by the number of companies we create but by the societal and economic benefits they provide.”
Over the past five years, CU Boulder startups have raised an impressive $3.9 billion in financing, contributing $8 billion in national economic impact and $5.2 billion in Colorado alone from 2018 to 2022. The university has produced ten unicorns, including the recent IPO of Infleqtion, underlining its emergence as a powerhouse of innovation in the U.S.
CU Boulder’s spectacular ascent as a leader in university-driven entrepreneurship highlights its vital role in the national innovation landscape. By prioritizing its founders, embracing local strengths, and continually adapting its approach, Venture Partners serves as a possible blueprint for other institutions aiming to foster innovation.
