Khalifa University of Science and Technology has announced the launch of a new company which will act as its business and investment arm.
Khalifa University Enterprises Company (KUEC) is backed by an endowment of AED100 million ($27 million).
KUEC will include Innovation Acceleration and Startups and KU Ventures, which will support establishing and operating non-IP technology companies.
KUEC also includes the Endowment Fund that will allocate funds for investments and operations, a statement said.
The mission of KUEC is to boost and speed up business engagement with the university to accelerate innovation and create impact on its scientific research assets and resources.
KUEC will also aim to encourage technology investors and entrepreneurs to partner with the university to commercialise its growing patent portfolio in areas such as energy, advanced manufacturing, health, artificial intelligence and robotics through creation of technology start-ups.
KUEC said in the statement that it will leverage the support of asset manager BlackRock (pictured below) and global financial services leader JPMorgan.
On the innovation side, Techstars will play a pivotal role in growth and scaling of UAE start-ups.
BlackRock will invest the endowment assets on behalf of KUEC in a diversified global portfolio, while JPMorgan will provide custodial services to KUEC, supporting the asset management part of the endowment.
Techstars will focus on reviewing Khalifa University’s patents, conducting research to identify commercial suitability and viability, as well as in market assessment and validation that will then lead to development of prototypes and use cases.
Dr Arif Sultan Al Hammadi, executive vice-president, Khalifa University, said: “The Khalifa University Enterprises Company will usher in a new research-education-economy ecosystem paradigm in Abu Dhabi, the UAE and the region.
“We have launched this new entity not only to work within our mandate and benefit the country and the region, but most importantly to realise the vision of our leaders in creating a knowledge-based economy. The intellectual, innovation and financial revenue coming out of KUEC will advance and enhance the university’s mission in research and innovation.”
Leading universities have played a vital role in translating intellectual property into successful business ventures. According to PitchBook, between 2006 and 2017, Massachusetts Institute of Technology (MIT) produced 907 company founders as alumni or current students, creating 780 companies – the third most among all universities in the world.
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