UACI Releases Economic Impact Study Data
The University of Arizona Center for Innovation UACI had an economic output of $35.3 million in 2021, according to a new analysis of the center's impact. The economic analysis provides a snapshot in time based on data from the 52 startups enrolled in UACI in two different locations during 2021. Today, UACI has 81 startups in three locations.
The recent economic analysis – done in collaboration with Rounds Consulting Group, a public policy and economics advising firm – is the first to document UACI's economic impact. The inaugural analysis will serve as a baseline for future economic impact reporting.
The report shows that UACI startups contributed $2 million in state and local taxes in 2021. And startups that went through UACI programming helped create 441 jobs, including 182 full-time equivalent jobs in the form of individual entrepreneurs, startup employees and contractors who were directly supported by the incubator.
The report also found that nearly half – 46% – of UACI startups involve UArizona alumni, graduate students or innovations that originated from university research. UACI businesses often provide experiential learning internship opportunities to UArizona students, as well as jobs after graduation, which helps keep talent in Southern Arizona.
The report highlights UACI's emphasis on diversity, equity and inclusion; 62% of UACI startups are minority-owned businesses and 26% of all UACI startups are women-founded businesses. Nationally, only 6% of businesses in incubators are owned by women.
The economic analysis comes during UACI's 20th anniversary. Since its inception, UACI has provided more than 1,000 entrepreneurs with workshops, educational training and pitch preparation assistance. The center has directly supported a total of 235 startups through its programming and resources to help move ideas from concept to market. As a result of the support provided by UACI, startups have accumulated $105.8 million in capital investment funding, according to the analysis.