History

Spinner Technologies, Inc., was founded by the Patent Foundation in 2000, in response to increasing demand from faculty entrepreneurs for assistance in forming start-up companies based upon their UVA inventions.

There are several factors that have fueled this demand. An important one is that since 1997, the number of invention disclosures at UVA has increased by over 80%. Many of these inventions are too early-stage to be of interest to large, established companies. Another factor is that, in many instances, small aggressive ventures can innovate and develop new technologies much more quickly and effectively than can large companies, which often are better adapted to later-stage development. These large companies increasingly use acquisition or merger with start-ups as a means of obtaining innovations.

It is the goal of Spinner Technologies to form a few dozen start-up companies over the next five years, and considerable benefits to the University are expected to result from this effort. These companies can be expected to sponsor research at UVA, create new jobs for UVA graduates and spouses, expand into new facilities at UVA's Research Parks, and ultimately become part of a broad regional technology-based economy that will bring UVA-developed inventions to the benefit of the public. This new, rich environment may also lead to improved faculty retention and recruiting. More direct benefits may also result, as Spinner Technologies may sell some of its retained stock in successful start-ups to provide dividends to the Patent Foundation and to UVA, and successful start-ups will hopefully provide strong patent royalty returns to the Patent Foundation.

Not only do we have great plans, but Spinner Technologies is here today, helping those faculty members who are discouraged by their limited business experience, daunted by the high cost of hiring professionals to handle the complex mechanics of forming a company, and apprehensive about "going it alone." As of the date of this writing, Spinner is in the final stages of starting its first few companies. As Spinner companies evolve from one or two person start-ups to full-fledged companies, Spinner Technologies will continue to be there as a supportive team member, and we look forward to expanding our services to meet their changing needs as they grow.