U of M touts business incubator

The University of Minnesota says it spawned a record number of startup companies last fiscal year.

Twelve start ups came out of the university, compared to nine the year before. One company is working on a vaccine to treat brain tumors. Another is developing smartphone-based software to improve drivers' skills.

The university's Vice President of Research Tim Mulcahy says the school is working to identify technology and products developed by faculty, staff and students that could become the foundation for a viable business.

"For certain types of companies we actually kind of nurture them within the university long enough for them to develop a customer base which suggest that they're likely to be able to stand on their own two feet," he said.

Since 2006, the university has spawned 38 startup companies, of which 30 are still operating.

"We've worked closely with faculty, with entrepreneurs, and CEOs in the area, with venture capitalists and angel investors to really get these companies off to a solid start," Mulcahy said.