UVM Tech Center Advances Governor’s Initiative

The launch of a targeted small business development program designed to foster the success of new high growth, high-tech firms in Vermont was announced last month at a press conference by Sen. Patrick Leahy, Gov. James Douglas and University of Vermont (UVM) President Daniel Fogel.

The Vermont Center for Emerging Technologies (VCET) is a key component of Gov. Douglas’ strategy to support business innovation and growth in Vermont. Since the governor has taken office, $500,000 in state funding has been appropriated to support incubator initiatives and an additional $125,000 in the fiscal year 2005 budget has been requested specifically for VCET.

VCET is intended to bring together the resources of existing and planned business incubators in Vermont. The center will tap the technology potential in Vermont and transform that into jobs, Sen. Leahy said.

Also benefiting from the initiative is UVM’s research and development department, which has experienced a steep rise in federal funding in recent years. With the VCET structure in place, research at the university could present significant technology transfer opportunities resulting in new products and companies. UVM has issued nearly 80 invention disclosures and licensed 26 patents over the past three years.

A congressional appropriation of $1 million secured by Sen. Leahy will help to launch the center that will be housed in Farrell Hall on the Trinity College Campus. The UVM press release is available at: http://www.uvm.edu/news/print/?action=Print&storyID=4807