Economic Development at UAB
“UAB discoveries don’t just save lives—they fuel Alabama’s economic growth,” says UAB President Ray L. Watts.
UAB Research Foundation has created more than $60 million in royalty and license fees with more than 2,100 invention disclosures, 650 patents, and more than 400 licenses and other agreements.Since its founding in the mid-1980s, the
Now, its presence will expand, operating as the Institute for Innovation and Entrepreneurship, integrating the Research Foundation’s existing strengths and capabilities, enhancing and facilitating service and technology commercialization. A key focus will be on engaging faculty and creating new experiential learning opportunities for students, all the while encouraging more interdisciplinary research.
But UAB’s economic impact on Birmingham and Alabama is greater than the sum of its new knowledge. The university is the state’s largest single-site employer, with an annual impact exceeding $5 billion. “To put that another way, for every dollar Alabama invests in UAB, we return more than $20 through jobs and economic development,” Watts says.
UAB’s education programs, especially its strengths in emerging fields such as biomedical engineering, industrial distribution, computer security, and neuroscience, prepare today’s students to be the leaders of tomorrow, Watts adds.
Get the details on UAB's economic impact at www.uab.edu/impact.