The newly formed Khalifa University Enterprises Company will be the business and investment arm of the university.
Abu Dhabi’s Khalifa University of Science and Technology has launched the Khalifa University Enterprises Company (KUEC) which will act as the business and investment arm of the university.
The new company is funded by an endowment of Dhs100m.
It is expected encourage innovation and stimulate the creation of technology startups, while motivating students and alumni to explore entrepreneurship based upon university research outputs.
KUEC will include ‘Innovation Acceleration and Startups’ and KU Ventures, which will support establishing and operating non-IP technology companies.
KUEC also includes the Endowment Fund that will allocate funding for investments and operations.
Established and structured in consultation with three partners, Khalifa University Enterprises Company will leverage the support of the leading asset manager BlackRock and global financial services firm JPMorgan. On the innovation side, Techstars will play a pivotal role in the growth and scaling of UAE startups.
BlackRock will invest the endowment assets on behalf of Khalifa University Enterprises Company in a diversified global portfolio, while JP Morgan will provide custodial services to KUEC, supporting the asset management part of the endowment.
Techstars will focus on reviewing Khalifa University’s patents, conducting research to identify commercial suitability and viability, as well as in market assessments and validation that will then likely lead to development of prototypes and use cases.
KUEC will work in collaboration and partnership with Khalifa University’s Technology Management and Innovation office to help generate commercial outputs of the university’s intellectual property and introduce university spin-outs to the market.
Similarly, Khalifa University Enterprises Company will work with the university’s Finance and Business Development office to ensure that external partners and entities benefit from university resources and assets.
Dr. Arif Sultan Al Hammadi, executive vice president, Khalifa University, said: “The Khalifa University Enterprises Company will usher in a new research-education-economy ecosystem paradigm in Abu Dhabi, the UAE and the region. The intellectual, innovation and financial revenue coming out of KUEC will advance and enhance the university’s mission in research and innovation.”
(Except for the headline, this story has not been edited by The Finance World staff and is published from a syndicated feed.)