2008 Woodie Awards
Univ. supports $1 million increase in bio-research
AMANDA WOODRUFF
Issue date: 3/27/08 Section: News
The University research foundation approved Wednesday to commit $1 million for life science research statewide.
The funds will go toward a venture capital initiative that began at the state level. If the legislature passes the initiative, the University will contribute at least $200,000 per year for five years, along with Georgia Tech and Emory University.
The University will see returns on its investment, President Michael Adams said during the meeting.
"We would be the ones benefiting from the fund," he said, referring to the research facilities at the University. Not demonstrating the University's commitment to research would be a "mistake," he said.
The venture capital will fund research formed by University support, Margaret Dahl, director of research development and technology alliances, said.
"They invest money in those companies to help them grow and get to a point where they become sustainable businesses," Dahl said.
"Bio-technology and bio-medical companies that are formed around research could develop new products and new diagnostic tests to help treat people and animals," she said.
"There are a lot of great opportunities to grow money in life sciences."
The state has not invested significantly in life science research, Dahl said, but funds are necessary to extend the success to research to the public at large.
"If we don't have the means to see these companies grow and stay here, we don't get economic development, but ... we don't get to see these products go on the market to help people," she said.
David Lee, vice president for research, said faculty needs to increase the amount of funds they bring in through grants.
"Research times have been tough," Lee said.
Lee said recruitment efforts will focus on hiring more junior and senior faculty with experience in acquiring grants.
Without medical and engineering facilities, the University is at a "disadvantage" compared to other colleges.
Adams said medical school would "marry" the research of the University with a medical initiative.
In other business, a decrease in fair market values caused a loss of $774,000 in investments, rather than the projected $2 million gain in the past year, Lee said.
The funds will go toward a venture capital initiative that began at the state level. If the legislature passes the initiative, the University will contribute at least $200,000 per year for five years, along with Georgia Tech and Emory University.
The University will see returns on its investment, President Michael Adams said during the meeting.
"We would be the ones benefiting from the fund," he said, referring to the research facilities at the University. Not demonstrating the University's commitment to research would be a "mistake," he said.
The venture capital will fund research formed by University support, Margaret Dahl, director of research development and technology alliances, said.
"They invest money in those companies to help them grow and get to a point where they become sustainable businesses," Dahl said.
"Bio-technology and bio-medical companies that are formed around research could develop new products and new diagnostic tests to help treat people and animals," she said.
"There are a lot of great opportunities to grow money in life sciences."
The state has not invested significantly in life science research, Dahl said, but funds are necessary to extend the success to research to the public at large.
"If we don't have the means to see these companies grow and stay here, we don't get economic development, but ... we don't get to see these products go on the market to help people," she said.
David Lee, vice president for research, said faculty needs to increase the amount of funds they bring in through grants.
"Research times have been tough," Lee said.
Lee said recruitment efforts will focus on hiring more junior and senior faculty with experience in acquiring grants.
Without medical and engineering facilities, the University is at a "disadvantage" compared to other colleges.
Adams said medical school would "marry" the research of the University with a medical initiative.
In other business, a decrease in fair market values caused a loss of $774,000 in investments, rather than the projected $2 million gain in the past year, Lee said.
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