Correction appended: An earlier version of this article incorrectly identified Meghan Cuddihy.

In response to the new business opportunities rising out of campus-based research, the University’s Venture Accelerator opened yesterday in the North Campus Research Complex.

As part of the University’s Tech Transfer program, an organization that finds ways to use University technology in the marketplace, the Venture Accelerator is laboratory and office space for new businesses and will aid with the commercialization of their products – all with the goal of helping the region. The businesses housed in the 16,000 square-foot space all work with University-owned research.

More than 500 members of the University community, business and economic development leaders, entrepreneurs, venture capitalists, government officials and attendees mingled in the accelerator offices before filling the bridges overlooking the Venture Center.

Speaking before the crowd, University President Mary Sue Coleman said she believes the companies in the accelerator, along with other research and business centers in the NCRC, can help revitalize the economy at the state level and beyond.

“We are eager to collaborate with companies, to drive transformative research that can change the world,” Coleman said. “The NCRC, the Office of Tech Transfer (and) the Business Engagement Center are launch pads for this critical work we have in front of us.”

In addition to the Venture Accelerator, the Office of Tech Transfer and the Business Engagement Center also celebrated their formal openings at the event.

Coleman and other University administrators, including the University’s Executive Vice President for Medical Affairs Ora Pescovitz, the University’s Vice President for Research Stephen Forrest, University Provost Philip Hanlon and the University’s Vice President and General Counsel Suellyn Scarnecchia, cut the ceremonial ribbon to commemorate the opening of the three projects.

Pescovitz said she feels that beyond the NCRC’s large space, the complex has “immeasurable, infinite potential.”

She echoed Coleman, saying that innovation is essential for the “future” of the University and for the nation as a whole.

Forrest said despite his initial concerns about the cost and popularity of the accelerator, it will likely benefit the University community and state economy.

“It started out as a risky venture but promises to be an essential step in the (University’s) promise of being the leaders and best and encouraging and helping faculty and students and our venture partners to start their companies right here in Michigan,” Forrest said.

Ken Nesbit, executive director of Tech Transfer, said one of the goals of the business accelerator is to help transform small startup companies into large, powerful companies that will hopefully stay in the Midwest and create local job opportunities.

Jim O’Connell, associate director of business formation at the Tech Transfer Center, said the accelerator will likely focus on technology and companies that have some kind of link to the University before looking to other companies.