Innovation Park, the home of the IDEA Center
The IDEA Center at the University of Notre Dame launched 28 startup companies in 2022, bringing the total number of startups since the IDEA Center’s founding in 2017 to 145 and the total number of official Notre Dame startups to 172. Additionally, the University’s active startups collectively raised over $86 million in investment funding, a 59 percent year-over-year increase from 2021 and a 2,050 percent increase over 2017. Reported product sales also rose to over $136 million, a 1,394 percent year-over-year increase from 2022 and a 26,154 percent increase over 2017.
In 2022, the University’s 96 active startups reported 537 full-time jobs, up from 191 in 2021, with an average salary of $101,000. Additionally, the 96 companies reported 136 part-time jobs, for a total of 673 full- and part-time jobs, up from 270 the year before.
While the majority of Notre Dame’s startups experienced growth in investment funding, product sales and jobs in 2022, the pronounced year-over-year aggregate increases were primarily the result of a few startups performing particularly well in 2022.
The IDEA Center creates startups primarily based on inventions from Notre Dame faculty and the business ideas of students but also launches two or three startups each year from ideas generated by members of the South Bend - Elkhart community.
“Congratulations to all of Notre Dame’s startups for their significant growth and success in 2022,” said Kelley Rich, interim vice president and associate provost for innovation at Notre Dame. “Neither they nor the IDEA Center would be where we are today without the tremendous innovations coming from Notre Dame’s faculty and students as well as the phenomenal growth of Notre Dame Research.”
Notre Dame student entrepreneurs are responsible for founding 20 of the 28 Notre Dame startups launched in 2022 while faculty inventions formed the basis of six and the business ideas of South Bend - Elkhart community members led to two.
Last year’s 28 startups represent a wide range of industries, including health care, artificial intelligence, blockchain, drones, education, food, travel, gaming and transportation.
“Although 2023 is likely shaping up to be a challenging year for startups, particularly as it relates to raising investment funding, we’re optimistic that the foundational work and growth our startups have experienced will set the stage for their future advancement,” said Rich.