The University of Utah: A Hidden Gem for Aspiring Unicorn Founders
When it comes to college football, the University of Southern California (USC) has long been a powerhouse, with its players often making headlines as Heisman Trophy contenders. However, when it comes to entrepreneurship and the potential to build a "unicorn" — a privately held startup valued at $1 billion or more — the University of Utah may hold a surprising edge.
According to a recent study by Stanford business professor Ilya Strebulaev, University of Utah graduates have the best odds of becoming unicorn founders among all U.S. universities. This is no small achievement, especially considering that institutions like Stanford and MIT are often seen as the epicenters of innovation and entrepreneurship.
So, what exactly is a unicorn? In the world of venture capital, a unicorn is a private company valued at $1 billion or more. The term was coined in 2013 by venture capitalist Aileen Lee, who used it to describe startups that had achieved extraordinary success. While unicorns are rare, they represent the pinnacle of entrepreneurial achievement.
Strebulaev's research found that University of Utah graduates are about 2.3 times more likely to become unicorn founders than the average founder. This statistic is even more impressive when considering that the university hasn’t produced the most unicorn founders overall. Instead, it ranks highest in terms of the likelihood of success for those who do start companies.
“This recognition reflects what sets the University of Utah apart: we are a place where world-class research becomes real companies,” said University of Utah President Taylor Randall. “Our students and faculty don’t just study big ideas — they build them, and a University of Utah degree gives our graduates one of the strongest chances in the country to launch a company that lasts.”
The study measured the "odds ratio," which compares the percentage of unicorn founders from a particular university to the percentage in a randomly selected group of founders. This method adjusts for the fact that some schools naturally produce more VC-backed startups than others.
According to Strebulaev, the University of Utah’s high odds ratio is due in part to its focus on deep-tech and life science startups. These types of ventures often benefit from extensive research and intellectual property development before they even seek venture capital funding.
“This is part of our goal to fuel Utah’s economy,” said Kurt Dirks, dean of the University of Utah’s David Eccles School of Business. “Helping students become great founders is at the heart of what we do.”
Building Business Builders at Lassonde
At the center of the University of Utah’s entrepreneurial ecosystem is the Lassonde Entrepreneurship Institute. Founded in 2001 through the vision of Pierre Lassonde, a Utah business school alumnus, the institute serves as a hub for student collaboration, innovation, and mentorship.
Thousands of University of Utah students, from all disciplines, have taken their first steps into entrepreneurship through Lassonde. The institute also offers residential spaces for students, allowing them to live and work alongside fellow startup-minded peers and mentors.
Lassonde Executive Director Scott Holley expressed excitement about the recent recognition. “There are a number of things that are highlighted by way of this research that points not only to the success that we have — but also for the opportunities going forward.”
Holley described the unicorn ranking as a “quality signal” rather than a “volume signal.” He emphasized that the university’s strength lies in its research-driven approach to deep-tech and life science startups. Many of these companies are pre-vetted through research grants and intellectual property before they even seek venture capital.
“The unicorn ranking is a quality signal,” said Holley. “We’ve got deep-tech companies that are heavily pre-vetted by research grants and IP before the venture capital ever arrives.”
Fostering the Next Generation of Entrepreneurs
The University of Utah is not only producing successful entrepreneurs but also attracting top talent from across the country. Like USC’s reputation in football, the university’s growing reputation as a startup incubator is drawing aspiring founders to its campus.
One example of this is the Lassonde Startup Academy, a two-week program for high school students. During the program, participants live at Lassonde Studios while engaging in workshops, mentor sessions, and pitch events.
“We’re trying to establish a place where individuals are not dropping out to build their unicorns — but a place where they drop in,” said Holley. “You don’t have to choose between doing your coursework and having a part-time job and working on your business. Here at the University of Utah, you get to do all of those things.”
The university also offers programs like the Master of Business Creation, which allows founders to work on their startups while earning their graduate degrees. This unique approach attracts high-agency founders who want a world-class education while building something real.
Looking Ahead
Even as the University of Utah celebrates its growing reputation as a unicorn factory, leaders are focused on the future. “It’s about showing up every single day and operating and executing,” said Holley. “We believe in the transformational effects of entrepreneurship — whether that’s someone who creates a unicorn or whether it’s someone who creates a food stand or a local business.”
With its strong emphasis on research, innovation, and entrepreneurship, the University of Utah is proving that it’s more than just a hidden gem — it’s a rising star in the world of startup success.
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