UTEK Corp. changes its name to Innovaro
TAMPA — UTEK Corp., long known for helping corporations commercialize university research, is changing its name to Innovaro today to streamline its brand and freshen its mission.
Chief executive Doug Schaedler said UTEK had become a mix of brands and names after multiple acquisitions. Adopting Innovaro (a name UTEK already owned) "lets us promote a single brand" represented on the Web at innovaro.com.
For example, Schaedler said a large pharmaceutical customer might have dealt with three different UTEK divisions with different names. Now it will deal with one name.
In addition, the UTEK ticker symbol, UTK, goes away and will be replaced by the new Innovaro ticker, INV. The company has 90 employees and a market value of just under $50 million.