This paper briefly reviews university/industry licensing and research collaborations and focuses on three university-affiliated venture capital funds, which represent the most direct participation by academic institutions in creating new ventures based on technologies invented by their faculty members. The paper provides an early perspective on these funds as mechanisms for bringing new biomedical technologies into use. Although the new models have not existed long enough to fully evaluate their effectiveness, the early evidence is sufficient to suggest helpful guidelines for development of more efficient initiatives in the future.