Columbia Technology Ventures (Tech Ventures) serves as a bridge between Columbia University inventors and researchers and the business community. The firm's mission is to facilitate the translation of academic research into practical applications, for the benefit of society on a local, national and global basis. Tech Ventures provides industry a 'one-stop shop' by negotiating industry-sponsored research agreements for faculty research programs, and any subsequent license of technology that is created during the research period. Venture Lab is the venture arm of Columbia Technology Ventures and assists Columbia faculty, students and research staff who wish to launch startup companies. Since its founding in 1982, Columbia Technology Ventures has launched more than 147 companies. Forty-two of these companies were venture-backed and 27 have been sold or gone public. The Columbia portfolio companies have raised in excess of $1 billion in venture and public market financings, and have generated more than 1,500 jobs.