You Can Change the World

Dante, the great Italian poet who wrote The Divine Comedy, fell in love with Beatrice when he was only twelve and she was nine. His love for her inspired him throughout his life. The point is that he felt an initial buzz and interest just from seeing her. And the same initial buzz and excitement are felt by creative scientists and technicians all over the world when they get interested in a new idea or take on a new challenge. And one of the best ways to capitalize on this excitement of discovery is to share it with a like-minded individual, especially an expert who might even share your enthusiasm and be able to help you in your quest for new knowledge, a new solution to a technical problem, or a new approach to a thorny old business challenge. Well, hurrah, hurrah! for a new company that lets you — yes you! — hook up with experts all over the world who can answer your questions and help you reach your new creative, technical, and scientific goals. The site is called TekScout and they’ll help you in two primary ways. First, if you are a large R&D organization who would like to post a challenge on their site, they’re there to help you get the word out. Post your question and challenge, and it will be seen by scientists and experts all over the world! How cool is that! Second, if you’re a technical whiz kid, a senior scientist, or just another PhD looking to kill some free time (just kidding, you don’t need to be a PhD), then you will want to sign up to help people worldwide solve their problems and take huge strides forward. Ayn Rand would have loved this. So would Alan Greenspan. And so will you, once you stop by their site. Who knows, tomorrow you may be helping to change the world and making it the better place you know it could be.

Press Release:

FOR IMMEDIATE RELEASE
UTEK Corporation Launches TekScout™ Open Innovation Sourcing Service
Tampa, FL -- (Business Wire) – March 3, 2008 -- UTEK Corporation (AMEX & LSE-AIM: UTK), a leading Open Innovation services company, today announced the launch of its TekScout™ Open Innovation Network. TekScout helps companies look outside of their internal R&D department to better address the challenge of completing complex development projects. The TekScout Open Innovation Network enables companies to post complex development projects, along with a reward and timeline required to solve the problem, in a secure environment. A worldwide network of qualified scientists and engineers can view these challenges and earn rewards for providing unique solutions.

A 2006 Harvard Business School Study entitled The Value of Openness in Scientific Problem Solving, by Lakhani, Jeppenson, Lohse, and Panetta, found that presenting scientific problems to the outside community enabled several large R&D intensive firms to solve over one third of the problems that they had been unable to resolve internally. The study also found that the most successful solutions came from experts that are at the boundary, or outside of their specific fields of interest, indicating the importance of reaching outside of your organization to successfully innovate.

“UTEK has a unique capability to bring companies (TekScouts) and scientists (TekExperts) together, based on our deep-seated relationships with hundreds of companies and relationships with over 2,000 academic institutions around the world,” stated Edward Weisberg, VP and General Manager of TekScout. “We are able to leverage these existing relationships to help ensure that we have the best and the brightest scientists available for companies that are looking for serious solutions to their challenges. TekScout also helps qualified scientists and engineers find R&D challenges that utilize their problem solving capabilities while providing a financial and intellectual reward for winning solutions.”

TekScout challenges will be focused in the disciplines of Life Science, Physical Science, Chemistry, Engineering and Design, Math and Computer Science, and Alternative Energy and Sustainable Products. “Over the past ten years UTEK has built a global reputation for sourcing technologies for our clients. Now, in addition to providing technology sourcing, strategic consulting and patent analytics, we offer clients the ability to outsource their development challenges to bring products to market faster and more cost effectively with a comprehensive Open Innovation program,” added Clifford M. Gross, Ph.D., Chief Executive Officer of UTEK. “We believe that our goal of becoming the world’s first turn-key provider of Open Innovation services is further enhanced with the launch of TekScout.”

The TekScout Open Innovation Network can be viewed at www.tekscout.com.

About UTEK Corporation: UTEK® is a leading Open Innovation service company. UTEK’s services enable clients to become stronger innovators, rapidly source externally developed technologies and create value from their intellectual property. UTEK is a business development company with operations in the United States, United Kingdom, Israel and Portugal. For more information about UTEK, please visit its website at www.utekcorp.com.

Forward-Looking Statements: Certain matters discussed in this press release are "forward-looking statements.” These forwardlooking statements can generally be identified as such because the context of the statement will include words, such as UTEK "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe UTEK's future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties, including the financial performance of UTEK, and the valuation of UTEK's investment portfolio, which could cause actual results to differ materially from those currently anticipated. Although UTEK believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it cannot give any assurance that its expectations will be attained. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating any forward-looking statements. Certain factors could cause results and conditions to differ materially from those projected in these forwardlooking statements, and some of these factors are discussed below. These factors are not exhaustive. New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. These forward-looking statements are only made as of the date of this press release and UTEK does not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. UTEK's operating results could fluctuate significantly due to a number of factors. These factors include the small number of transactions that are completed each quarter, the value of individual transactions, the timing of the recognition and the magnitude of unrealized and realized gains and losses of companies in its portfolio, UTEK's dependence on the performance of companies in its portfolio, the possibility that advances in technology could render the technologies it has transferred obsolete, the loss of technology licenses by companies in its portfolio, the degree to which it encounters competition in its markets, the volatility of the stock market and the volatility of the valuations of the companies it has invested in as it relates to its realized and unrealized gains and losses, the concentration of investments in a small number of companies, as well as other general economic conditions. As a result of these and other factors, current results may not be indicative of UTEK's future performance. For more information on UTEK and for a more complete discussion of the risks pertaining to an investment in UTEK, please refer to UTEK's filings with the Securities and Exchange Commission.

Contacts:
UTEK Corporation
USA:
Tania Bernier
813-754-4330 x 223
UK:
Bankside Consultants
Steve Liebmann or Simon Bloomfield
+ 44 (0) 20-7367-8883