A technology transfer office was formed in 1994 and called the Industry Liaison Office (ILO). This office was a unit of the University and had two main components: the Technology Transfer group (for protecting IP and licensing inventions) and the Contracts group (for finalizing the contracts between researchers and grant awarding organizations, and other agreements). In 2002, the ILO begun an amalgamation with two other University units to create the Research Services Office (RSO). This move united the Contracts team (of the ILO) with the Research Grants Office and parts of the University's Financial Services. In 2004, the RSO commenced the present phase to 'spin out' the Technology Transfer Program and re-establishes a distinct storefront for their activities. At the same time, the Company Development program was enhanced (now called JumpStart) to assist University spinoff companies growth. These two units moved into the Research Transition Facility to be closer to the spinoff companies they helped create and nurture. TEC Edmonton was formed in 2004 as a joint venture between the University of Alberta and Edmonton Economic Development Corporation (EEDC). The move amalgamated two main University units (the Technology Transfer Program and the Spinoff Company Development Program) with two initiatives launched by EEDC (Deal Generator and the VenturePrize Business Plan Competition). This new joint venture was ratified by Edmonton City Council and the University's Board of Governors in 2006.