The University of Pennsylvania's new
Penn Center for Innovation, described as "a dedicated, one-stop shop for commercial partnering with Penn," has been awarded a
National Science Foundation (NSF) grant to foster entrepreneurship and commercialization.
Under the three-year grant, Penn is launching the
Penn I-Corps Site, a new business accelerator, in collaboration with Wharton's
Mack Institute for Innovation Management,
Penn Medicine’s Center for Healthcare Innovation,
Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP/SEP) and the
City of Philadelphia.
In its grant announcement, Penn said the Penn I-Corps Site will "support translation of research areas into the marketplace by providing educational programming, financial advice and strategic guidance."
The accelerator gets underway this summer with 30 faculty-student interdisciplinary teams creating commercialization plans for their early-stage technology. The goal is to help the teams launch new ventures by the end of 2015 with well-developed business models that position them to apply for further NSF funding.
The Summer Accelerator Program is open to Penn faculty and students as well as local entrepreneurs. An
organizational meeting is set for 4:30 p.m. Tuesday, February 24 at the
World Café Live (3025 Walnut St., Philadelphia).
A committee comprised of investors, experienced entrepreneurs and industry experts will select the participants; the program will launch in May. The teams will have access to lectures and hands-on activities, guidance on developing and testing their business models, up to $2,500 in NSF funding for prototyping and other expenses, and connections to an extensive entrepreneurial network.
"We’re excited to work together to build a network of mentors and advisors to help the teams gain real-world experience in bringing technology from the lab to the market," explains RoseAnn Rosenthal, president and CEO of BFTP/SEP, "and to build a pipeline of investable enterprises that can creative economic value in our region."
Source: The Penn Center for Innovation
Writer: Elise Vider