The BioTechnology Institute (BTI), in partnership with the Office of Technology Commercialization (OTC), recently launched a new program to encourage the development of technologies with significant commercial appeal. The emphasis on commercialization is part of a heightened awareness of the value and potential marketability of work being done at the University.
The Innovation Investment Program finances intermediate work on promising technologies to demonstrate their economic feasibility. As opposed to seed grants made for basic discovery, these funds are to advance the commercial potential of a technology, perhaps by financing a few key experiments or discoveries. Investment funds coming equally from BTI and OTC are awarded in the form of a contract arrangement with defined deliverables. The goal is to take ideas with strong commercial licensing potential and better validate the technology to get an industry partner for further development.
“The BTI-OTC partnership will provide an excellent opportunity for our faculty to see their technologies moved closer to commercialization,” explained BTI Director Michael Sadowsky.
The application procedure involves disclosure of potential candidate technologies and development of an experimental plan by the inventor in consultation with OTC. More information and application materials are available online at http://www.research.umn.edu/techcomm/