Drexel University researchers can claim a long list of innovations that have changed the way we’ve shopped, communicated, played and cared for the sick.
But all those great ideas don’t mean much if they never make it to the marketplace.
That’s why the University recently launched a seed fund, incubation and technology-transfer enterprise called Drexel Ventures, with the goal of spurring technological advancements with real-world applications.
The program will make it easier for researchers and alumni to enter into partnerships with the private sector and translate their work into the marketplace.
Drexel Ventures’ mandate includes identifying and supporting business development opportunities, expediting intellectual property licensing, supporting business incubator and accelerator programs, and connecting Drexel’s community of innovators to other entrepreneurs and funding sources in the national innovation ecosystem.
Drexel Ventures will administer a new innovation fund and business incubator, the Dragon Proof of Concept program, developed to move University inventions closer to the marketplace and to make seed investments in Drexel startups and other promising new companies. Teams selected by the program will receive up to $100,000 in funding. Winners of the first round were announced in October. Applications for the second round of funding will be accepted in early 2014.
“This launch increases the effectiveness of our efforts to present a welcoming ‘front door’ to investors, inventors, entrepreneurs and businesses who want to partner with our research enterprise,” says Senior Vice President for Corporate Partnerships Keith Orris.