I-Corp Sites: University of Rochester - Catalyzing the Commercialization of Groundbreaking Innovations with Regional Entrepreneurial Expertise

University Of Rochester, Rochester NY

Investigators

Abstract

Intellectual Merit: This project creates an NSF I-Corps Site at the University of Rochester. NSF Innovation Corps (I-Corps) Sites are NSF-funded entities established at universities whose purpose is to nurture and support multiple, local teams to transition their technology concepts into the marketplace. Sites provide infrastructure, advice, resources, networking opportunities, training and modest funding to enable groups to transition their work into the marketplace or into becoming I-Corps Team applicants. A typical I-Corps Site is funded for approximately $100,000 per year for up to three years. The Site funding is used to by academic institutions to catalyze teams (with amounts ranging from $1,000 to $3,000) whose technology concepts are likely candidates for commercialization. The make-up of teams at the Sites is modeled after the composition of I-Corps Teams, and education at the Sites shares the principles of the I-Corps Curriculum. With the support and mentorship of the Sites, the teams will learn first-hand about entrepreneurship and explore the transition of their ideas, devices, processes or other intellectual activities into the marketplace. I-Corps Sites also strengthen innovation locally and regionally and contribute to the National Innovation Network of mentors, researchers, entrepreneurs and investors. This I-Corps Site will take advantage of University of Rochester's strengths and past successes in fusing technology with entrepreneurship. This effort utilizes UR's research and commercialization base, a network of internal and external experts to train and mentor entrepreneurial faculty and student teams working in STEM fields. The recruitment and selection of 90 faculty and student teams is built on a proven process for selecting projects, identifying the necessary resources to advance the technology, and a curricular model based on the NSF I-Corps approach to aid in identification of viable business models and products. The University of Rochester I-Corps Site takes advantage of the Center for Entrepreneurship (CFE) as a university hub leveraging UR Ventures, the university's technology transfer arm, and organizations such as High Tech Rochester (HTR), that provide technology entrepreneur business formation coaching, training and incubator space. The program includes five elements: workshops, mentoring, funding for projects, customer discovery, and community support to include incubator space. Broader Impacts: Since 2002, the University has assisted in the launch of over 50 startup companies. The I-Corps Site program will enable these researchers to continue along this trajectory by enabling them to investigate the real world applications of their scientific achievements. The I-Corps site program provides the University with the necessary tools to assess the innovations that have resulted from NSF funded research, begin the process of transferring these advancements from the bench-top to the bedside, and provide additional commercialization training to research faculty and students. Over 90 student teams will be supported and efforts will be made to select and recruit teams with women and minority participants.