I-Corps Sites: The Penn I-Corps Site - Integrating Company Formation and Experiential Education

University Of Pennsylvania, Philadelphia PA

Investigators

Abstract

Intellectual Merit: This is a proposal from the University of Pennsylvania to establish an Innovation Corps (I-Corps) Site at its commercialization hub, the Penn Center for Innovation (PCI). The Penn I-Corps Site will support translation of research from STEM areas into the marketplace by providing educational programming, financial support and strategic guidance through offering Site E-teams access to commercialization programs at PCI and a new entrepreneurial curriculum, as well as guidance by the Wharton Small Business Development Center. 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. The Penn Site will employ a structured process for business model validation following the Lean Launchpad methodology. Within the context of technologies arising from STEM research at Penn, the goals of the Site are to expand PCI?s start-up creation services to teams involving faculty and students, provide hands-on experiential entrepreneurial education, and accelerate startup-creation at Penn. This project will provide a commercialization path for Penn?s educational entrepreneurial activities in STEM by expanding PCI?s company formation for faculty/student teams in STEM and by adding an entrepreneurial component to PCI?s educational programs. Broader Impacts: A direct result of the PCI-ICS will be hands-on training in the Customer Discover Methodology (Blank, 2012) of 90+ faculty and students, creation of business plans and pitches suitable to present to partners and investors, the creation of new start-ups and, when appropriate, licensing of technologies originating from Penn research. The ultimate goal is to help transition of research to commercialization, while integrating education and traditional technology transfer activities by promoting a hands-on experiential approach to development of startup ideas. This will be accomplished by establishing a framework that acts as a bridge between educational coursework and PCI?s company formation programs. The PCI Site will help spawn faculty and students trained in fundamental aspects of entrepreneurism. A collaboration with the Wharton-SBDC will have the dual impact of providing business guidance to entrepreneurs in STEM and exposing business students to STEM areas of research. By connecting Penn nascent entrepreneurs with the PCI?s network of entrepreneurs, investors, and advisors as well as with the Ben Franklin Technology Partners Southeastern Pennsylvania Economic Development Agency and the Mayor of the City of Philadelphia, the Penn I-Corps site may be an important contributor to the development of dynamic entrepreneurial ecosystem in the region.