I-Corps Sites: An Innovation Corps Site Program at The University of Alabama

University Of Alabama Tuscaloosa, Tuscaloosa AL

Investigators

Abstract

This project implements an Innovation Corps Site Program at The University of Alabama. 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. I-Corps Sites also strengthen innovation locally and regionally and contribute to the National Innovation Network of mentors, researchers, entrepreneurs and investors. With this project, the Alabama Innovation and Mentoring of Entrepreneurs center (AIME) at The University of Alabama expands their existing proof-of-concept center into an I-Corps Site, to accelerate the commercialization of marketable ideas at The University of Alabama. The Site nurtures science, technology, engineering and mathematics (STEM) faculty and students, with projects originating from student work, research, institutional or industrial projects, and creates a local innovation ecosystem that contributes to a larger, national network of mentors, researchers, entrepreneurs and investors. The University of Alabama Site provides 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. Working with their regional I-Corps Node at the Georgia Institute of Technology, The University of Alabama Site will improve and expand AIME's current innovation curriculum and training programs. Site funding offers entrepreneurial teams the opportunity to increase their chance of commercial success through funds for the acquisition of modest amounts of equipment or materials needed to fabricate prototypes, travel expenses to consult with potential clients or experts, or other resources needed to directly advance the goals of transitioning a team's project into the marketplace. In addition, the Site offers access to resources and training to the sponsored entrepreneurial teams in order to nurture UA faculty, staff and students to transition their innovative technologies into the marketplace. Broader Impacts: The direct impact is to educate the UA community in technology commercialization, transition teams to becoming NSF I-Corps trained teams and form start-up companies. The potential long term impact is to provide them with the education and skills that will position them to become part of the knowledgeable, creative workforce that will help the US maintain leadership in critical areas of science, technology, engineering, and mathematics (STEM). The University of Alabama Site provides a formal structure to nurture entrepreneurial teams and guide the output of scientific discoveries closer to the development of technologies, products, and processes that benefit society. AIME has consistently recruited underrepresented STEM students and the Site will leverage the university's STEM Path to the MBA program and will encourage and advance minority participation in STEM-based entrepreneurial activities. In addition to impacting the university community, this Site program will enhance networking and partnerships through the involvement of AIME's mentors, who provide a network in their specific industries. Through providing a database of contacts, providing interaction with experts and providing top notch seminars, the University of Alabama Site has the opportunity to increase public participation in STEM activities by providing modest funds for prototypes and exploration into product-market fit, which increases the chance of commercial success. The University of Alabama Site has the opportunity to enhance the value of new ventures and make them better-positioned to hire employees and create transformative products and services for the benefit of society.