I-Corps Sites: University of Louisville Innovation Corps Site

University Of Louisville Research Foundation Inc, Louisville KY

Investigators

Abstract

This project, at the University of Louisville, establishes an NSF Innovation Corps (I-Corps) Site. 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 goal of the University of Louisville (UofL) I-Corps Site program is to integrate and leverage existing commercialization infrastructure and capabilities as a collaborative effort between the Office of Executive Vice President for Research and Innovation (EVPRI), College of Business' Forcht Center for Entrepreneurship (Forcht Center) and the STEM programs to establish a sustainable program for the discovery and commercialization of STEM innovations and stimulate regional economic development. The UofL I-Corps Site team will recruit and engage STEM researchers and students to facilitate and accelerate the translation of emerging technologies into commercial products by providing training and support at all stages of the entrepreneurial discovery process. Recruited students and researchers participate in an in-depth entrepreneurship education program, based on Stanford's Lean LaunchPad process, conducted by the Forcht Center and the EVPRI through Nucleus: Kentucky Innovation Center (Nucleus). The proposed program implements an Innovation Discovery Grants mechanism ($1,000 - $3,000) to support entrepreneurial teams in: 1) utilizing the new UofL Institute for Product Realization to develop proof of concept and prototypes for promising product ideas based on scientific and entrepreneurial merit; 2) customer discovery; 3) additional entrepreneurial training; and/or 4) traveling to consult with potential clients or experts. The vision of the program at the University of Louisville is to develop a cadre of well-trained, entrepreneurially oriented researchers and graduates who can effectively evaluate the commercial potential of new innovations and more expediently develop them as the drivers of new business development in Louisville, the Commonwealth of Kentucky and the region. Broader Impact: This project has the potential to contribute to Kentucky's high tech industries, particularly in the areas of science and technology. The UofL I-Corps Site will provide a fertile environment for STEM entrepreneurial discovery and business development, which will stimulate the creation and growth of new, high-tech industries and higher paying jobs, while at the same time develop the entrepreneurial infrastructure of the state. From an educational perspective, this program will implement and evaluate a model for training innovators to extend their focus beyond the laboratory by exploring commercialization strategies for their innovations. Training outstanding students and researchers with entrepreneurial skills will help recruit and retain the best and the brightest in Kentucky and establish an entrepreneurial culture of value to the entire state. This program will also reach out to attract a diverse student body and group of researchers from under-represented groups in the STEM fields. The program will expand and develop a new paradigm at the University of Louisville that capitalizes on institutional strengths and resources for evaluating the potential, developing and establishing successful entrepreneurial ventures in emerging technologies.