Type I: University of South Carolina I-Corps Site for Entrepreneurship

University Of South Carolina At Columbia, Columbia SC

Investigators

Abstract

This project, from University of South Carolina (USC), creates an NSF I-Corps Site at this institution. 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. The objective of USC's I-Corps Site is to establish a sustainable innovation ecosystem with strong links to the local entrepreneurial community. This Site nurtures science, technology, engineering and mathematics (STEM) faculty and students who are engaged in projects with potential to be transitioned into the marketplace using an integrated entrepreneurship curricula, business mentorship, and assignment of resources to early stage discoveries. The USC I-Corps Site increases awareness and piques the interest of students and faculty in technology, expands the engagement of seasoned entrepreneurs and investors with researchers, and advances the translation of discoveries to commercial applications. The program encompasses three major tasks: (1) enhances entrepreneurial training based on the Lean LaunchPad methodology, (2) expands USC's current engagement with seasoned entrepreneurs and investors to foster mentoring of junior entrepreneurs. This is accomplished through a three-tier strategy that entails one-on-one mentoring, an Expert-in-Residence program, student internships in start-ups, and (3) fosters outreach activities by disseminating the program curricular activities and best practices, and directing strategies to enhance participation of underrepresented groups. The USC Site program addresses critical barriers to the growth of academic entrepreneurship by providing an experiential learning framework with an emphasis on customer discovery, networking, and strategic partnerships. The tangible outcomes include new opportunities for research funding, strengthened academia-industrial connections, and unique exposure of students to real world translational research. A secondary outcome of this program is the evolution of academic culture that values entrepreneurship and is more proactive in taking risk and finding resources to bring ideas to reality. This transition in academic culture enhances USC?s efforts to attract students in STEM fields and strengthens its role in economic development and job creation. The outreach portion of this Site is geared toward improving diversity inclusion and enhancing participation of underrepresented groups through a wider dissemination of educational activities. The broader impacts are four-fold. First, the educational framework offers an immersive experience that prepares students to identify and pursue high impact opportunities regardless of their vocation. Second, it fosters the innovation ecosystem by promoting collaborations between faculty and business partners. This stimulates the commercial translation of fundamental research, and exposes the local business community to USC's research capacity. Third, it puts in place a robust framework for I-Corps team formation to enhance the chance of success of USC entrepreneurs in competing for SBIR/STTR and follow-on funding. Fourth, the program facilitates the development of a unique model for an entrepreneurial ecosystem that combines the best practices from Silicon Valley with the distinct resources and assets available in the Southeast.