LAWRENCE – The University of Kansas has announced a new fund to support KU research projects that are near the commercialization stage and have the potential to become marketplace solutions in the near future.
The new Proof of Concept (POC) Fund will provide funding to mature KU research projects for one year to make the technologies more attractive for private investment, ideally within 12 months of being awarded funding. The fund will support projects in all areas of technology – including electronics, software, communications and engineering – that aren't eligible for proof-of-concept funding through KU's Institute for Advancing Medical Innovations (IAMI).
The POC Fund will award a total of $200,000 in funding this year. Applicants may apply for up to $50,000 per proposal.
"This new POC Fund will support KU inventions that are close to attracting industry investment," said Julie Goonewardene, associate vice chancellor for innovation and entrepreneurship and president of the KU Center for Technology Commercialization. "In other words, this fund will help our most high-potential technologies cross the finish line in terms of being attractive to industry investors in the immediate future. So the key criterion here is the potential for commercial success. We look forward to reviewing some outstanding applications from KU researchers in various disciplines."
POC Fund applicants must clearly indicate the economic potential of their technology. Additionally, applicants must identify companies that would be suitable partners to develop a resulting commercial product. Preference will be given to applications that have a monetary or in-kind match from industry partners.
The application deadline is Jan. 2. Award notifications will be made in February 2013. Proposals will be judged by a panel of KUCTC staff and outside consultants.
Details and the complete POC Fund application are available here.
Entrepreneurship and commercialization continue to be key components of KU's strategic plan, Bold Aspirations. Since the beginning of Fiscal Year 2011, KU has filed more than 185 patents, executed 18 license agreements with industry partners and created seven startup companies.
"Part of KU's mission is to make discoveries that change the world, and that includes working to commercialize those discoveries into real-world solutions," Goonewardene said. "This new POC Fund is the latest example of our efforts to do that."