UConn Establishes $1.5 Million Fund to Help Commercialize New Tech
The University of Connecticut has created a $1.5 million Innovation Fund to provide university-affiliated businesses with the early-stage financial support they need to stay and grow in the state. Established in partnership with Connecticut Innovations (CI) and Webster Bank, the fund offers up to $100,000 for any student, faculty member or alumnus with an "in-state business startup tied to research, advanced technologies or innovations developed at UConn," according to a press release.
Funding recipients will be selected based on factors such as the company's strength and existing resources, innovative technology, potential for commercialization and likelihood of obtaining additional external funding. In addition to funding, companies participating in UConn's Technology Incubation Program can receive patenting and licensing assistance, business incubator space and other support services from the university.
"This fund is designed to provide the important early financial support UConn students, faculty and alumni need to commercialize new technologies and succeed in today's highly competitive business environment," said UConn Vice President for Research Jeffrey Seemann, in a statement. "We are grateful to have two exceptional partners — CI and Webster Bank — to collaborate with us on this important endeavor."
The Innovation Fund will be managed by a UConn Evaluation Board, fund managers and an investment committee of representatives from the University of Connecticut, Connecticut Innovations and Webster Bank. For more information, visit the university website.
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Rhea Kelly is editor in chief for Campus Technology, THE Journal, and Spaces4Learning. She can be reached at [email protected].