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Innovation Works’ (IW) Research Commercialization Program is a collection of initiatives that utilizes university partnerships to facilitate the commercialization of innovative technologies and promote the creation of high growth-potential companies in southwestern Pennsylvania. The program provides funding and strategic business support to help determine the commercial potential of university innovations; helps rapidly transform very early-stage startups into revenue-positive companies through the application of innovative business growth strategies; and provides assistance to entrepreneurs working outside of the university setting to help them overcome commercialization challenges. Since program inception, IW has awarded 89 translational research grants totaling over $1.3 million and has provided mentorship and business support services to 49 entrepreneurial teams working to commercialize technologies. The teams have in turn formed 17 companies, created more than 60 jobs, launched 36 products; and attracted over $110 million in follow-on funding. This program is highly scalable, having already been adapted within Innovation Works for use in other research institutions and industry sectors.
Read the Case Study: http://universityeda.org/value-to-members/best-practice-sharing/awards-of-excellence/awards-of-excellence-2013-finalists/research-commercialization-program/