The University of Pennsylvania’s Center for Technology Transfer introduces UPSTART, a new program aimed at developing Penn intellectual property by helping faculty form new companies based on their inventions and technological innovations.
The program, a comprehensive suite of services geared to connect entrepreneurs, investors and funding organizations with Penn researchers, combines the business-creation strengths of CTT and its New Ventures Team with the entrepreneurial interests of faculty founders and regional investors.
UPSTART representatives partner directly with University faculty and staff to complete the steps required to legally form a company, raise funds and recruit employees to manage the company. [upenn, read more]
About the UPenn Program UPSTART [website]
Maine Gov. John Baldacci signed into law this week a bill that allows the state retirement system to invest its pension funds into venture capital funds.
The bill, “An Act To Stimulate Capital Investment for Innovative Business in Maine,” authorizes the state to invest up to $20M in VC funds to “…boost venture activity and spur innovative startup growth in the state.” [masshightech, read more]
The new Hampshire Innovation Commercialization Center, NH-ICC, will open its doors in the coming months.
“Our role is to create sustainable, high-value, private-sector jobs in New Hampshire by nurturing the development and commercialization of technology and other innovations within the borders of the state,” said Mark Galvin who will serve as NH-ICC’s managing director. “We are creating a path of least resistance to reduce the hassle factors (for startups) and let them focus on what they do best.”
“NH-ICC will have two distinct additions from the typical business incubator — the private equity fund component and the connection with UNH. Galvin is raising $10 million from private sources and NH-ICC companies can tap as much as $250,000. He wants the fund to be self-perpetuating, and he hopes it will only have to be raised once.
“[NH-ICC] will seek to promote commercially viable research projects conducted at UNH by facilitating the use of such research by the resident companies through license and royalty arrangements.” [Seacoastonline; read more]
Mark Galvin on LinkedIn