Success Story

Invent Penn State’s Fund For Innovation Helps Start Seven New Ventures

UNIVERSITY PARK, Pa. — A little less than two years after the launch of the Fund for Innovation, Invent Penn State has backed nearly 50 emerging Penn State technologies and has provided startup funding to promising new ventures that were born out of the program.

“Although many universities have commercialization programs,” said Vice President for Research Neil Sharkey, “the speed and volume of success that Penn State has experienced recently is unique.”

The Fund for Innovation jointly administers awards in partnership with commercialization grant programs in the academic colleges, including the Eberly College of Science Lab Bench to Commercialization Program, the College of Agricultural Sciences RAIN Grant Program, and the College of Engineering ENGINE Grant Program. The College of Health and Human Development, the College of Education, and the College of Information Science and Technology also have participated. Inventors from all colleges are welcome to participate, and their innovations may receive grants at various stages of commercialization.

 

The new ventures, along with their grants and awards, include:

AvoColor by Persea Naturals, LLC

(RAIN Grant Program, Fund for Innovation, Jump Start Award)

Boragen Inc. 

(Lab Bench to Commercialization Award, Fund for Innovation)

Heliome Biotech Inc.

(RAIN Grant Program, Fund for Innovation, Jump Start Award)

Helios Biotechnology Pharmaceuticals, LLC 

(Lab Bench to Commercialization Award, Fund for Innovation, Jump Start Award)

Intravent Medical, LLC

(Fund for Innovation, Jump Start Award)

TEAMology, LLC

(Fund for Innovation, Jump Start Award)

Virolock Technologies

(Lab Bench to Commercialization Award, Fund for Innovation, Jump Start Award)

These seven technologies are part of a tech transfer and venture story that includes: 91 patents issued to Penn State, 51 licenses and options executed, and 50-plus companies graduated from the Ben Franklin Technology Partner’s TechCelerator program and innovation hubs across the University system over the last two years. Companies are being developed by a rich mix of students, staff and community members.

 

Penn State faculty members interested in submitting a proposal to participate in the Fund for Innovation should contact the associate dean for research in their college.

“We believe we have developed a highly productive innovation enterprise, both for innovations born of the deep craft of our faculty and the fresh eyes of our student and community entrepreneurs.”

Neil Sharkey
vice president for research

Additional Success Stories