A new grant program called The University of Toledo Rocket Fuel Fund is accepting applications from researchers throughout northwest Ohio in need of resources to help develop new technology and gain the edge they need to succeed.
Applications will be accepted three times a year through 2019. The first deadline is Monday, May 1.
Faculty researchers at UT, other academic institutions and nonprofit research organizations in the 18-county region are eligible to apply for federal innovation grant money awarded to the University last year.
The U.S. Department of Commerce awarded UT $500,000 to help researchers in the region launch startup companies, move ideas to market, and spur job creation. UT matched the three-year grant with an additional $767,903 for the Rocket Fuel Fund.
“The UT Rocket Fuel Fund is an unusual and exciting program because grant funding will be available for any researcher at institutions throughout northwest Ohio, not only UT,” said Anne Izzi, licensing associate at UT’s Office of Technology Transfer. “It’s only done in a handful of areas across the country. This was a very competitive grant process.”
UT is one of 27 out of 215 applicants in the U.S. that received a portion of the $15 million i6 Challenge grant through the Economic Development Administration’s Regional Innovation Strategies program.
The selected recipients of UT Rocket Fuel Fund grants will be awarded up to $50,000 each to enhance the scope or patentability of inventions, and improve market potential through targeted research, customer discovery, and development of a prototype and business model.
“This is an incredible opportunity for UT faculty and academic researchers throughout the northwest Ohio region to apply for this funding for further development of their cutting-edge innovation and help move their new technologies toward commercialization, including women and minorities who are typically underrepresented in innovation and entrepreneurship,” Izzi said.
To apply, go to utoledo.edu/rocketinnovations/rocketfuelfund.html.