The U.S. Department of Commerce awarded The University of Toledo $500,000 to help launch startup companies, move ideas to market, and spur job creation through faculty research.
Nearly $15 million was given to 35 organizations from 19 states through the Economic Development Administration’s Regional Innovation Strategies program.
Researchers from academic and other nonprofit institutions are eligible to receive funding.
“This is an incredible opportunity for UT faculty and academic researchers throughout the northwest Ohio region to apply for this funding and help move their new technologies toward commercialization, including women and minorities who are typically underrepresented in innovation and entrepreneurship,” said Anne Izzi, licensing associate at UT’s Office of Technology Transfer.
The selected recipients of Rocket Fuel grants will be awarded between $5,000 and $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.
“The Regional Innovation Strategies program advances innovation and capacity-building activities in regions across the country by addressing two essential core components that entrepreneurs need to take their ideas to market: programmatic support and access to capital,” U.S. Commerce Secretary Penny Pritzker said. “As America’s Innovation Agency, the Commerce Department has a key role to play in supporting the visionaries and job creators of tomorrow. Congratulations to today’s awardees who will make U.S. communities, businesses and the workforce more globally competitive.”
Dr. William Messer, professor in the UT Department of Pharmacology and Experimental Therapeutics, plans to apply for i6 Challenge grant funding as his lab creates a drug to help autism patients make new patterns of behavior to live a more normal life.
“There is a lot of work to do, but we would like to move this compound into clinical trials to see if it can help treat restricted and repetitive behaviors associated with autism,” Messer said. “We are exploring a number of options to obtain the funding needed to develop the patented technology, and the i6 Challenge grant represents an important new source of funding at the local level.”
A total of 215 organizations applied for the grant funding; these included nonprofits, institutions of higher education and entrepreneurship-focused groups.
“The 2016 Regional Innovation Strategies grantees will reach a variety of communities and help entrepreneurs gain the edge they need to succeed,” said Jay Williams, U.S. assistant secretary of commerce for economic development. “The diversity in programs and regional representation proves that innovation and entrepreneurship are igniting all corners of the country and is a recognized tool for economic growth and resilience.”