The Quality of Life Technology
(QoLT) Center is an Engineering Research Center funded by NSF and headquartered
at Carnegie Mellon University (CMU) and the University of Pittsburgh (UPitt).
A grant from the Benedum Foundation and financial support from CMU enabled
QoLT to create an innovative pilot program aimed at accelerating the commercialization
of research projects associated with the Center. Established in March 2008,
the Foundry program is led by an Executive-in-Residence who founded a technology
start-up and served in management roles in the medical device industry.
Students in the business, engineering technology innovation, healthcare
policy, and management programs at CMU and UPitt garner valuable experience
as they work with the executive to create and nurture the opportunities.
By June 2008, only three
months after opening its doors, the Foundry presented eight opportunities
for near-term commercialization to more than 30 regional entrepreneurs,
investors, member companies and technology-based economic development organizations.
To help bring to market those opportunities that have passed further due
diligence, the Foundry team members are developing models, creating business
plans, making prototypes, seeking capital, assembling qualified and experienced
management teams, and establishing strategic relationships. One example
is the creation of a partnership with a local food retailer through a spinout,
Beaconsys, that enables cell phones to assist the blind and those with
memory impairment during shopping.
With an improved meeting
format and process, a second meeting was held in October 2008, when the
Foundry team presented three new opportunities to approximately 50 people
from the same business groups.
Of the 11 opportunities presented
at the two meetings, and a dozen identified since, 7 are in the middle
to later stages of the commercialization process: NavPrescience, MemExerciser,
Lean & Zoom, SleepMedia, Beaconsys, VibeAttire, and Blueroof.
The extreme downturn in the economy has delayed the formation of these
new companies. But even with the current constraints, two companies
will have been formed in February 2009 and, prospectively, at least three
more by June 2009. |
