The “Foundry” program of
the Quality of Life Technology (QoLT) Engineering Research Center (ERC)
has speeding innovation as its main goal. QoLT is headquartered at Carnegie
Mellon University (CMU) and the University of Pittsburgh (UPitt).
QoLT Foundry (QF) was launched in 2008 as a pilot program with the goal
of creating companies that market new-technology products based on ERC
research and associated projects. It is led by the ERC’s Industrial
Liaison Officer, an experienced entrepreneur who works with CMU’s Vice
President for Research to drive the adoption of disruptive technologies.
The Foundry helped establish three companies and one sole proprietorship
in 2009, among many other accomplishments in commercializing Center-developed
technology. .
To give Foundry-developed
companies a leg up on other companies in the market, QF follows a comprehensive
process that includes the discovery and vetting of technologies, protecting
intellectual property, defining business models, advising on strategic
positioning, building experienced management teams, creating alliances,
and identifying market and funding opportunities. Students in the
business, engineering technology innovation, healthcare policy, law, and
management programs at CMU and UPitt garner valuable experience as they
work with the QoLT executive to create and nurture the opportunities.
Since launch of the pilot
program, the QF has investigated more than 70 technologies. Twenty-five
have been examined beyond the initial phase and 18 have gone through the
complete process. They have been presented at five QF Opportunity
Meetings (the latest in July 2009) to more than 200 regional entrepreneurs,
investors, member companies, and technology-based economic development
organizations. Several partnerships for strategic investment and
development are nearing completion for the start-up companies and the yet-to-be-formed
companies based on ERC and associated technologies. Most importantly,
three companies were incorporated and one sole-proprietorship was established
in 2009.
One such company, invynt
LLC, plans to launch its Lean & Zoom product in the spring of 2010.
Another company, NavPrescience, was incorporated in the summer of 2009
with a technology license from CMU. With the continued assistance
of QF, NavPrescience was invited into Innovation Works’ AlphaLab incubator.
AlphaLab provided space, marketing, and future funding assistance, as well
as $25,000 in cash. NavPrescience plans to launch its initial product
in 2010. (Visit www.qolt.org/QoLTFoundry/opportunities.html
for more information on these technologies.)
In FY 2010, NSF’s Engineering
Education and Centers Division augmented the QF effort with an award to
expand the scope of the Foundry to build a stronger basis for economic
development in Pittsburgh, based on QoLT innovations. |
