Pitt dedicates $1M to fund innovation (Pittsburgh Business Times)

The University of Pittsburgh is slating $1 million over the next two years to fund faculty and students working to commercialize their research projects.

“The spirit of innovation and entrepreneurship is flourishing at Pitt. We are excited to provide additional resources to our faculty and student innovators, helping them translate their innovations into products and services that positively impact society,” said Chancellor Patrick Gallagher, in a prepared statement.

Funds will help students and faculty develop prototypes, identify market needs and find commercial partners. Pitt Ventures, which helps Innovation Institute researchers commercialize their developments, will receive $400,000, targeted at participants in the Pitt Ventures Gear Commercialization Program.

The first funds have already been awarded to four teams, including a group with a device to help motorized wheelchair-bound patients avoid pressure sores and ulcers.

Pitt also stands to benefit from this investment in commercialization. “All technologies involved in this program must initially be Pitt technologies,” said Evan Facher, director of Enterprise Development at the Innovation Institute.“For these innovations to then become a product sold on the market, the university would need to license them to a commercial entity. As part of those transactions it is customary for universities to retain a royalty on product sales.” >>View article.