New U of A Fund Established to Support Research with Commercial Potential
FAYETTEVILLE, Ark. – A new source of financial support for research with commercial potential will be available to University of Arkansas faculty beginning this spring. The Commercialization Fund, a subset of the Chancellor’s Fund, will award $1 million a year to help propel technologies with strong market potential to commercial readiness.
The Chancellor’s Fund now has three subsets: the Innovation and Collaboration Fund, the Commercialization Fund and the Gap Fund. The Innovation and Collaboration Fund will be offered for the third consecutive year, and information on the 2019 funding cycle will be availale Feb 6. A newly created Gap Fund will be released Feb. 8.
The fund is supported by the Walton Family Charitable Support Foundation and administered by the University of Arkansas Office of Economic Development.
The Commercialization Fund will prioritize aggressive teams that have developed mature projects. Applicants should be progressing technologies toward real-world applications.
“This new fund is a game-changer for campus commercialization efforts,” said Stacy Leeds, vice chancellor for economic development. “Faculty innovators and entrepreneurs will now have financial support to bring their ideas to market more efficiently, increasing the economic and social impact of university innovations."
Typically, applicants fall into one of the following categories:
- Technology with intellectual property protection that is moving toward licensure.
- Technology that has been disclosed but with no provisional patent application filed.
- No invention disclosure has been filed, but the technology has strong commercial potential.
- Research is in an early stage but has broad commercial potential and matching funds available.
The Office of Economic Development will accept proposals beginning March 1. Proposals should cover a time period of up to one year and request between $5,000 and $50,000. There is no limit to the number of times an applicant may submit a proposal or the number of awards they may receive. However, applicants must demonstrate success to request subsequent funding awards.
More detailed information about the Fund and the application process is available here.
About the University of Arkansas: The University of Arkansas provides an internationally competitive education for undergraduate and graduate students in more than 200 academic programs. The university contributes new knowledge, economic development, basic and applied research, and creative activity while also providing service to academic and professional disciplines. The Carnegie Foundation classifies the University of Arkansas among only 2.7 percent of universities in America that have the highest level of research activity. U.S. News & World Report ranks the University of Arkansas among its top American public research universities. Founded in 1871, the University of Arkansas comprises 10 colleges and schools and maintains a low student-to-faculty ratio that promotes personal attention and close mentoring.
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