With Gerard's track record for transferring technological promise to commercial applications and his firm's seasoned network of venture creation advisors and partners, I look forward to assisting InnovateTech in bringing a steady stream of high growth startups to market.
Herndon, VA (PRWEB) October 10, 2007
InnovateTech, a technology transfer firm that builds startups around high potential technologies developed at universities and research institutions, officially launched today and announced that three area venture capital executives -- Richard Harris, Managing General Partner, RedShift Ventures, Tom Gillespie, Senior Director, In-Q-Tel, and Mark Levine, Managing Director at Core Capital -- have joined the firm as advisors.
Founded by technology transfer veteran Gerard Eldering, InnovateTech will assist universities, non-profits and for-profits in identifying their high potential technologies that could be the basis of a startup, and then assembling the management team and funding around each venture.
"Our region has a remarkable number of research institutions generating innovative technology," said Richard Harris, Managing General Partner, RedShift Ventures. "With Gerard's track record for transferring technological promise to commercial applications and his firm's seasoned network of venture creation advisors and partners, I look forward to assisting InnovateTech in bringing a steady stream of high growth startups to market."
InnovateTech's deep network of consultants and partners will provide technology transfer consulting and intelligence services to clients, including:
- Identifying and evaluating high potential technologies at universities and research institutions
- Developing a sound business plan for the venture
- Putting together the management team and funding needed to build and sustain a startup
"The most recent Licensing Survey by the Association of University Technology Managers (AUTM) reported more than 17,000 inventions were developed at reporting U.S. academic and research institutions, but the reality is that less than 5% of these inventions are developed into startups," said Gerard Eldering, founder and president of InnovateTech. "While universities and research institutions are flush with commercially-viable technologies that can benefit the public, the venture capital industry is not typically focused on transforming research technologies into high growth startup companies. InnovateTech is ideally positioned to step in and address this market need."
InnovateTech has secured an initial contract with a Washington, DC-based non-profit and anticipates the closing of additional contracts with two major Universities by early 2008.
"University Technology Transfer Offices are always looking for ways in which they can more effectively transform the promise of cutting-edge technologies developed on campus to commercial applications. One of their top priorities is that these technologies benefit the public and private sector," said Jennifer Murphy, Director of Technology Transfer at George Mason University. "InnovateTech will serve a vital role in working with local universities and, I hope, universities throughout the region to unlock this potential. Gerard's venture has the potential to put all the pieces in one place to build many lasting and successful commercial ventures from our gold nuggets."
InnovateTech is a technology transfer venture creation firm that builds start-ups around high potential technologies developed at universities and research institutions. InnovateTech leverages a team of seasoned venture creation experts and diverse network of partners and advisors with extensive experience in technology transfer, venture investing, intellectual property management and entrepreneurship. By offering venture creation and technology transfer consulting and intelligence services, InnovateTech is dedicated to generating a new and abundant source of startup deal flow. For more information on InnovateTech, please visit http://www.innovatetech.com.
About Gerard Eldering
Gerard Eldering is one of the nation's leading technology transfer executives, well known within the Washington, DC venture capital and research community for his role in transferring promising technologies and applications into successful start-ups, including SquareLoop, Quickpath Bioscience and Mogility. He most recently served as Director of the Technology Transfer Office (TTO) at The MITRE Corporation.
Eldering has helped to establish a series of annual technology transfer conferences, served as co-chair of the 2007 Business Alliance Entrepreneur Bootcamp, and is co-chair for the 2007 Virginia Innovation Showcase. Eldering also co-authored the widely cited 2004 Technology Commercialization Benchmark Study.