Innovocracy's first successful project proves that direct funding from sponsors can be an important source of research funding for a University. The University of Rochester is proud to be part of this exciting new effort.
Rochester, NY (PRWEB) May 24, 2012
In its first project to bring inventions to market through a collaborative funding model, Innovocracy and its launch partner, the University of Rochester, have successfully funded development and testing of an autism toilet training device. The product was invented by University of Rochester researchers Dr. Daniel Mruzek and Dr. Stephen McAleavey, and it has the potential to aid many children, families and schools who work with special needs children.
“The original idea for Innovocracy was to help inventors working in an academic environment bring their products to fruition quickly and to also let people choose exactly which types of products they want to help become a reality in the marketplace,” said Mikael Totterman, Chairman of Innovocracy. “Now that we’ve succeeded so quickly with our very first project, we can see that there is a demand for this type of funding model and we look forward to funding future projects with our launch partners - including the University of Rochester, Cornell University, Clarkson University and the Rochester Institute of Technology.”
Product inventor, Dr. Daniel Mruzek, said “Innovocracy changes the way scientists and businesses bring ideas to reality, not only in terms of time from concept to production but also in terms of creating a market for the product as it is being funded. The level of community excitement and involvement is like none I’ve encountered in traditional funding methods.”
University of Rochester Vice Provost of Technology Transfer Policy Gail Norris added, "Innovocracy's first successful project proves that direct funding from sponsors can be an important source of research funding for a University. The University of Rochester is proud to be part of this exciting new effort."
Founded by a group of entrepreneurs, Innovocracy works with our institutional partners to provide a funding mechanism for the commercialization of products developed by their researchers. Innovators post projects on Innovocracy with a desired funding amount (typically between $3,000 and $15,000 dollars) and an end date for raising money. Supporters pledge funds in any amount. If the funding reaches its goal by the end date of the Innovocracy Project, Supporters are charged for their pledge. If the project fails to reach its funding goal, no one is charged. Anyone, anywhere may support a project. Over 90% of the funding goes directly to the Innovator and no equity changes hands.
In addition to building a funding eco-system, Innovocracy is developing a global network of innovation emerging from research in leading academic institutions.
Please visit Innovocracy.org to learn more.