The program’s success should have a direct link to economic development and will showcase Rutgers as an entrepreneurial leader in the state.
New Brunswick, New Jersey (PRWEB) January 12, 2011
Rutgers University recently announced the launch of a CEO-in-Residence program under which selected entrepreneurs and business executives assist the university in creating start-up companies based on innovative technologies developed by Rutgers researchers. These companies are expected to stimulate economic growth and create jobs for residents of New Jersey and beyond.
The resident CEOs will participate in reviewing intellectual property at the university and will help decide whether the specific innovations can be commercialized or form the basis for start-ups. If appropriate opportunities are identified, the CEOs will contribute to and may lead new start-up ventures. They may also assist current start-ups that could benefit from their business expertise.
“We are very excited about this new program and see it as a way to establish better connections between the university and the private sector,” said Richard L. McCormick, president of Rutgers University. “The program’s success should have a direct link to economic development and will showcase Rutgers as an entrepreneurial leader in the state.”
The Rutgers Office of Technology Commercialization (OTC) is overseeing the CEO-in-Residence program and has recruited several highly qualified individuals to be the first CEOs. They include James T. Posillico, Ph.D. and Stephen Dyer, M.B.A. “These are dynamic leaders with a track record of success in establishing, financing, and leading start-up companies,” said Dipanjan Nag, OTC Executive Director.
Dr. Posillico earned his doctorate in endocrinology and cell biology at Duke University and completed a post-doctoral fellowship at Harvard Medical School (HMS). He continued his academic career in the field of endocrinology and metabolism at HMS prior to entering the biotechnology sector where he worked for 24 years on the pharma, diagnostic and device side of assisted reproductive medicine. Dr. Posillico founded and operated three start-up companies and has extensive international experience in the field.
Mr. Dyer has invested in a number of early stage companies over the last five years. Previously, he spent 22 years on Wall Street in the direct investment and structured finance areas and is currently on the board of directors of several companies in which he has invested in as well as Jumpstart NJ Angel Network, a forty member investor group that invests in early stage companies.
Since Rutgers established the OTC in 1989, the office has assisted in the formation of more than 70 companies based on university technologies. More than 50 of those are still viable today. TYRX PHARMA Inc., a start-up located in Monmouth Junction, N.J., has created close to 50 jobs within the state. TYRX’s success demonstrates how successful start-up companies can help boost the local economy.
About The Office of Technology Commercialization
The Office of Technology Commercialization (OTC) turns Rutgers academic discoveries into commercial successes. OTC moves technology from the academic environment to the commercial sector. In doing so, the office provides patenting, marketing, licensing, start-up company formation and other commercialization support to student and faculty researchers throughout New Jersey.
About Rutgers, The State University of New Jersey
Rutgers, The State University of New Jersey, is one of the premier research institutions in the United States, receiving $433 million in external research funding in FY2010. Located on three campuses within the state, Rutgers has more than 200 research institutes and centers, 56,000 students, and 10,000 faculty and staff.