By joining forces and leveraging the collective resources of the state and those of our academic institutions, we are excited to have the opportunity through this program to play a role in helping convert innovative ideas into legitimate business and investment opportunities.
NEW HAVEN, Conn. (PRWEB) March 06, 2019
The Connecticut Bioscience Pipeline program, a partnership between Connecticut Innovations, the University of Connecticut, Quinnipiac University and Yale University, today announced the launch of the first of four open application periods in search of new ideas that can one day become investable business ventures in the medical devices, drug delivery, diagnotics and health IT industries. Eligible projects can qualify for up to $30,000 per team over 12 months to be used for business strategy, market definition and prototyping, and proof-of-concept activities.
Applications for this first round must be submitted by 5:00 p.m. ET on April 26.
"We are proud to work collaboratively with our university colleagues to identify innovative concepts and ideas that can ultimately become the next great businesses based in our state," said Hadi Bozorgmanesh, Co–Executive Director, UConn Entrepreneurship and Innovation Consortium, and Professor of Practice, School of Engineering, University of Connecticut.
The Bioscience Pipeline program is managed by a leadership council consisting of members from the participating Connecticut universities. Eligible applicants include established companies, faculty or student teams and groups, all of whom must have an association with a Connecticut university.
"Too often, bold ideas and initiatives are not progressed or commercialized due to lack of early-stage funding," said Christopher Loose, Executive Director, Center for Biomedical Innovation and Technology (CBIT), Yale University. "In partnering with our neighboring universities and with support from Connecticut Innovations, we are working to ensure that business ideas born in Connecticut have the best opportunities to succeed."
The selection criteria for project grants include:
- Magnitude and intensity of unmet medical need
- Likelihood of technical success of proposed approach
- Degree of innovation, intellectual property (IP) strategy, access to required IP and/or competitive strategy
- Potential for a compelling product that is likely to pass through Food and Drug Administration (FDA) clearance and value analysis
- Likelihood of achieving external funding at the completion of this work
- Quality of team to execute
Applicants associated with university-based intellectual property, recent alumni, researchers, incubator companies and others with university connections will be considered as well. Applicants in the fields of pharmaceuticals, biopharmaceuticals or fundamental biology will not be considered.
"By joining forces and leveraging the collective resources of the state and those of our academic institutions, we are excited to have the opportunity through this program to play a role in helping convert innovative ideas into legitimate business and investment opportunities," said Richard Stahl, Senior Associate Dean for Strategic Relations at Quinnipiac University’s Frank H. Netter MD School of Medicine.