Drexel Launches Ventures Innovation Fund and Technology Incubation Program
Drexel University is creating a seed funding, incubation and technology transfer enterprise called “Drexel Ventures,” with the goal of spurring technological advancements with real-world applications. The program, which supports Drexel’s strategic priority of fostering economic development in the area, will make it easier for researchers to enter into partnerships with the private sector and translate their work into the marketplace.
“Our faculty, students and alumni are making discoveries that advance knowledge on a daily basis, promising innovations that have the potential to foster economic growth and to address the societal challenges of both today and tomorrow,” said Drexel President John A. Fry. “This initiative will ensure that the Drexel community continues to fuel innovations in Greater Philadelphia and beyond for decades to come.”
Drexel Ventures will administer a new innovation fund and business incubator developed to move University inventions closer to the marketplace and to make seed investments in Drexel start-ups.
Its mandate includes identifying and supporting business development opportunities, expediting intellectual property licensing, supporting business incubator and accelerator programs, and connecting Drexel’s community of innovators to other entrepreneurs and funding sources in the national innovation ecosystem.
The program is part the University’s comprehensive innovation initiative that includes the formation of the Charles D. Close School of Entrepreneurship, establishment of the Office of Corporate Relations, development of the “Innovation Neighborhood” around 30th Street Station and the operation of the first Drexel center developed to advance innovation in information technology and the arts, the ExCITe Center.
“This launch increases the effectiveness of our efforts to present a welcoming ‘front door’ to investors, inventors, entrepreneurs, and businesses who want to partner with our research enterprise,” said Senior Vice President for Corporate Partnerships Keith Orris.
Drexel has a long and proud history of innovation that has impacted the world. Drexel researchers Norman Joseph Woodland and Bernard Silver are credited with the invention of the bar code in 1952. In the 1960s, alumnus Paul Baran developed technology for computer networking that became essential to the creation of the Internet. Walter Golaski was a developer of the first artificial blood vessel replacement. And David H. Geiger, an architect and engineer, invented the air-supported fabric roof system used in dome stadiums today.
For more information or inquiries regarding Drexel Ventures, email DrexelInnovates@drexel.edu