5 faculty awarded new CVIP grants
Five faculty members have been awarded $10,000 grants from a new University system fund intended to accelerate the commercialization of technology developed in UMass laboratories.
The grants from the Commercial Ventures and Intellectual Property (CVIP) Technology Development Fund were announced at the May 5 Board of Trustees meeting by President Jack M. Wilson.
"Our University develops more than workers for the innovation economy; it creates the knowledge that improves lives and strengthens the economies of every region of Massachusetts," Wilson told the trustees. "These grants will help us move University inventions closer to commercialization, closer to creating real benefits for people."
According to Wilson, the grants will typically fund activities such as prototype development and proof of concept studies to make the technology more attractive for commercialization. Similar activities have proven effective in improving the rate of commercialization at other universities such as MIT and typically this type of funding is not available from any other sources. The grants will be managed by the Office of Commercial Ventures and Intellectual Property, a unit of the President''s Office.
Licensing of UMass intellectual property is expected to generate $25 million this year for the University.
The grant recipients and their projects are: