The University of Kansas has created a new way support KU research projects that are close to commercialization, university officials said in a news release.
The new Proof of Concept (POC) Fund will provide money to help research projects for one year to make the technologies more attractive for private investment. The fund will support projects in all areas of technology — including electronics, software, communications and engineering — that aren’t eligible for proof-of-concept funding through KU’s Institute for Advancing Medical Innovations.
The POC Fund will award a total of $200,000 this year.
Many universities, including Wichita State University, are exploring new ways to support research and engage in more partnerships with the private sector.
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“This new POC Fund will support KU inventions that are close to attracting industry investment,” said Julie Goonewardene, associate vice chancellor for innovation and entrepreneurship and president of the KU Center for Technology Commercialization. “In other words, this fund will help our most high-potential technologies cross the finish line in terms of being attractive to industry investors in the immediate future. So the key criterion here is the potential for commercial success.