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Innovation Adoption Fund to help manufacturers, researchers team up

The Innovation Adoption Fund, sponsored by the Ben Franklin Technology Partners, is a new program that will pair small- to mid-sized manufacturers with universities and researchers to develop proprietary products.

The program is designed to alleviate the high cost of research and development necessary for bringing innovative new products to market—a cost most small and mid-size manufacturers cannot cover.

At the same time, the program will tap the deep resources of Pennsylvania’s colleges and universities, many of which are in need of a manufacturing partner to translate their research into marketable products.

The Innovation Adoption Fund will enable an eligible company within in the 32-county area served by the Central and Northern BFTP office to receive up to a $25,000 grant to help pay for faculty time, lab time, and design input from the university or research facility chosen by the company, which must in turn provide a cash match.

As part of the program rules, prior to the start of any work or any cash award the company and the research partner must have a signed agreement concerning ownership of any intellectual property that might result from the partnership, as well as publication and patents rights.

Source: Heidi Sullivan, Ben Franklin Technology Partners
Writer: John Davidson

Entrepreneurship, Manufacturing, News