Philadelphia's University City Science Center’s successful QED proof-of-concept program has an important new academic partner: Penn State University has expanded its involvement from the Medical College at Hershey to include its main campus at University Park, opening the seventh round of QED funding to hundreds of life science researchers.
“Penn State Main Campus’ participation in QED signals growing interest in cross-disciplinary collaborations in technology commercialization across Pennsylvania,” says Science Center President and CEO Stephen S. Tang. “Innovative minds and the discoveries they will make contribute to our region’s future as a technology hub and innovation center.”
In May, the Science Center issued its latest RFP for technologies ripe for commercialization to 21 participating institutions in Pennsylvania, New Jersey and Delaware. Over the next seven months, QED will offer advisory support and the chance for direct project funding to researchers from the participating institutions as they position their technologies for product development and private investment. After the QED Selection Team makes an initial cut, approximately 10 researchers will be paired with business advisors and work to develop business plans to commercialize their technologies. Ultimately, four projects will be selected to receive up to $200,000 each in funding.
“Faculty in the College of Medicine participated in last year’s QED Program with some success,” says Neil Sharkey, Penn State’s Interim Vice President for Research. “Four teams were selected as finalists in the competition, one of which garnered an award. We are hoping for the same level of enthusiasm from Penn State bioscience faculty located at University Park.”
QED describes itself as “the first multi-institutional, proof-of-concept program for the life sciences and health IT [bringing] together academic invention, market insight and commercial guidance.” To date, five projects funded by QED have been licensed and gone on to raise additional funds. One, a portable low-cost radiation-free breast cancer detector invented by Drexel University Professor Wan Y. Shih, was funded by QED in 2009 and licensed to UE LifeSciences, a growth-stage company in Philadelphia.
QED continues to attract additional funding based on its track record of successful commercialization outcomes. This year, the program received a $300,000 award from the Pennsylvania Department of Health to help fund Pennsylvania-based awardees.
Source: University City Science Center
Writer: Elise Vider