Idea Foundry, a nonprofit Pittsburgh acceleration and commercialization organization, is adding a new arm focused on advanced materials. Expected to launch its first round in May, the program joins other Idea Foundry accelerators in healthcare and life sciences, social enterprise, entertainment and education technology, and water. Participants will be eligible for financial support, hands-on business development services and market collaboration opportunities with industry players.
“The new accelerator’s focus is fairly broad,” says Director of Innovation Nehal Bhojak. “We will consider innovations in all areas of material science.”
Initially those will include bioengineered materials, advanced materials such as synthetic engineered materials or super alloys, coatings and polymers. As the accelerator becomes established, Bhojak envisions an even more expanded focus.
Concurrent with the launch announcement comes the dissolution of the PA NanoMaterials Commercialization Center.
“The PA Nano Board agreed that nanotechnology ventures were more accurately defined as part of the large advanced materials field, which led to the new program to be administered by Idea Foundry,” explains Robert Kumpf, a former PA Nano board member. The organization ceased to exist as of January 1.
Bhojak says Idea Foundry will “carry forward the original mission of the PA Nano Center through our tried and tested accelerator model.” Besides managing the dissolution, Idea Foundry will use its own financial and team resources towards the new accelerator.
“Idea Foundry has always supported material science innovations and we have quite a few advanced materials companies in our portfolio,” she adds. “The new accelerator will enable us to continue that support with more sector-specific focus.”
Source: Nehal Bhojak, Idea Foundry
Writer: Elise Vider
