New Program Provides 360-Degree Support for Faculty Interested in Launching a Startup Based on Their Innovations
The University of Pittsburgh Innovation Institute has introduced a new program to support faculty, student and staff innovators who want to make a real-world impact for their research innovations through the creation of a startup company.
The Pitt Ventures Startup Academy is self-paced and structured around milestone-based achievements. Led by startup experts, both from within the Office of Innovation Entrepreneurship and outside experts versed in the challenges of academic entrepreneurship, the Startup Academy provides 360-degree support for commercialization objectives in areas of startup formation, team building, regulatory affairs, fundraising, and more. It is the next iteration of the Innovation Institute’s support for Pitt innovators based off their feedback.
“Pitt innovators have launched more than 100 startup companies based on their university research since Fiscal 2017” said Peter Allen, Executive Director, Inventor Engagement and New Ventures. The Pitt Ventures Startup Academy has been specifically designed for University faculty, students and staff to accelerate their new company vision into reality. Participants will receive tailored guidance as they proceed to spinout and commercialization of their IP within a 12-18 month window.
Paul Ohodnicki, associate professor of mechanical engineering and materials science and RK Mellon FAculty Fellow in Energy, launched a startup, Sensible Photonics, earlier in 2023 after completing a beta version of the Pitt Ventures Startup Academy.
“The Startup Academy has given us the opportunity to work one-on-one with an experienced mentor who provided support around creation of our business thesis, validation of market assumptions, and development of our go-to-market strategy,” Ohodnicki said. “This program has provided the essential processes and content that has enabled evaluation of market opportunities and commercial potential for our technology. All of this has positioned our company for outside investment with a clearly defined commercialization path.”
It is recommended that applicants to the Startup Academy complete a month-long NSF I-Corps short course prior to applying for the Startup Academy. These virtual and hybrid courses, which are available every few weeks, help academic entrepreneurs identify the real problems that their innovation can solve for potential customers through a stakeholder interview process.
Once accepted into the Startup Academy you will receive an in-depth evaluation of your business concept, intellectual property, marketing briefs, team make-up, fundraising strategy and more. You will then be coached in creating a customized action plan with defined milestones and timeline outlining the support you can expect along the way.
Applications are accepted on a quarterly basis.
An information session for the Startup Academy will be held October 9, 2023, from 1-2 p.m. as part of the School of Rehabilitation Sciences Innovation Seminar Series. It is open to all Pitt innovators. Learn more and register.