Big Idea Center moves into new Home; Education and funding opportunities expand at Innovation Institute
Pitt innovators continued to pursue and achieve impact for their ideas and discoveries in Fiscal 2023 at near-record levels as the Office of Innovation and Entrepreneurship (OIE) enhanced its outreach, resources and services to inspire and enable their commercialization efforts.
“Fiscal 2023 was an exciting year, particularly with the opening of a new home for the Big Idea Center – Pitt’s hub for student innovation, expanded commercialization exploration opportunities through the National Science Foundation’s Innovation Corps program, and a new partnership with UPMC Enterprises to fund promising Pitt innovations, to name just a few of the year’s highlights,” said Evan Facher, Vice Chancellor for Innovation and Entrepreneurship and Associate Dean of Commercial Translation at the Pitt School of Medicine.
Important developments from each of the OIE’s operating units include:
Innovation Institute
Intellectual property management; technology licensing and startup formation; commercialization education, mentoring and funding
Pitt innovators turned in another year of remarkable innovation commercialization activity, including the second highest number of patents issued in university history. Beyond the numbers, the Innovation Institute focused on building out the resources for helping faculty and students to move their innovations toward real world impact.
Pitt Joins Northeast Interior I-Corps Hub
Pitt innovators participating in the Innovation Institute’s Pitt Ventures academic entrepreneurship programming have had access to the National Science Foundations’ Innovation Corps (NSF I-Corps) training since 2015. During Fiscal 2023, Pitt joined a consortium of 10 regional universities as part of I-Corp’s Interior Northeast Region Hub. This new iteration of I-Corps has provided more flexibility for Pitt innovators by offering an expanded number of innovation commercialization “short courses” throughout the year. These month-long courses help Pitt innovators evaluate the commercial potential of their technologies via customer and industry stakeholder interviews that allow them to identify the real problems that they need solved.
Innovation Institute and UPMC Partner to Identify and Fund Promising Therapeutics Projects
The relationship between the University of Pittsburgh and UPMC strengthened in Fiscal 2023 as the two collaborated on a request for proposals to fund the development of novel therapeutics in the areas of women’s health, autoimmune diseases, and rare neurological diseases. Through its innovation and commercialization arm, UPMC Enterprises, two projects were selected. A second request for proposals is underway in Fiscal 2024.
Chancellor’s Gap Fund Supports Small Molecule Innovations and Prototyping Projects
The Chancellor’s Gap Fund helps move promising Pitt innovations forward on the path to commercialization. During Fiscal 2023 the Innovation Institute conducted two requests for proposals for the Gap Fund. One related to small molecule therapies and the other was in partnership with the Swanson School of Engineering’s Innovation and Entrepreneurship program to develop prototypes for promising Pitt innovations. A total of six awards were made.
Office of Industry and Economic Partnerships (OIEP)
Industry sponsored research at Pitt grew by approximately 11% year-over-year in Fiscal 2023, with more than 400 industry partners investing approximately $56 million across a spectrum of research at Pitt. The OIEP business development team played a key role in this accomplishment, driving over 400 new business development opportunities around research partnerships and securing nearly $15 million of new industry sponsored research funding.
Examples of OIEP’s partnering work during the year include:
Coeptis Therapeutics Enters into Sponsored Research Agreement with University of Pittsburgh
In May 2022, Coeptis Therapeutics, Inc., a biopharmaceutical company developing innovative cell therapy platforms for cancer, announced entry into an exclusive option agreement with the University of Pittsburgh for the rights to three chimeric antigen receptor T-cell technologies that offer the potential to address a range of hematologic and solid tumors. In January 2023, the company furthered its collaboration with Pitt, entering into a sponsored research agreement to advance development of the platform.
Pitt and Owkin Partner to Advance Cancer Research
In 2023, the University of Pittsburgh, through its Hillman Cancer Center, joined an industry-academic consortium called MOSAIC. Sponsored by the French technology company Owkin, MOSAIC is a landmark $50 million project to revolutionize cancer research through the use of spatial omics, a set of cutting-edge technologies that offer unprecedented information on the structure of tumors.
Genprex Licenses Additional Diabetes Technology with the University of Pittsburgh and Signs a Sponsored Research Agreement
In January 2023, Genprex, a clinical-stage gene therapy company focused on developing life-changing therapies for patients with cancer and diabetes entered into an exclusive license agreement with the University of Pittsburgh to technology related to a gene therapy for Type 2 diabetes. The company subsequently funded additional pre-clinical research at the University to continue joint development of the technology.
Big Idea Center
Pitt’s hub for student innovation and entrepreneurship
One of the most exciting developments of the year was the Big Idea Center moving into its new permanent home. The 5,000 square foot space at the corner of Forbes and Meyran avenues is a place for student innovators of all levels from across the campus to explore the world of innovation and entrepreneurship; form teams; pitch their ideas; and, if they so choose, to accelerate, launch and incubate their own companies with the opportunity to receive investment from the donor supported Big Idea Advantage Fund. And right across the street, we opened the Big Idea Loft – co-working space for our student startups in partnership with InnovatePGH.
Big Idea Center Launches New “I+E Explore” Programming to Engage Curious Students
A core focus for the 2022-2023 academic year was the launch of the Big Idea Center’s newest programming: I+E Explore. This series provides students with the opportunity explore and discover what innovation and entrepreneurship can mean to them by providing a variety of interactive programs such as skill-building workshops, panel discussions, networking opportunities, and more.
Topics highlighted as part of the initial year’s programs included health tech, artificial intelligence, corporate innovation, and social entrepreneurship, among many others.
Second Year of Kuzneski Innovation Cup Readied Student Teams for Future Success
FY2023 saw the second year of the Big Idea Center hosting the Kuzneski Innovation Cup. Sponsored by Andy and Laurie Kuzneski, the Kuzneski Cup is in early-stage idea competition where students with ideas can pitch to win a portion of the $25,000 prize pool. This year, the four teams chosen by the Kuzneskis to receive an award all continued pursuing their ideas throughout the year.
15th Year of the Randall Family Big Idea Competition Awards a Wide Range of Student Innovators and Ideas
Students from across numerous disciplines and schools at Pitt comprised the sixteen student-led teams who earned their way into the final round of this year’s Randall Family Big Idea Competition. Pitt’s longest running student innovation opportunity, the Randall competition has evolved into a culminating event for student-led teams working on a startup idea. This year, nine teams with ideas ranging from social impact, education, and music, to medical devices, assistive technologies, clean energy, and consumer products/services came away award winners, earning financial prizes ranging from $2,000 to $25,000.
Big Idea Advantage Fund Invests in Four More Student Startups
Four student startups received investments from the donor-funded Big Idea Advantage Fund in Fiscal 2023. Since its launch in 2021, eight student-led teams launched their companies with an investment from the Big Idea Advantage Fund.
For all teams, this is the first investment made in their newly-formed companies, which teams report has been an invaluable step toward achieving key milestones – from obtaining a patent, raising further investments and moving to prototypes to manufacturing and selling products, funding key technology development, and more.
Institute for Entrepreneurial Excellence (IEE)
The Institute for Entrepreneurial Excellence (IEE) continues to provide important support to entrepreneurs and small business owners throughout Western PA and beyond. More than 1,400 regional businesses received assistance from IEE and nearly 60 new businesses were launched with IEE’s guidance in FY23.
In the past year, the IEE and its Small Business Development Center held several specialized events designed to connect minority-, women- and veteran-owned businesses to contract opportunities and other regional resources, including an expansion of the Essential for Success partnership with UPMC. The IEE also partnered with Pitt to broaden the University’s supplier base and create stronger connections with regional small businesses.
IEE by the Numbers
Clients Served: 1,435
Consulting Hours: 10,564
Capital Raised: $18.24 million
Training Events Held: 71
Businesses Started: 58
Jobs Supported/Created: 10,564