Financial Technology

Financial Technology

July 06, 2012

Innovation Works to Award $800,000 in Technology Commercialization Funding

Innovation Works, the Ben Franklin Technology Partner of Southwestern PA, a statewide economic development organization that supports technology commercialization and company growth through innovation, recently announced that it plans on awarding up to $800,000 in technology commercialization funding to universities, early-stage and/or established companies based in Pennsylvania.

Innovation Works will provide $100,000 each for project that deals with developments in digital multimedia, digital networking and robotic applications. Each project should be completed within 12 months of signing of the contract.

"The Technology Commercialization Initiative aims to establish and grow a leading industry presence in Pennsylvania focused on market segments in digital multimedia, digital networking, and robotic applications," said Chuck Brandt, Ph.D., VP, Technology Programs for Innovation Works, in a recent press release. "We are driving rapid and continuing progress in technology development and commercialization in these areas. Our project funding helps to identify technology challenges within these market segments and create prototype solutions that reach beyond the current generation of available products and services," continued Dr. Brandt.

Draft proposal submissions for funding through the Technology Commercialization Initiative are due August 3, 2012, with final proposal submissions due September 7, 2012. The full Request for Proposals can be downloaded from the homepage of Innovation Works website.

Innovation Works has invested over $52.3M (News - Alert) in roughly 152 technology startups. Those companies have been a magnet for creating thousands of new jobs and attracting follow-on capital to the region—over $1 billion since 1999. Innovation Works is part of a statewide network that brings together the best of Pennsylvania’s talent, ideas and technologies to serve as a catalyst for advancing the state’s knowledge-based economy. The company works closely with business, government and not-for-profit organizations that help create new companies, jobs and investment capital in Pennsylvania.

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Edited by Brooke Neuman

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