Researchers, innovators and entrepreneurs at the University of Oklahoma have a unique partner to help them in their journey to market. The Growth Fund, managed by the Office of Technology Commercialization, provides support and funding for commercially viable prototypes and research results.
“The Growth Fund is designed to help OU faculty, staff and grad students take their innovations from the lab to the marketplace,” Andrew Pollock, Growth Fund coordinator and managing director of the Office of Technology Commercialization, said. “We know that business development can be a daunting task, so we want to provide researchers with the support and resources they need to succeed.”
The fund is structured in two phases to provide critical insight into a technology’s commercial value and progress.
Phase One, or Market Discovery, provides up to $5,000 in funding to help understand the innovation’s product-market-fit and strategic commercial development pathways.
“During the first phase, researchers are expected to conduct 12 customer discovery interviews over 12 weeks,” Pollock said. “The goal is to get an action plan with a solid value proposition. If, for example, they develop a prototype and have a company willing to fund next steps, then they’re ready for Phase Two.”
Phase Two, or Translational Research, provides up to $75,000 in funding to support the development of objectives, metrics and variables identified from the market research to maximize potential economic impact.
“This funding can help develop prototypes, make modifications, or reach the market-centered results identified in Phase One,” Pollock said. “Phase Two is all about getting the technology into the marketplace and making a real-world impact.”
To be eligible for the Growth Fund, researchers at the Norman, Tulsa or Health Sciences Center campuses must have a disclosure on file with the OTC and the University of Oklahoma must own the intellectual property.
Learn more or apply for the Growth Fund at www.ou.edu/otc/growthfund.
