Idea Foundry, an innovation-based economic development organization, and the University of Pittsburgh Innovation Institute have cemented a formal partnership to provide a new level of combined systematic support for commercializing Pitt innovations.
This new partnership further solidifies a long-standing relationship between Idea Foundry and the University in the transformation of Pitt research into innovations with strong commercial potential, according to Michael Matesic, president of Idea Foundry.
“Over the years, we have worked with many dedicated and creative innovators at the University of Pittsburgh,” Matesic said. “With this new formal role of helping to accelerate the commercialization of innovations throughout the campus, we look forward to impacting more life-changing technologies. The team and approach of the Innovation Institute aligns well with Idea Foundry’s proven model, which will lead to more opportunities for Pitt Innovators.”
The new partnership is structured to enable teams from both organizations to work together from the beginning of the commercialization process, when Pitt Innovators submit invention disclosures to the Institute for commercial consideration. Idea Foundry will assist early in the process by helping Institute staff to evaluate the commercial readiness of select innovations and mentor the innovators through the Institute’s structured Pitt Ventures Program. Later in the process, the Idea Foundry will further develop some of those innovations through its own acceleration and funding programs.
Both organizations expect this collaboration to further streamline commercialization efforts by providing more of the right resources early on to Pitt Innovators to strengthen their market positions for future commercial success and longer-term regional economic impact.
“This is a great opportunity for us at Pitt to leverage our expertise and resources with those of the well-respected Idea Foundry to more effectively support our Pitt Innovators and their innovations throughout the commercialization process,” said Marc Malandro, associate vice chancellor for technology management and commercialization and interim director of the Innovation Institute. “Idea Foundry has and will continue to be a great friend of the University and its entrepreneurial efforts. This partnership serves to enhance that relationship.”
Launched in 2013, the University of Pittsburgh Innovation Institute serves as the hub of innovation development, commercialization, and entrepreneurial activities on campus and leverages the University’s expertise to provide entrepreneurial education, support and networking to the region’s entrepreneurs and small businesses.
Idea Foundry, founded in 2002, is a Pittsburgh-based non-profit economic development organization focused on creating high-potential, innovation-related jobs in the life sciences, entertainment and education, social enterprise, advanced materials, and water sectors. With more than 150 companies in its portfolio, Idea Foundry is a pioneer in hands-on business development and technology transfer.
For more information, contact Michael Matesic, president and CEO of Idea Foundry, at 412 682- 3065, or Marc Malandro, associate vice chancellor for technology management and commercialization at Pitt and interim director, University of Pittsburgh Innovation Institute, at 412-634-8787.