The University of Kentucky has announced a new partnership with the University of Louisville to help other higher education institutions in the state to commercialize their inventions.
The new collaboration is a part of Governor Matt Bevin’s Commonwealth Commercialization Center (C3), which will assist universities and colleges in turning the intellectual products and innovations to products ready for the market.
The Kentucky Innovation office has provided a 1.2 million grant to the center, which is expected to become a one-spot location for students, faculty, and schools to find and disseminate ideas for commercializing their innovations.
“C3 enables all of our colleges and universities to share resources to support commercialization, to mobilize capital and to transform that research into fuel for economic growth,” Governor Bevin said.
Apart from providing advisory services to administrators and faculty, the center will also provide review and feedback on inventions, assistance for startup creations, and legal services, including marketing and promotion.
“Innovation, commercialization and entrepreneurship communities are all products of their culture and access to resources. Successful environments have at their center research and academic institutions that embody this culture and facilitate this access,” Ian McClure, director of UK’s Office of Technology Commercialization said.
“Through this partnership and state-supported initiative, we are advancing this notion and investing in the development of commercialization culture and resources around our Commonwealth’s universities and colleges. I am grateful for KY Innovation’s support, and for the partnership of all of the participating public institutions and look forward to seeing the bar raised in making Kentucky a regional commercialization leader.”
The center is also anticipating a reach out from the companies for innovation and research who want to invest in Kentucky in near future.