Boston University’s Office of Technology Development (OTD) has initiated the Launch Award program to proactively support the commercialization and dissemination of faculty developed technologies. Specifically, the program is designed to help faculty start new companies based on technologies that they invented at the University.
The OTD Launch Awards are investments made by BU into faculty, staff, and/or student, startup companies. OTD will select 2-3 projects each year and work with the new entrepreneurs to develop an independent, successful, self-sustaining company. Working closely with OTD’s New Ventures group, new entrepreneurs will have resources available to assist them in the early stages of developing their new venture strategy.
Start-up companies can be an excellent vehicle for bringing academic technologies to market because they are most often focused on products and services, well attuned to market needs that are also appealing to private equity investors. Typical Launch Awards range from $50,000 to $200,000. As investments into new companies, these awards are structured as equity and/or debt instruments. Awards are geared to help launch faculty start-up companies and to assist them to advance their development activities and raise their first round of outside private financing.
Details of the selection criteria used to select Launch Award recipients and the application process will be announced soon. In the meantime, please direct inquires to Renuka Babu, Director, New Ventures (firstname.lastname@example.org).