Invent Penn State Driving Innovation and Economic Development
Launched in 2015, Invent Penn State has created innovation hubs across the Commonwealth. The university is committed to becoming a first-class innovation hub in order to contribute to Pennsylvania’s economic development.
The Invent Penn State program connects researchers with those who can commercialise their discoveries and intends to encourage entrepreneurship, economic development and student career success over the long-term. The university is developing a culture that encourages, nurtures and rewards entrepreneurship in all fields of study. Areas include energy, environmental protection, healthcare, food security and manufacturing.
Recognizing that great ideas need support, Penn State have invested an initial $30 million in the program with $5 million in funding annually, in order to turn research into commercial products and services while creating jobs in the process. The investments will allow students to be placed in emerging fields and provide job opportunities.
Penn State University contributes over $16 billion to the state’s economy per year, making it the single largest provider. Graduate starting salaries are very highly ranked in business magazines. Their Fund for Innovation is proving very successful and has already started seven new ventures and has funded around 50 emerging technologies. This fund wants to accelerate and de-risk the commercialization process for new technologies.
The Fund for Innovation awards grants to inventors from the colleges at various stages of commercialization. It administers these awards in partnership with college commercialization grant programs such as the College of Engineering ENGINE Grant Program.
The faculty Associate Dean for Research issues a request for proposals up to twice a year and chooses the most commercially viable projects. The college then provides a grant and matched funding is provided by the Fund for Innovation.
State and federal R&D tax credits are available for start-ups in Pennsylvania. To find out whether your business is eligible, contact one of our Swanson Reed offices for an obligation-free assessment.