|Program||# of Grants||EDA Funds|
|Economic Adjustment Assistance||2||$1,360,000|
|Regional Innovation Strategies||1||$500,000|
Central Pennsylvania has many strong intellectual property assets, a result of the cutting edge research conducted at Pennsylvania State University, a tier-1 research institution in Centre County. In the past 20 years, Penn State’s research expenditures have increased by nearly $500 million, creating opportunity for innovation and economic growth in virtually all sectors.
To capture these opportunities, Penn State streamlined its technology transfer policies, making university-owned IP more attractive to entrepreneurs and potential investors, and creating pathways to commercialization that are easier to navigate. While these changes made university tech transfer friendlier and more easy to navigate, local innovators lacked the skills and technical assistance necessary to become successful entrepreneurs.
Through its i6 Challenge, EDA awarded $500,000 to Penn State in 2015 to create TechCelerator, a pre-accelerator designed for early-stage tech-based start-ups which provides an array of pre-launch business and market research services designed to assist entrepreneurs in converting business ideas into reality. The project will enhance the support system by focusing services and programs to support TechCelerator efforts and to develop a strong, vibrant entrepreneurial culture that will create a large, sustainable pipeline of startup activity in Centre County and the surrounding region.