City University of New York, The City College
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Location |
New York, NY |
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Build to Scale Program |
Venture Challenge |
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Project Name |
The Center for Co-Innovation and Medical Technology: A New Product, Venture, and Workforce Development Engine for Greater Harlem |
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Award Amount |
Federal Share |
Local Match |
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$750,000 |
$750,000 |
The proposed Center for Co-Innovation and Medical Technology (CCMT) builds on the successful Master’s in Translational Medicine (MTM) and associated biodesign methodology at the City College of New York (CCNY). CCMT will bring together medical technologies being created by CCNY researchers and their partners, with workers being trained by the MTM to form a new medical technology accelerator. CCMT will develop products that are responsive to the needs of the surrounding underserved community by drawing on the substantial capacity for research and innovation at CCNY. Using a Co-Innovation Consortium Model, CCMT will address a gap in the region’s innovation ecosystem by leveraging the substantial resources of CCNY’s diverse institutional stakeholders. CCMT will employ fellows, interns, and professional staff to collaborate with industry in the development of promising product concepts. The resulting medical product prototypes will attract commercial partners, underpin new venture formations, and drive the creation of desirable STEM jobs. Taken together, this activity will both increase economic prosperity and address important unmet medical needs for the Greater Harlem community. Measurable outcomes over the first five years of operation will include:
- acceleration of 40 new medical technology products
- creation of 15 new ventures
- deployment of $150 million in seed/venture capital
- training/employment of 275 fellows and interns
- creation of over 800 desirable STEM jobs in Greater Harlem.