What is an Innovation Grant? An Innovation Grant is a research and development investment provided to a University of Minnesota researcher to help bridge the gap between sponsored research funding and the point where the a technology could be licensed or become a start-up. Research funds are available for well-defined projects to advance technologies that could address significant markets, offer a potential solution for a unique problem, and have a competitive advantage.
How do I apply for an Innovation Grant? Applications for Innovation Grants are by invitation only. Eligible technologies are those disclosed to the Office for Technology Commercialization and determined to have:
• Significant commercial potential.
• Well-defined technical limitations which if overcome, are likely to
maximize the value of a license.
• Research methodology that will successfully address the technical
limitations and lessen or remove scientific or technical barriers to licensing.
• High likelihood of producing revenue via licensing payments, milestone payments, royalties on sales within five years. (Returns should generate revenue at least ten times the amount of the Innovation Grant investment.)
Grants of up to $100,000 per technology may be awarded in a lump sum or in installments. Generally, research should be conducted in 12 months or less. If approved, investigators are contacted; accounts are set up in the departments and money is transferred so the directed research can begin. Mid-term and final research reports are due at 6 and 12 months, respectively, following initiation of funding.
Contact a Technology Strategy Manager to discuss your idea, the technology commercialization process, and the options to maximize the commercial potential of your intellectual property.