Concept to commercialization-fostering innovation through university resources

Abstract

Purdue University Northwest established the Commercialization and Manufacturing Excellence Center (CMEC) in 2015. One of the purposes of this center is to foster innovation in the Northwest Indiana region through commercialization of innovative ideas and products. The objective of this paper is to describe how the university’s physical and human resources can be leveraged to augment such commercialization center. CMEC provides several supports that are described in this paper. In addition, data on these activities with associated costs are provided. The supports are provided in the following areas: one-on-one counselling by Entrepreneur in Residence, Intellectual Property Legal Aid, Small Business Development Plan, Functional Prototype Development, Small Business Innovation Research grants submission, Pilot Manufacturing, and Product Commercialization. The paper also provides information on the nature of partnership with stakeholders, such as State Department of Workforce Development, organizations that are involved with regional economic development, relevant industry, professional societies/organizations, and media. One of the key activities include specific agreements between the University and the entrepreneurs so that both entities benefit through commercialization.