The University of Illinois at Chicago launches a $10m to help research cross the valley of death and beyond.
The University of Illinois at Chicago (UIC) has announced it is launching a $10m startup fund aimed at assisting inventions advance from research stages towards commercialisation opportunities.
The Chancellor’s Innovation Fund (CIF) will make $2m in investments each year, with $1m going towards proof-of-concept funding and the remainder used for seed investments. Grants for proof-of-concept will be up to $75k, whereas seed investment will range from $150k to £250k. Proceeds from fund investments will be reinvested to support future UIC tech transfer.
The fund will be managed by IllinoisVentures, a tech investment firm launched by the University. The firm currently backs several companies from various universities, but the CIF will only be used for UIC projects.
UIC Chancellor Paula Allen-Mears said: “The fund establishes UIC as a leader in technology acceleration, enhances our competitiveness, and positions UIC as an important partner to external stakeholders.”
