Northwestern University has unveiled plans for a multi-million-dollar technology accelerator on campus.
Northwestern University has secured $75m to launch a new technology accelerator aimed at supporting and commercialising scientific discovery and innovation at the university.
The Illinois general assembly has committed $50m of state funding to support the project, while Kimberly Querrey, chair of the Innovation and Entrepreneurship Committee of Northwestern’s Board of Trustees, gifted $25m.
The accelerator, located at 1801 Maple Avenue in Evanston, will be named in Querrey’s honour.
The capital is likely to finance the renovation of existing laboratory and office space at the site for use by startups, programme staff and startup advisers. No plans for an investment fund were mentioned.
Accelerator participants will have access to laboratory space, networking opportunities and management training to support the commercialisation of scientific discoveries.
The first occupants of the site include materials scientists John Rogers and Mark Hersam as well as four early-stage companies in the fields of synthetic biology, nanotechnology and flexible materials.
Rogers is piloting Rhaeos, a developer of ventricular shunt function monitoring technology for patients with fluid on the brain, while Hersam is piloting Volexion, a company developing a graphene coating for lithium-ion batteries.
Northwestern generates around 12 spinouts per year. For more on this, listen to our Talking Tech Transfer interview with Alicia Löffler, founding executive director of the Innovation and New Ventures Office, associate provost for innovation and new ventures and associate vice-president for research.