The program is designed to alleviate the high cost of research and development necessary for bringing innovative new products to marketa cost most small and mid-size manufacturers cannot cover.
At the same time, the program will tap the deep resources of Pennsylvanias colleges and universities, many of which are in need of a manufacturing partner to translate their research into marketable products.
The Innovation Adoption Fund will enable an eligible company within in the 32-county area served by the Central and Northern BFTP office to receive up to a $25,000 grant to help pay for faculty time, lab time, and design input from the university or research facility chosen by the company, which must in turn provide a cash match.
As part of the program rules, prior to the start of any work or any cash award the company and the research partner must have a signed agreement concerning ownership of any intellectual property that might result from the partnership, as well as publication and patents rights.
Source: Heidi Sullivan, Ben Franklin Technology Partners
Writer: John Davidson