Announcing Rutgers University-Wide Alliance for Rutgers Innovation Commercialization: BEST and CIVET
October 1, 2009
Rutgers Business, Engineering, Science and Technology Institute (BEST), Rutgers Center for Innovative Ventures of Emerging Technologies (CIVET), the School of Engineering (SOE), the Division of Life Sciences, the Division of Mathematical and Physical Sciences, and the Rutgers Business School – Newark and New Brunswick (RBS) announce a collaborative alliance to coordinate the commercialization of Rutgers Intellectual Property (IP). Toward this end, the alliance will work closely with the Rutgers Office of Technology Commercialization (OTC). As a collaboration between SOE, SAS, OTC, and RBS, the alliance embodies the Rutgers vision of combining the best of engineering and science with business.The “innovation gap,” which currently exists in most academic institutions, refers to the inability to-date of converting early-stage inventions to economically viable companies. BEST and CIVET have teamed to close this gap. CIVET's expertise lies in the “idea-to-patent-to-prototype” stage of the invention life cycle. BEST's expertise lies in the “IP-to-company” stage of the invention life cycle. It brings to the table the expertise needed to perform due diligence on promising IP, create business plans through Rutgers entrepreneurship courses and to build, and ultimately fund, companies that exploit the IP.For the past two years, CIVET has assisted Rutgers faculty in identifying over 35 technology-based commercial opportunities for presentation to potential investors. Beginning in 4Q2009, CIVET’s Innovation Sounding Board, a consortium of industry and academic experts in relevant scientific and business areas, providing perspectives that will increase the likelihood of the innovation’s acceptance into the marketplace. In spring 2010, CIVET will once again offer its senior undergraduate/graduate course in “Innovation and Entrepreneurship for Science and Technology,” addressing relevant aspects of the entrepreneurial process with scientific “Team Venture” projects. In spring 2009, BEST teaches entrepreneurship courses that results in three business plans targeted by BEST for near-term development into companies. BEST has identified their CEOs, developed go-to-market strategies, and participated in licensing discussions with OTC. This fall, BEST will be teaching additional entrepreneurship course sections, and will generate more business plans for inventions originating from the School of Engineering, Ernest Mario School of Pharmacy, School of Arts and Sciences, and School of Environmental and Biological Sciences.
