VT KnowledgeWorks has announced its winner of a new initiative to accelerate innovative technology transfer from the university to the private sector. The annual Tech Transfer Challenge Prize provides $100,000 worth of mentorship and business support services to a winning team of Virginia Tech faculty, staff, students and/or alumni proposing to establish a new venture in Blacksburg, Virginia based on Virginia Tech-owned technology. Services are provided over a two-year period, and include assistance in developing the overall business strategy as well as the presentations and plan documents needed for investor discussions and product launch.
After a careful review of all submissions, a selection committee of successful entrepreneurs and investors from the region selected VoltMed as the winning team. VoltMed, submitted by Paulo Garcia, Chris Arena, and Mike Sano, is developing a high-frequency irreversible electroporation device for use in treating soft tissue tumors in veterinary applications, with the initial focus being the treatment of equine malignant melanoma.
VoltMed receives both corporate and personal mentorship from the VT KnowledgeWorks executive director and its director of strategic services. The VT KnowledgeWorks Strategic Services team performs various strategic studies and develops presentation materials and formal plan documents needed for product launch and investor discussions, including financial pro-formas. The VT KnowledgeWorks network of early-stage investors provides introduction to a wide range of funding opportunities.
The venture receives complimentary membership in VT KnowledgeWorks for two years and key team members attend a Founders’ Readiness Express workshop. In addition, 50% of one-year’s rent at the VT Corporate Research Center provides the venture an attractive launch pad.
Through the Tech Transfer Challenge, two runner-up teams, ACESS and Focus Radio, were selected for modest business development support. For these, the director of strategic services will provide assistance in business plan document development and creation of initial business and marketing plans, five-year financial pro-formas, and other documents needed to initiate investor discussions.
Please read more about the VT KnowledgeWorks Tech Transfer Prize.
VT KnowledgeWorks encourages and enables creative entrepreneurship world-wide, through innovative curriculum, local business resource centers, and a global network of cooperating regions, all focused on three essential contributors to success: clear understanding of fundamental business principles; access to timely, relevant information; and meaningful personal and corporate relationships. It is a subsidiary of the Virginia Tech Foundation, funded through the continuing confidence and enthusiasm of its clients, sponsors and friends, both corporate and individual. Its world headquarters are located in the Virginia Tech Corporate Research Center in Blacksburg, Virginia, USA.
VT KnowledgeWorks sponsors include Attaain, Inc., BB&T, The Branch Group, Handshake 2.0, Harris Office Furniture, Hodges, Jones & Mabry, P.C., Hutchison Law Group, LeClairRyan, New River Valley Intellectual Property Law, Science Applications International Corporation (SAIC) and The Becher Agency (TBA).