12/12/2014 03:15 PM
BATON ROUGE – Following the successful launch of the LSU Leveraging Innovation for Technology Transfer, or LIFT2, Fund earlier this year, the LSU Board of Supervisors has doubled their investment to further support the proof-of-concept fund. During the December Board of Supervisors meeting, the board approved adding another $2 million into the LIFT2 fund, which provides small grants to faculty on a competitive basis, twice a year, in amounts up to $50,000, to validate the market potential of their inventions.
“LSU faculty conduct research that has important impact on people’s lives,” said LSU President and Chancellor F. King Alexander. “With the launch of the LIFT2 Fund and now the extended commitment to transfer research innovations into marketplace, LSU continues to demonstrate that our research can enhance the lives of people in Louisiana and the nation.”
The LSU LIFT2 Fund provides a bridge over the critical gap between basic research and commercialization by giving monetary support to help prove the value of inventions through additional experiments or prototyping – support difficult to come by through traditional means.
Through the LSU LIFT2 Fund model, LSU has ensured continual reinvestment in new innovation opportunities and affirmed its commitment to advancing discoveries for the benefit of everyone. Commercialization of academic innovations through technology transfer further enhances multiple aspects of LSU’s mission and creates new economic opportunity in Louisiana and elsewhere.
The competitive LIFT2 Award Program launched in May, and in pilot round one, 47 applicants from all five research campuses sought funding to validate the commercial potential of their inventions. Initially, 15 LIFT2 awards were granted, totaling just above $500,000 in support of activities to prove or disprove a concept and move the invention closer to a license with a commercial partner.
“The large number of applicants in the first pilot round of the LIFT2 Fund Awards demonstrates that the innovation and potential is present on all of LSU’s campuses,” said Arthur R. Cooper, CEO of the LSU Research & Technology Foundation. “Helping the faculty close the last gap with proof-of-concept funding is a critical step in many of these inventions making it to market.”
Pilot round two of the LIFT2 Award Program is currently underway, and the next round of award winners will be announced in January.
A further display of the success the LIFT2 Fund was the recent announcement by the Research Park Corporation to dedicate $250,000 to launch the LSU Re- LIFT2 program. Re- LIFT2 compliments LSU’s LIFT2 Fund by assisting the most promising applications that did not receive a LIFT2 Fund investment become more competitive. Up to $5,000 per company will be provided to improve those applications raising the likelihood of funding during the next LIFT2 round.
Contact Ernie Ballard
LSU Media Relations
Posted on Friday, December 12, 2014