The Innovation Institute has introduced a new program to support faculty, student and staff innovators who want to make a real-world impact with their research innovations through the creation of a startup company.
The Pitt Ventures Startup Academy has been specifically designed for University faculty, students and staff to accelerate their new company vision into reality. Participants will receive tailored guidance as they proceed to spinout and commercialize their IP within a 12 to 18 month window.
An information session for the Startup Academy will be held from 1 to 2 p.m. Oct 9, via Zoom, as part of the School of Health and Rehabilitation Sciences Innovation Seminar Series. It is open to all Pitt innovators. Learn more and register.
The academy’s program is self-paced and structured around milestone-based achievements. It will be led by startup experts, both from within the Office of Innovation Entrepreneurship and outside experts versed in the challenges of academic entrepreneurship. The Startup Academy will provide 360-degree support for commercialization objectives in areas of startup formation, team building, regulatory affairs, fundraising, and more. It is the next iteration of the Innovation Institute’s support for Pitt innovators based off their feedback.
“Pitt innovators have launched more than 100 startup companies based on their University research since fiscal 2017,” said Peter Allen, executive director, inventor engagement and new ventures.
Paul Ohodnicki, associate professor of mechanical engineering and materials science and director of the Energy GRID Institute, launched a startup, Sensible Photonics, earlier in 2023 after completing a beta version of the Pitt Ventures Startup Academy.
“The Startup Academy has given us the opportunity to work one-on-one with an experienced mentor who provided support around creation of our business thesis, validation of market assumptions, and development of our go-to-market strategy,” Ohodnicki said. “This program has provided the essential processes and content that has enabled evaluation of market opportunities and commercial potential for our technology. All of this has positioned our company for outside investment with a clearly defined commercialization path.”
It is recommended that applicants to the Startup Academy complete a month-long NSF I-Corps short course prior to applying. These virtual and hybrid courses, which are available every few weeks, help academic entrepreneurs identify the real problems that their innovation can solve for potential customers through a stakeholder interview process.
Once accepted into the Startup Academy, you will receive an in-depth evaluation of your business concept, intellectual property, marketing briefs, team make-up, fundraising strategy and more. You will then be coached in creating a customized action plan with defined milestones and timeline outlining the support you can expect along the way.
Applications are accepted on a quarterly basis.
Patent ranking
The University of Pittsburgh ranked 16th for U.S. universities granted utility patents in 2022, according to a new list published by the National Academy of Inventors. The list was created to highlight and celebrate American innovation and to showcase the universities that play a critical role in advancing the innovation ecosystem within the U.S. and beyond.
Pitt innovators received 105 U.S. patents in 2022, just behind the University of Pennsylvania (108 patents). Other Pennsylvania universities on the list include Carnegie Mellon University, ranked 37th (59 patents); Penn State, ranked 51st (43 patents); Drexel University, ranked 57th (34 patents); and Temple University, ranked 75th (22 patents).
The list was led by the University California system’s 10 schools, which had 570 patents; Massachusetts Institute of Technology with 343 patents, and the University of Texas system and its nine schools, with 225.