UMass Commercialization Lab

University of Massachusetts - Lowell, 2005 - $16,500

Faculty at UMass Lowell has developed the UMass Commercialization Lab program (UMCL) to close a gap between the university's inventions and its ability to attract enough resources for commercialization. The Lowell campus created the Commercial Venture Development program in 1998 to serve the needs of early stage companies. The university operates the business incubator with the condition that the companies hire students. More than a dozen companies have come through the CVD program, with a resulting $80 million in venture capital and institutional investments. While the program has been successful, the university is looking for a substantial increase in the rate of business creation and economic development. The mission of the UMCL is to convert intellectual property into sustainable businesses through educational programs, research and community outreach.

Under the UMCL program, two new graduate courses have been developed as the core of the Certificate in New Venture Creation program. The certificate program is aimed at graduate students in all disciplines with an interest in entrepreneurship and technology commercialization. One of the two courses focuses on adding value to a technology innovation through development of product platforms, project management, and exploration of sustainable production. The second is a hands-on "practicum" that allows student teams to take an idea and move it to a viable business.