University research is becoming an increasingly important source of the innovations that fuel today’s successful companies. With more than $400 million in research, Georgia Tech’s innovation engine produces more than 300 invention disclosures annually. These innovations have led to formation of a broad range of new companies.
Georgia Tech VentureLab provides comprehensive assistance to Georgia Tech faculty members, research staff members and graduate students who want to form startup companies to commercialize the technology innovations they have developed.
As a one-stop center for technology commercialization, VentureLab provides a clear pathway from laboratory innovation to the commercial market. VentureLab specialists help transform innovations into early-stage companies by assisting in business plan development, connecting the innovators with experienced entrepreneurs, locating sources of early-stage financing, and preparing the new companies for the business world. Graduates of the VentureLab program may apply for admission to the Advanced Technology Development Center (ATDC), also a unit of the Enterprise Innovation Institute, or EmTech Bio, an incubator operated by Georgia Tech and Emory University.
VentureLab helps faculty members, research staff members and graduate students answer such questions as:
- Is there a commercial market for my innovation?
- What should my role be in building a company based on the innovation?
- What are the steps between laboratory discovery and commercial product or service?
Formed in 2001 and part of Georgia Tech’s Commercialization Services, VentureLab builds on more than 25 years of experience at the ATDC – one of the nation’s most prestigious and successful technology incubators.
In collaboration with specialists in Georgia Tech’s Commercialization Services, innovators receive assistance in four key areas:
Technology Evaluation: Technology evaluation specialists work with Georgia Tech faculty members, research staff members or graduate students, helping them evaluate the potential commercial value of their innovations and determine the appropriate commercialization route -- whether formation of a startup company, licensing of the technology to an existing corporation, or creation of a “lifestyle” or consulting entity.
Commercialization Workshops and Seminars: VentureLab workshops and seminars explain such topics as intellectual property protection, the licensing procedure, the company startup process and what venture capital firms look for in making investments.
VentureLab Fellows: For technologies that could form the basis of fast-growth startup companies, VentureLab makes a direct connection to the marketplace through VentureLab Fellows -- experienced entrepreneurs who use their market knowledge to evaluate innovations and build new companies on those that meet a demonstrated commercial need. By connecting faculty members, research staff members and graduate students with proven entrepreneurs, VentureLab builds teams that can launch successful technology companies.
VentureLab Commercialization Awards: The gap between research result and commercial product is often significant. Among the largest of the obstacles is the need for financing to generate a prototype or proof-of-concept needed to demonstrate the commercial potential of an innovation. Supported by the Georgia Research Alliance (GRA), VentureLab Commercialization Awards help bridge that gap, offering the funding needed to advance the technology and make the resulting company attractive to investors.
Source: Georgia Tech