The University of Wisconsin System and the Wisconsin Economic Development Corporation (WEDC) have teamed up to create a $2 million fund that will help support new ideas and technology in the state.
Imagine a nursing student creating a new attachment for a crutch that increases mobility, or an art professor developing a new type of paint. These are the types of scenarios the UW and WEDC have in mind with the new fund they are calling “Ideadvance.” Mark Lange with UW-Extension said everyday, people at UW campuses generate ideas and technology that could lead to new products and possibly new businesses. Lange says the fund should stimulate entrepreneurship across the system.
“Until now, there’s been a lack of resources at this very early stage in Wisconsin to allow exploration of these possibilities,” he said, “so we also believe this program will reduce the resistance people have to take that idea to the next step.”
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The Ideadvance Seed Fund will provide up to $75,000 in two stages. Lange says the first stage of funding focuses on helping reduce the risk of the idea; the second stage is for developing the business model. The fund is open to students, faculty, and staff in all disciplines.
Ray Cross, the incoming UW-System president, said the intent of this kind of program is to accelerate the process of going from an idea to commercialization: “This seed fund serves as a first investment to help turn today’s ideas into tomorrow’s businesses.
The first of three grant application periods begins in March.
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