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Posted: May 6, 2008
$3.5 million to foster nanotechnology research and development in Pennsylvania
(Nanowerk News) The Nanotechnology Institute, or NTI, a consortium of Philadelphia-area research and technology organizations that includes the University of Pennsylvania, has received $3.5 million in funding from the Commonwealth’s Pennsylvania Initiative for Nanotechnology.
Pennsylvania Governor Edward Rendell announced the award, which renews the Institute’s funding, and positions Pennsylvania as a global leader in emerging technologies.
“Capitalizing on the rapid developments in nanotechnology is the major challenge we’re addressing,” said Robert Carpick, Penn Director of the Nanotechnology Institute and an associate professor in the department of mechanical engineering and applied mechanics at Penn. “The NTI is working with increasing success to transfer our top-notch university research to industry, which ultimately creates jobs and opportunities in the region.”
Founded in 2000, the NTI is a collaboration led by Ben Franklin Technology Partners of Southeastern Pennsylvania, Drexel University and Penn. The consortium facilitates the research, development and commercialization of real-world nanotechnology applications by providing funding, intellectual property and commercialization assistance. By harnessing the knowledge and research of the region’s academic and corporate resources, the NTI breaks down traditional barriers to facilitate the commercialization of nanotechnology-related discoveries.
NTI focuses on the transfer of nanotechnology discoveries from universities to industry partners, and on the rapid application and commercialization of nanotechnology to stimulate economic growth. Corporate members and university or hospital partners at NTI work with entrepreneurs, private industry, government and nonprofit economic agencies to rapidly move new materials, electronics and medical devices to the marketplace.
In addition, the NTI evaluates intellectual property for commercial potential, devises commercialization strategies and negotiates licenses on behalf of the NTI member institutions.
Since its inception, the NTI has helped produce more than 225 IP assets, facilitated seven technology licenses, assisted in the development of 13 companies and attracted more than $172 million in public and private investment to the region.