MEDIA CONTACT: Gisele Galoustian
561-297-2010, ggaloust@fau.edu
Initial Funding for the Gap Fund Program Provided by a Gift from the Research Parks at FAU to Support Inventions and Works by FAU Faculty, Researchers and Students
BOCA RATON, FL (November 20, 2006)— Florida Atlantic University is implementing the newest commercialization fund in the state of Florida to fill the “gap” between basic research and the stage at which commercial development can begin. The gap funds are intended for effectively producing products, services, start-up companies, out-licensing, and attracting additional research and development funds from either government or private sources to translate research into viable products or services for the benefit of the public. FAU is among an elite group of universities nationally that currently have gap funds. FAU’s program has been modeled after existing programs at leading research universities in the country.
Initial funding of $50,000 for FAU’s gap program has been provided by the Florida Atlantic Research & Development Authority, the operating agency for the FAU Research Parks in Boca Raton and Deerfield Beach, Florida. This pilot program will be implemented during the 2006-2007 academic year and will be administered by FAU’s Office of Technology Transfer.
“The Florida Atlantic Research & Development Authority is extremely pleased to provide FAU with the initial funding of $50,000 to enhance entrepreneurship and commercialization programs and opportunities,” said Roxanna Trinka, board chair of the Florida Atlantic Research & Development Authority.
FAU formed the Florida Atlantic Research & Development Authority in 1986 with the support of the Broward and Palm Beach County Commissions. The Authority, celebrating 20 years of economic growth, serves as the governing body responsible for the establishment of the Research Park at FAU and works closely with the University and prospective tenants for the Park. Located on 77 acres at the north end of the Boca Raton campus and on 14 acres in Deerfield Beach, the Florida Atlantic Research & Development Park is home to 31 companies and 13 high-tech, start-up companies in the FAU Technology Business Incubator.
FAU faculty, researchers and students will compete for gap funds through a request for proposal (RFP) process, and initial FAU inventions will be limited to $15,000. To be considered for funding, submissions will require proof-of-concept, prototype development and commercial feasibility. Awards will be made semi-annually, beginning this December and will be announced in January 2007.
“This funding is a tremendous opportunity for FAU and our many talented innovators and researchers,” said Stephen Nappi, interim assistant vice president for research and director of technology transfer for FAU. “We are committed to raising additional funds to develop and sustain this program for years to come, with the goal of increasing the dissemination of FAU’s discoveries for the benefit of society.”
FAU has established the gap review committee chaired by Nappi and assisted by Kurt Moore, CFRE, director of corporate and foundation relations for FAU. The committee is composed of industry and business leaders from the pharmaceutical and information technology industries; FAU faculty members from business, engineering, science and the arts and humanities; and a representative from the Florida Atlantic Research & Development Authority. Final approval of the awards will be determined by FAU’s vice president for research, Dr. Larry F. Lemanski.
“These gap funds will be operated as an internal, competitive grant program which is open to eligible faculty, staff and students at FAU with the goal to move research and creativity from the lab to the marketplace,” said Lemanski. “University research has long been at the forefront of technology and intellectual property development and commercialization. We believe that we have the potential to transform research and creativity into beneficial products and services for the public good.”
Many important technologies and therapeutics have originated from universities. Gap funds will to help increase the number of innovations that originate in universities and end up in the marketplace.
- FAU-
Florida Atlantic University opened its doors in 1964 as the fifth public university in Florida. Today, the university serves more than 26,000 undergraduate and graduate students on seven campuses strategically located along 150 miles of Florida's southeastern coastline. Building on its rich tradition as a teaching and research university, with a world-class faculty, FAU hosts nine colleges - the Dorothy F. Schmidt College of Arts & Letters, the Charles E. Schmidt College of Science, the Charles E. Schmidt College of Biomedical Science, the Christine E. Lynn College of Nursing, the Harriet L. Wilkes Honors College, and the Colleges of Business, Education, Engineering & Computer Science, and Architecture, Urban & Public Affairs.
