The University of Pennsylvania’s Center for Technology Transfer (CTT) has introduced UPSTART, a program aimed at developing UPenn IP by helping faculty form companies based on their inventions and technological innovations. The program, a suite of services designed to connect entrepreneurs, investors, and funding organizations with Penn researchers, combines the business-creation strengths of CTT and Penn’s New Ventures Team with the entrepreneurial interests of faculty founders and regional investors.<\/p>\n
UPSTART representatives partner directly with university faculty and staff to complete the steps required to legally form a company, raise funds, and recruit employees. The program provides access to business planning, advisory, and support resources through its network of collaborative relationships with entities such as the University Science Center, the Wharton Small Business Development Center, and Penn’s Commercialization Acceleration Program. These and other resources help emerging UPSTART businesses analyze the size of potential markets, address competitive landscapes, develop product strategies, and define their infrastructure needs.<\/p>\n
Once a marketing and business plan is established, UPSTART develops strategies and timelines to pursue external funding, including outreach to angel investors, economic development funds, seed stage VC funds, and government grant programs. UPSTART representatives also take the lead in introducing company founders to local entrepreneurs who have the capabilities to build a management team and company infrastructure. “We developed the program with substantial input from faculty members and key stakeholders at Penn, so it truly reflects a partnership between the university and faculty founders that facilitates the process of new venture creation,” says John Swartley, deputy executive director of CTT.<\/p>\n