Intellectual property (IP) and the important role it plays in bringing inventions and innovations to the public was the focus of the 2019 New Venture Competition workshop held at the Cove @ UCI Applied Innovation.
Richard Tun, senior licensing officer at UCI Applied Innovation, informed workshop attendees of the ins and outs of IP as it relates to the university. The presentation included an introduction to the complex subject and pitfalls to avoid as well as an explanation of how the university ensures its IP has the best chances of making an impact in the community.
“We try to get startups created from the intellectual property generated by UCI faculty and employees, but if we can’t, we also try to license them out to large companies,” said Tun of the invention transfer process at Applied Innovation. “Our goal, from a UC perspective, is to get the technology out to the public.”
The New Venture Competition – hosted by the Beall Center for Innovation and Entrepreneurship at the Paul Merage School of Business in collaboration with Applied Innovation – offers UCI students, staff, faculty and researchers as well as community members the opportunity to take a startup idea from concept to reality, all within five months. Teams compete for the top spots in five categories: consumer products, consumer services, business products and services, life sciences, and social enterprise. Additional prizes are awarded through the Tech Surge track of the competition – sponsored by Applied Innovation – which offers winning teams who use UCI IP as a core element of their business plan grant money as well as an invitation to the Wayfinder incubator to further develop their ventures.
In the five months leading up to the final event, workshops like the one presented by Tun provide participants free programming and resources to help develop their ideas and the skills necessary to create viable businesses. Upcoming workshop topics include building a go-to-market strategy, navigating finances, building a pitch deck, pitching, and sales and marketing.
Additionally, UCI students who are active in UCI’s entrepreneurial programs, competitions and centers can also utilize Applied Innovation’s Student Startup Fund. This grant program helps UCI students cover the cost of project-related expenses – including prototyping materials, specialized software, conference fees and lab testing – up to $1,000. Applications to the Student Startup Fund are now open and are accepted on a rolling basis.
The 2019 New Venture Competition’s final event will be held on May 22 at the UCI Paul Merage School of Business. For more information about the New Venture Competition, click here. For more information about the Student Startup Fund and to apply, click here.