News and Updates
In 2008, the UM Office of Research and Economic Development piloted a one-time funding program designed to enhance the university’s research discoveries by moving them further down the commercialization pipeline. From the projects funded under the program, numerous patent applications and license agreements resulted, as well as the raising of more than one million dollars in research funding and investment capital. Due to this success, the Vice-President for Research and Economic Development has committed $500,000 for a third round of funding under the Fast Track program.
The UM Office of Research and Economic Development will provide funding up to $50,000 per proposal to support prospects from each of the UM campuses. Funding under this program is to allow recipients to focus on development, testing, or prototype construction, and/or conduct specific market research. This evaluation may lead to industry collaboration, licensing, the formation of a new company, or the development of the technology for commercial application. Funds received are not to be used for basic research, but to evaluate the commercial potential of existing research. The funding request should be the lowest cost proposal to complete the work.