The University of Chicago may soon be turning out more startup companies thanks to a new program that aims to lower the barriers for entrepreneurship, decreasing the time and cost for faculty and other researchers to start companies based on UChicago technologies.
The UCGo! Startup License program, launched Nov. 2, streamlines and simplifies the process for licensing University intellectual property available to qualified UChicago startup companies. The optional program provides standardized, non-negotiable terms, shortening the timeline for company launch and minimizing the company’s legal costs.
The program is spearheaded by UChicagoTech, the Center for Technology Development & Ventures, which works to harness and advance the University’s breakthrough research through licensing technologies, supporting startups and expanding industry collaborations. The Chicago Innovation Exchange, which fosters innovation and collaboration with other University programs, jointly operates UCGo!
“UChicagoTech is dedicated to advancing invention-based innovation, and we’re excited to add this as another tool to help drive ideas to impact,” said Steve Kuemmerle, deputy director of UChicagoTech. “Through the UCGo! Startup License program, faculty and other researchers have a chance to accelerate the commercialization process.”
UCGo! is available to faculty, students, staff and other researchers, including scientists at the Marine Biological Laboratory.
“This program is part of a larger UChicago innovation initiative that provides resources and opportunities to help create and grow new businesses,” Kuemmerle said. “The UCGo! Startup License program will enable entrepreneurs to better focus their time and resources on developing their businesses.”
Supplementing UCGo! is a broad range of educational programming offered by the Chicago Innovation Exchange, the Polsky Center for Entrepreneurship and Innovation, and other on- and off-campus resources.
“The addition of the UCGo! Startup License program is an important step in the University’s efforts to reduce barriers to the commercialization of important technologies developed on campus,” said John Flavin, executive director of the Chicago Innovation Exchange. “The CIE and our staff are looking forward to supporting more researchers and faculty through this program as they create and grow businesses that have the potential to solve problems and improve our society.”