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This
is not your daddys NC State when it comes to research,
warns Vice Chancellor for Research Charles Moreland. In the past
10 years, NC States model of industry partnerships in innovation,
entrepreneurship and economic development has become so successful
that the university has received a $500,000 grant from the National
Science Foundation to document and disseminate the model to other
universities.
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The real key has been the development of our seed stage venture
capital fund, Centennial Venture Partners (now renamed Academy Centennial
Fund), which has grown to a family of three progressively larger seed
funds, Moreland says. Since most university spin-offs
arent really ready to go after major venture capital, this seed
stage fund helps fund the companies through the early period of developing
a business plan, proving the concept, attracting experienced management
talent, and developing a commercialization plan that will appeal to
larger funds.
The proof of the funds success, says Glenn Kline, managing director
of Academy Funds, is that the money and guidance invested by the Academy
Centennial Fund over the past three years have helped its client companies
attract 12 times that amount from other, larger funds. In addition,
the value of Academy Centennial Funds portfolio of companies
is now three times what it was when it started. An unexpected bonus
is that the companies that started with the funds support have
already contracted with NC State faculty for more than $1.5 million
in research.
The reason weve been so successful, says Kline,
is that the chancellor and vice chancellor for research at NC
State are so supportive of the model and have a willingness to blaze
new and creative trails. I think this signals to the entrepreneurs
and the public that moving value from academia to the public is part
of the big picture at the New NC State.
For
more information, please visit http://www.academyfunds.com |
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