PHILADELPHIA--(BUSINESS WIRE)--The University City Science Center announced today that its QED Proof-of-Concept Funding Program has been awarded a $1.0 million grant by the U.S. Economic Development Administration (EDA).
The EDA, an agency of the United States Department of Commerce, promotes competitiveness and prepares the nation’s regions for growth and success in the worldwide economy.
The Science Center’s QED Program is the nation’s first multi-institutional proof-of-concept program for life science technologies. A total of 19 academic, healthcare and research institutions located throughout Pennsylvania, New Jersey and Delaware currently participate in the program.
The QED Program (whose name is derived from the Latin “Quod Erat Demonstrandum” – “that which is demonstrated”) provides funding and business development support for academic researchers developing early-stage technologies with high commercial potential. The key goal of the program is to retire the business risk in these early-stage projects, increasing their attractiveness to follow-on investment by established companies and private investors. The QED Program integrates four elements that are critical to successfully and efficiently performing early-stage proof-of-concept technology assessments: business advice, market drivers, grant funding, and guidance to exit.
“QED helps bridge the gap between research grants and commercial seed investment – or the Valley of Death, as it’s sometimes called. This grant from the EDA will help the QED Program bridge its own Valley of Death by ensuring funding for the next two years,” said Science Center President & CEO Stephen S. Tang, PhD, MBA. “Thanks to the EDA’s support, more technologies will be pulled out of the labs and into the marketplace. Not only will the companies formed from these research projects support the economy by creating new jobs, but the technologies they are developing will have a meaningful impact on patient care.”
The EDA grant will support the third and fourth funding rounds of the QED Program over the next 24 months.
“The University City Science Center has a proven track record of helping entrepreneurs create jobs and stimulate the regional economy,” said Senator Bob Casey (D-PA). “This grant will help the Science Center provide life science entrepreneurs with the assistance they need to get ideas from the laboratory to the marketplace, creating jobs and advancing an industry crucial to Pennsylvania’s economic future.”
Congressman Chaka Fattah (D-PA-2), lead Democrat on the House Appropriations Committee’s Subcommittee on Commerce, Justice, Science, and Related Agencies, which oversees EDA funding, said, “Support from the EDA grant will help transport science technology concepts from project research labs to full-fledged business incubators all across the Philadelphia region. By creating jobs, these new business models will inject life into the local economy as their growth and development matures.”
"Philadelphia's research community is its greatest economic strength," said Philadelphia Mayor Michael A. Nutter. "Innovative approaches to early stage investment like the QED fund help move that research from the laboratory to the factory, creating sustainable jobs and wealth for our residents. We were proud to support this program at the University City Science Center, and want to thank EDA for their foresight in funding it."
Since QED was launched in April 2009, 179 projects have been screened in three separate funding competitions, resulting in nine projects being awarded $200,000 each -- $100,000 from the Science Center and $100,000 from the supporting institution – for 12 months of research and development. Out of the first six funded projects, four technologies have been licensed or optioned and three companies have been formed. A request for proposals for the fourth round of the competition was released April 18, 2011.
The Science Center developed QED in response to a report issued in October 2007 by the CEO Council for Growth, entitled “Accelerating Technology Transfer in Greater Philadelphia: Identifying Opportunities to Connect Universities with Industry for Regional Economic Development.” That report identified the creation of a proof-of-concept fund as a critical need for the region. The CEO Council for Growth is a C-level leadership organization that seeks to grow the economy and increase the prosperity of the Greater Philadelphia region. The Select Operating Committee of the CEO Council for Growth is the governing body of Select Greater Philadelphia, an affiliate of the Greater Philadelphia Chamber of Commerce.
The 19 universities and research institutions participating in the QED Program include:
Pennsylvania: Children’s Hospital of Philadelphia, Drexel University, Fox Chase Cancer Center, Harrisburg University of Science and Technology, Lankenau Institute for Medical Research, Lehigh University, Monell Chemical Senses Center, Philadelphia College of Osteopathic Medicine, Philadelphia University, Temple University, Thomas Jefferson University, University of Pennsylvania, University of the Sciences in Philadelphia, Widener University and The Wistar Institute.
New Jersey: Rutgers University, University of Medicine and Dentistry of New Jersey
Delaware: Delaware State University, University of Delaware
The QED Program is also supported by funding from the Commonwealth of Pennsylvania’s Ben Franklin Technology Development Authority, the William Penn Foundation, Wexford Science + Technology, and the Science Center.
About the EDA
EDA’s mission is to lead the federal economic development agenda by promoting innovation and competitiveness, preparing American regions for growth and success in the worldwide economy. EDA implements this mission by making strategic investments in the nation’s most economically distressed communities that encourage private sector collaboration and creation of higher-skill, higher wage jobs. EDA investments are results driven, embracing the principles of technological innovation, entrepreneurship and regional development.
About The Science Center
The University City Science Center accelerates technology commercialization, regional economic development, and the market availability of life-enhancing scientific breakthroughs by bringing together innovations, scientists, entrepreneurs, funding, laboratory facilities, and business services. Established in 1963 and headquartered in Philadelphia, PA, the Science Center was the first, and remains the largest, urban research park in the United States. Graduate organizations and current residents of the University City Science Center’s Port business incubators have created more than 15,000 jobs that remain in the Greater Philadelphia region today and contribute more than $9 billion to the regional economy annually. For more information about the Science Center, visit www.sciencecenter.org.