Knowledge generated by academic research is a major source of health-related innovations. Transforming innovative discoveries into commercialized products that improve human health is a difficult process. However, all stakeholders (universities, funding bodies, pharmaceutical and medical device industries, federal and state governments and the public) have a vested interest in identifying scalable approaches that accelerate the translation of academic innovations into biomedical products. The goal of the Kentucky Network for Innovation and Commercialization (KYNETIC) is to build a Research Evaluation and Commercialization Hub (REACH) network of commercialization resources accessible across the entire Commonwealth of Kentucky to accelerate translation of academic innovations into biomedical products. To reach this goal, the following aims will be conducted: 1) establish KYNETIC?s organizational and collaborative structure; 2) Find, fund and manage product definition/development projects; 3) Provide mentoring, skills development, experiential education and networking opportunities with industry experts, entrepreneurs and investors; and 4) Devise and implement a plan to transition to a self-sustaining entity. KYNETIC will build on lessons learned from developing a regional IDeA technology transfer accelerator (at UK) and a current REACH hub (at UL). KYNETIC will be led by the University of Kentucky (UK), in partnership with the University of Louisville (UL) and the Commonwealth Commercialization Center (C3), a private 501(c)3 non-profit commercialization organization. Also, KYNETIC will include all of Kentucky?s public regional universities and community and technical college system (KCTCS). KYNETIC?s mission is to nurture innovations and academic innovators by providing funding, mentoring, education and a network of relevant expertise. Required matching funds for KYNETIC have been committed in full by Kentucky Commonwealth Economic Development (CED) and the state R1 universities. KYNETIC will be directed by a leadership team consisting of 2 academic innovators, 2 technology transfer professionals (from UK and UL) and 2 representatives from partnering entities (C3 and CED). A steering committee including the leadership team and representatives from each participating institution, an External Review Board and the NIH will review and evaluate KYNETIC projects and fund up to 13 projects/yr using an innovative ?quick kill? management strategy. Our services will be available to as many individuals as possible. Diverse role models including innovators and entrepreneurs from underrepresented groups will be sought. The proposed Kentucky-wide REACH program will leverage our collective wealth of resources, ecosystems and extensive experience to apply and expand best practices for innovator education and mentoring. The overall impact of KYNETIC will be unprecedented opportunities for collaboration and synergy, well-prepared innovators, a statewide pro-entrepreneurial culture and delivery of de-risked technologies to benefit health and overcome the state?s health disparities.
The goal of the Kentucky Network for Innovation and Commercialization (KYNETIC) is to build a Research Evaluation and Commercialization Hub (REACH) network of commercialization resources accessible across the entire Commonwealth of Kentucky to accelerate translation of academic innovations into biomedical products. KYNETIC will nurture innovations and academic innovators by providing funding, mentoring, education and a network of relevant expertise. The overall impact of KYNETIC will be unprecedented opportunities for collaboration and synergy, well-prepared innovators, a statewide pro-entrepreneurial culture and delivery of de- risked technologies to benefit health and overcome the state?s health disparities.
