This is a proposal to establish an I-Corps Site at the University of Iowa.
NSF Innovation Corps (I-Corps) Sites are NSF-funded entities established at universities whose purpose is to nurture and support multiple, local teams to transition their technology concepts into the marketplace. Sites provide infrastructure, advice, resources, networking opportunities, training and modest funding to enable groups to transition their work into the marketplace or into becoming I-Corps Team applicants. I-Corps Sites also strengthen innovation locally and regionally and contribute to the National Innovation Network of mentors, researchers, entrepreneurs and investors.
The University of Iowa's (UI) I-Corps Site accelerates commercialization of technologies developed by UI faculty, students and community-based entrepreneurs and has invested in campus-wide infrastructure to foster innovation and technology commercialization. Core university entrepreneurship and technology commercialization operating units are closely aligned to ensure effective and rapid implementation of the UI I-Corps program. The UI has strong working relationships with external stakeholders for identifying experienced entrepreneurial leaders and mentors and securing financial capital from angel investors, venture capitalists and public sector programs to support UI I-Corps teams.
The establishment of a UI I-Corps program significantly improves the campus' entrepreneurial eco-system by providing funding for new strategic investments in entrepreneurship education and support while leveraging existing commercialization activities.
At the core of the UI I-Corps program is entrepreneurial training; UI Venture School is an entrepreneurial training program based on the LeanLaunch Pad and Business Model Canvas. The UI offers 6-8 entrepreneurial educational programs annually, serving a minimum of 30 commercialization teams. In addition to training, the university launches 1) several business and technical support initiatives for I-Corps teams including the Summer Accelerator-a 90-day new venture launch program, 2) UI ProtoLabs-a prototype development program, 3) UI Ventures-a comprehensive technical and business development initiative, 4) UI Mentoring-a mentoring program connecting UI faculty and students to entrepreneurs, investors and technical experts, and 5) a SBIR/STTR grant development assistance program.
Broader Impacts: The UI I-Corps program incorporates mechanisms that may demonstrate the potential for how universities can successfully build a campus-wide, interconnected entrepreneurial ecosystem through interdisciplinary education and innovation, collaboration with colleges, centers, and research units, and partnerships with the private sector. UI I-Corps program is expected to: increase the number of UI startup companies; intensify interdisciplinary collaborations among faculty, students, entrepreneurs, investors and private sector companies; expand the entrepreneurial management talent of UI faculty and student entrepreneurs; and support the development and commercialization of new technologies designed to solve significant societal challenges.
In addition, female entrepreneurs and female led startup companies is the focus of the UI I-Corps project. Startup companies led by female CEOs and CTOs represent a small fraction of entrepreneurs. The goal of the BI is to increase the number of female entrepreneurs on campus to be equal to their male counterpart within 5 years. Key elements of the BI approach include: 1) targeted grant funding for Gap and startup activities for female entrepreneurs, 2) one-on-one mentoring that pairs successful female entrepreneurs with each new female led startup, 3) formal recognition of accomplishments, grants and awards by female entrepreneurs, 4) bringing successful hi-tech female entrepreneurs to campus for publicized seminars and one-on-one sessions, 5) developing a network of female entrepreneurs for support, feedback and social connections, and 6) instituting an entrepreneurial leave of absence with special emphasis for female entrepreneurs.
