LSU gives nearly $500k to bring faculty inventions to market
LSU is pledging some $500,000 to help bring 11 technology inventions created by university faculty to market. The grants are coming through the school’s Leverage Innovation for Technology Transfer, or LIFT2 grants.
The LIFT2 program, launched in 2014 as a way to help LSU researchers bring inventions to market, has pumped more than $3.5 million into 96 research projects.
Among the latest inventions to earn grant dollars: an app designed by a faculty member at Pennington Biomedical Research Center that helps people manage meal portion size; the development of a wearable patch to monitor infants with heart disease; and “nanoenhanced” stem cell bone grafts. The grant program offers funding to innovations from a wide range of disciplines.
Faculty members who receive funding from the university’s program get 40% of the profit from licensing their inventions, while the university collects the royalties—5% of which is funneled back into the LIFT2 Fund.
LSU pitches the program as a way to bridge the gap between research and commercialization by providing capital that would otherwise be difficult for researchers to secure. The grants offer up to $50,000 to each faculty member, with the goal of bringing the ideas of LSU faculty to market.
“LIFT2 grants have been so successful that the program is now a permanent fixture of the LSU research ecosystem and awards will be made twice a year on a fixed schedule,” Arthur Cooper, CEO of the LSU Research & Technology Foundation, says in a statement.