The LSU Board of Supervisors is doubling down on its initial $2 million investment in a new program that helps university faculty bring their business ideas to the marketplace. The board on Friday approved adding another $2 million to the Leveraging Innovation for Technology Transfer Fund, which more simply is called the LIFT2 Fund. The move follows the board’s original $2 million investment in January.
Twice a year, the LIFT2 Fund provides grants of up to $50,000 on a competitive basis to a select number of faculty members, who can use the money to validate the market potential of their inventions. From among 47 faculty applicants, 15 grants totaling slightly more than $500,000 were awarded during the fund’s first round of awards in May.
“The large number of applicants in the first pilot round of the LIFT2 Fund Awards demonstrates that the innovation and potential is present on all of LSU’s campuses,” Arthur Cooper, CEO of the LSU Research & Technology Foundation, said in a prepared statement. “Helping the faculty close the last gap with proof-of-concept funding is a critical step in many of these inventions making it to market.”
Officials currently are reviewing the second round of applications, with the next round of grant awards expected to be announced in January.
Also Friday, the LSU Board of Supervisors signed off on construction of a pair of significant new projects on campus. Construction of a three-story, 23,000-square-foot house for the Kappa Sigma fraternity was approved to replace its home at 15 Dalrymple Drive that is nearly 80 years old. The project is expected to cost about $6 million.The board also OK’d construction of a $12 million Tiger Athletic Nutrition Center, which will be located on Nicholson Drive near Skip Bertman Drive.
The board also OK’d renaming the LSU Honors College on Friday. The college now will be known as LSU Roger Hadfield Ogden Honors College. The name change came on the same day LSU alumnus Roger Houston Ogden announced a $12 million donation to the college in honor of his late father, Roger Hadfield Ogden, and son, Dr. Roger Hadfield “Field” Ogden II. LSU has more details on the donation and renaming.
