Contact: Maridith Geuder
Mississippi State scientist Alan Wood is so confident that many life science technologies await development and use for the public good that he's putting up cold cash to encourage innovations.
Wood, head of the university's Life Sciences and Biotechnology Institute, is teaming with the campus Office of Research to fund a $10,000 entrepreneurship competition among MSU faculty members. Medical equipment/devices, veterinary vaccines, drugs, pesticides, software, and manufacturing services are among products that could result, he explained.
"We envision this as an annual incentive to assist our faculty members in moving their research from laboratory benches to the real world of business," he said. "These are relevant to Mississippi needs, but they are global issues as well."
The recently announced challenge must involve a potential commercial product or service based on life sciences research developed at Mississippi State. Applicants are required to submit a plan that includes a business overview, anticipated market opportunities, management team members, and technical and financial analyses, among other components.
All entries are due by the end of the year and will be judged on the likelihood of successful implementation.
"Even those who don't win will have a business plan in place that can be used to present products to potential investors," Wood said.
"We hope this competition will stimulate an interest in seeking patents that transfer Mississippi State's expertise in the life sciences to products and services that contribute to the state's economy and people's lives," Wood said.
Charles T. Rivenburgh, MSU director of intellectual property and technology licensing, said the institution currently holds 54 patents, with 28 new patent applications filed last year.
"These patents have led to nine new faculty start-up companies based on the technology created by MSU scientists," Rivenburgh said. "Many of the companies provide jobs and economic development for our regional economy."
He said students more recently are becoming interested in forming businesses to commercialize products they created as a part of senior design projects. "A commercially successful product could lead to exciting new opportunities for the students and the university," Rivenburgh added.
He expressed an additional hope that the institute competition will help promote even greater campus interest in translating new technologies to new industries.
Wood said the institute is "seeing more invention disclosures in fields aligned with our focus of research.
"I expect some of these technologies will be the basis of new businesses in the coming years, possibly as a result of the competition," Wood said.
NEWS EDITORS/DIRECTORS: For more information, telephone Dr. Wood at (662) 325-9208.