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Innovation & Job News

USF Offers Seed Capital To Companies In Technology Incubator

A new source of capital is available for startups that were formed based on the licensing of University of South Florida (USF) technologies.

Companies affiliated with the Tampa Bay Technology Incubator (TBTI) at USF Connect can apply for up to $50,000 in funding to help take their products or services to the next level.

The goal is to assist these companies with reaching their goals within a year or less. The money is designed to help them overcome obstacles that may be keeping them from taking the next step -- whether it be taking a product to market, developing a prototype, paying salaries or purchasing needed materials.

To qualify, a company must have been formed using USF-licensed technology. Companies at TBTI span all industries, from a skateboard briefcase to science education materials, to mobile structures that will be deployed in therapeutics.

The funding is available through the Seed Capital Accelerator Program and is sourced from the USF Research Foundation, which set aside money from its long-term earnings for this purpose.

"One of the biggest things these early stage companies struggle with is getting proof of concept that helps them get investment or move them to the next level," says Valerie McDevitt, assistant VP for Patents & Licensing at USF.
"At the beginning stages it can be really hard to get that money, and it makes a huge difference."

Funding will be based on agreed project objectives being met. The deadline to apply is November 15, 2013.

Writer: Megan Hendricks
Source: Valerie McDevitt, USF

Read more articles by Megan Hendricks.

Megan Hendricks is a feature writer and editor at 83 Degrees Media in the Tampa Bay region of Florida.
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