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Fund To Provide Money To UConn-Affiliated New Businesses

STORRS, Conn. (AP) — The University of Connecticut has established a $1.5 million investment fund to help members of the university community translate research breakthroughs into new Connecticut-based businesses.

The UConn Innovation Fund stems from a partnership between the school, Webster Bank and Connecticut Innovations, an organization created by the legislature to provide financial support to Connecticut businesses.

The fund will provide up to $100,000 to students, faculty members or UConn graduates with an in-state business startup tied to research, technologies or innovations developed at UConn.

UConn officials say the school also is committed to providing those businesses with help in getting patents, licenses and business incubator space.

The school says a committee will decide who gets the money based on factors including a company’s potential for commercialization and ability to raise additional funding.

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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