Any faculty member, post-doctoral fellow, graduate student, or other employee of the University of Rochester is eligible to apply for funding, provided that they have submitted (or are concurrently submitting) an invention disclosure to URVentures. Applications for technologies from all fields of science, medicine, dentistry, nursing, business, education, music, and engineering will be accepted.
Time and Effort
The applicant (project leader) is responsible for the plan and will commit his/her time and effort, as appropriate, to lead and oversee the project. URVentures and “coaches” (volunteers from the Screening Committee, the Simon School and Entrepreneurial “friends” of UR) will be available to work with the funded programs and will act as an informal advisory group to ensure that all aspects of the plan are continuously reviewed and attention to agreed-upon milestones are kept at the forefront.
The project plan is submitted by the project leader and approved by the Screening Committee before any work is initiated. Any significant mid-course revisions to the research plan must be submitted to the fund manager and will require approval by the Screening Committee.
Implementation and Reporting
The project leader must provide regular reports on progress to the fund manager and Executive Committee. Continued funding will be contingent on the achievement of agreed-upon milestones, which are key decision points for the assessment of progress.
The achievement of agreed-upon milestones will serve as key decision points for the assessment of project progress and the determination of continued funding. A project may be terminated if significant technical milestones are not met.
If a funded project receives investment from a source outside the University during the funding period, this must be reported to the fund manager. Reallocation to other aspects of the project may be permitted as appropriate. The Executive Committee reserves the right to recover funds that are no longer necessary to cover expenses outlined in the original proposal.
To be considered a success, a funded project should be commercialized via licensing either to an established company or to a newly founded startup.
In order to ensure that the TDF is evergreen, projects will be required to share revenue on intellectual property utilized and created with the grant. Twenty-five percent (25%) of all revenues, after patent and legal fees, received by the University from licensing the technology will be paid into the TDF until three times the amount of the grant has been repaid. This payment will be considered as an out-of-pocket cost of the intellectual property and will be applied against the incoming revenues in the same manner as are patent and legal fees recovered under current University Policy.
Financial awards are announced following approval by the TDF Executive Committee and funding is arranged via the appropriate department’s processes. The applicant is responsible for the plan and must commit sufficient time and effort to lead and oversee the project.
UR Ventures will be available to assist in developing the funded programs and to volunteer along with coaches and mentors who have relevant expertise. These volunteers will also act as an informal advisory group to help ensure that all aspects of the plan are continuously reviewed and milestones are achieved. Any significant mid-course revisions to the research plan must be submitted to the Technology Development Fund Manager and will require approval by the Screening Committee.
The Screening Committee oversees all aspects of the program with constant communication with the TDF Executive Committee and the University Technology Transfer Policy Committee, providing both bodies with regular updates and progress reports.