Translating research from R&D to commercialization
Breaking out of a commodity mindset and focusing on "meaningfully unique" products and services increases an entrepreneur's profitable success by 400 percent, according to Eureka! Ranch International data. Entrepreneurs, however, face challenges in achieving meaningful uniqueness: Such ideas require significant time and money for R&D, and to move from R&D to market, and they have a much greater failure risk. Eureka! Ranch applies scientific methods to address these challenges and help business owners find, filter, and fast-track their innovations.
In support of this approach, the Kauffman Foundation's grant to the Eureka! Ranch Invention Group will engage inventors from Kansas City, Mo., Wichita, Kan., and Denver, Colo., universities in launching a technology acceleration system that translates research to commercialization. Multiple training sessions with engineering and life sciences university faculty at each institution are geared toward developing a commercially defined focus for faculty research, and providing technology acceleration system training to local economic development professionals and appropriate university administration.