Mediaboss Marketing

Published on Wednesday, May 11, 2022

Previous finalists have built exciting technologies across a wide range of industries representative of the core strengths of the University and its partners. (Image: iStock.com/AntonioSolano)

Four teams have been selected as finalists for the George Shultz Innovation Fund spring 2022 investment cycle bringing to the forefront solutions for scaling quantum computers, sustainably cleaning oil spills, detecting cancer with saliva, and improving medical devices.

Managed by the Polsky Center for Entrepreneurship and Innovation, the George Shultz Innovation Fund provides up to $250,000 in co-investment funding for early-stage tech ventures coming out of the University of Chicago,Argonne National Laboratory,Fermilab, andtheMarine Biological Laboratory.

>> Register to attend the virtual Innovation Fund Finals on May 25th.

Through the Innovation Funds programmatic scope, we are able to surround these tech startups with a community of support including distinguished angel and venture capital investors, potential customers, advisors, scientists, entrepreneurs, and industry partners to help move their projects forward, said Ozge Guney Altay, director of Polsky Science Ventures.

The startups we invest in go through a rigorous, venture-capital-style due diligence conducted by a multi-disciplinary team of Innovation Fund Associates, added Altay. Our core mission with the Innovation Fund is to help researchers turn their innovations into ventures that are positioned to succeed in their fund-raising efforts.

The spring 2022 finalists include:

The core mission of the Shultz Innovation Fund is to help researchers turn their innovations into ventures that advance cutting-edge technologies, generate significant financial returns, and create lasting impact for humankind.

The teams receive guidance and dedicated support from the Polsky Center, business experts, an advisory committee, and studentInnovation Fund Associateswho are training in venture capitalism.

Over the last 11 years, the George Shultz Innovation Fund has invested $9.2 million in 90 companies that have gone on to raise $235 million in follow-on funding. Companies launched with the funds support includeExplORer Surgical,Corvidia,ClostraBio, andSuper.Tech.

Discussions with the Innovation Fund leadership and associates helped us clarify our core strategy and business model. We also benefited from the training and support on crafting a pitch deck, which will help us in conversations with future investors as well, said Pranav Gokhale, CEO and cofounder of Super.tech. Building on its success after securing $150,000 from the Innovation Fund in 2020, Super.tech went on to securemillions of dollars in federal research and was recently acquired by the global quantum ecosystem leader,ColdQuanta. Major organizations, including Fortune 500 companies and national research laboratories, today relay on its software as part of their strategic quantum initiatives.

A finalist in the 2021 spring cohort, Esya Labs CEO and Cofounder Dhivya Venkat said: All startups at the University of Chicago should apply to go through the George Shultz Innovation Fund. It was such a beneficial experience. Esya Labs earlier this yearannouncedthat Novartis is among the first companies to use its technology.

Read this article:
Cancer Detection, Oil Spill Cleanup, Quantum Computing, and a New Medical Device: Meet the Spring 2022 Innovation Fund Finalists - Polsky Center for...