The University of Pennsylvania (commonly known as Penn or UPenn) is a private, Ivy League university located in Philadelphia. Incorporated as The Trustees of the University of Pennsylvania, Penn is one of 14 founding members of the Association of American Universities and one of the nine original colonial colleges.
October 24 we visited The Pennsylvania State University to get acquainted with its startup infrastructure. Ecosystem created at the University allows to use IP and achieve its monetization effectively. Penn University is moving away from the model of IP’s direct sales to large companies. Up to date, the scheme in which the university itself creates startups seems more interesting. University invites CEO to run the startup. And CEO personally gets involved in the development of a prototype and MVP (minimum valuable product). All work is performed on the basis of University’s IP and with the participation of University’s research staff. Then all the achievements of the startup are referred to the extensive network of investors associated with the university.
It was especially interesting for us to find out what requirements the University applies to the selected ideas and to get acquainted with the projects in the field of medicine and VR.