New Jersey Health Foundation Pledges $500,000 To New TechAdvance(TM) Fund To Help Bring Rutgers Inventions Closer To Commercialization

NEW BRUNSWICK, NJ — Rutgers University’s Office of Research and Economic Development (ORED) is pleased to announce its first significant gift of $100,000 as part of a $500,000 pledge over five years from New Jersey Health Foundation (NJHF) to support its recently launched TechAdvanceTM fund. TechAdvance is a new early-stage technology development fund, administered by Rutgers’ Office of Research Commercialization, to bring promising technologies invented by Rutgers researchers closer to commercialization. 

“Our vision for TechAdvance is to bridge the funding gap for early stage technologies that have promising commercial potential but are considered ‘too early’ for investors or potential industry partners.” said David Kimball, Ph.D., Associate Vice President for Research Commercialization at Rutgers. “We are grateful for New Jersey Health Foundation’s support of that vision through this gift and for the foundation’s commitment to advancing research efforts in New Jersey. Support of programs like TechAdvance help to accelerate innovation reaching communities and make a real impact on people’s lives.”

Offering grants of up to $100,000 for Rutgers faculty and students, TechAdvance was created to provide financial support at a stage where funds are not available from other sources to transform inventions into valuable products and services that can be marketed via licensing to existing companies or the creation of new startups. For example, the funds can be used to develop prototypes, materials, or experiments that generate new data or information in areas including life science, physical science, engineering, agriculture and IT.

“We think the new Rutgers TechAdvance fund has the potential to uncover breakthrough research and increase faculty and student engagement in projects leading to commercialization,” explained George F. Heinrich, M.D., NJHF vice chair & CEO. “We are hopeful that our funding, along with others who follow our lead, will help advance these important projects.”

New Jersey Health Foundation is a not-for-profit corporation that supports biomedical research and health-related education programs in New Jersey through several grants programs and its affiliate, Foundation Venture Capital Group, which makes private equity investments in life science start-up companies in New Jersey headed toward commercialization. For the next four years, NJHF will match up to $100,000 per year of new outside contributions raised by Rutgers for TechAdvance.

Applications by Rutgers faculty and students are now being accepted on a rolling basis, and will be evaluated by external industry reviewers who have strong technical expertise as well as industry experience in the commercialization of new products.

The TechAdvance program was established by $1 million of seed funding from the Rutgers Office of Research and Economic Development and is seeking to draw philanthropic support from donors, including alumni, foundations, industry partners and members of the business community.

For more information about TechAdvanceTM, visit techadvance.rutgers.edu.

# # #

About Rutgers, The State University

Rutgers, The State University of New Jersey, is a leading national research university and the state of New Jersey’s preeminent, comprehensive public institution of higher education. Established in 1766, the university is the eighth oldest higher education institution in the United States. Nearly 69,000 students and 22,000 full- and part-time faculty and staff learn, work, and serve the public at Rutgers locations across New Jersey and around the world. The university belongs to the Big Ten Academic Alliance, comprised of 14 world-class research universities, and is among the top 20 public U.S. universities for total R&D funding. Rutgers University–New Brunswick is the state’s only public institution in the prestigious Association of American Universities.

With research a fundamental part of the university’s mission, the Office of Research and Economic Development provides services across Rutgers to support faculty research and strategically lead the university's economic development activities. ored.rutgers.edu

About the Office of Research Commercialization (ORC)

The Office of Research Commercialization is dedicated to transforming research at Rutgers into products, services and partnerships for the public good, generating value for the University and enhancing economic development in the State of New Jersey. orc.rutgers.edu