- July 13, 2020
- BY Radius Indiana
Entrepreneurs Take on Crane IP in New Pitch Competition
By Matt Craig, Radius Indiana Director of Crane Community Support
With most every sector of our economy feeling the effects of the pandemic, organizations in our region have come together to offer a new opportunity that will help spur innovation and business growth. This month, Radius Indiana, in coordination with Elevate Ventures, the Indiana Small Business Development Center and Naval Surface Warfare Center, Crane Division, will host a virtual pitch competition for entrepreneurs, inventors and start-ups focused on patented technologies and intellectual property (IP) developed at Crane–the best news–it is royalty free.
Radius Indiana created the concept for “Royalty-Free IP” pitch competition after learning of NSWC Crane’s Rapid Response Licensing Program, which launched this spring in response to COVID-19. The Technology Transfer (T2) Program at NSWC Crane opened its portfolio of 300+ patented technologies to entrepreneurs to help rapidly transition federal research and development into the commercial sector and to help stimulate the economy.
Engineers and scientists at NSWC Crane continually create technical solutions to solve problems faced by the men and women protecting our nation, but many of these also can apply to the commercial needs of the public sector. The Royalty-Free IP pitch competition provides a venue to develop a practical application of a technology to create a new commercial product, or launch a new business that can grow here in our region.
Radius Indiana worked with NSWC Crane to identify 10 technologies from the patent portfolio with the greatest opportunity for commercialization and product development. Individuals or teams are invited to develop an innovative proposal for one of the selected intellectual properties and the top entries will share in cash prizes totaling $5,000. Subjects range from drone tracking, to battery charger and power reduction systems, to tunable detection systems and hyperspectral imaging.
Participants will receive virtual coaching sessions and training at no cost from competition partners, Elevate Ventures, a private venture development organization that develops emerging and existing high-growth businesses into high-performing, Indiana-based companies and the Indiana Small Business Development Center, which offers entrepreneurs expert guidance and a comprehensive network of resources.
Radius Indiana encourages you to take advantage of this free opportunity to showcase the talent and bright ideas waiting to be discovered right here in southern Indiana. The deadline for registration to participate is July 13, and the pitch competition will be held via a virtual format on July 30. Visit www.radiusindiana.com to register.
About Radius Indiana: Radius Indiana is a regional economic development partnership representing eight counties in Southern Indiana: Crawford, Daviess, Dubois, Greene, Lawrence, Martin, Orange and Washington. Formed in 2009, Radius Indiana also serves as a point of contact in Indiana for Naval Support Activity Crane and leads regional collaboration by leveraging the diverse assets of Southwest Central Indiana to drive attraction, retention and expansion of business, thereby increasing employment and investment opportunities and quality of life within the region.