BEDFORD, Ind. (April 28, 2023) – Royalty-free opportunities to commercialize patented technologies are now available to entrepreneurs, inventors, and start-ups who can pitch innovative proposals to commercialize the technologies this Summer. Southcentral Indiana defense and economic development industry leaders will host the opportunity on June 27 at the fourth annual Radius Indiana “Crane IP Defense Innovation Pitch Competition” with royalty-free IP.
The competition offers cash prizes and unprecedented, royalty-free opportunities to commercialize the patented technologies and concepts developed by the PhDs, engineers, and staff at Naval Surface Warfare Center-Crane Division, Indiana’s only federal research laboratory. Individuals or teams are invited to develop an innovative proposal using any piece of intellectual property available from NSWC Crane’s Technology Transfer Program.
“We are very excited about the opportunity to partner with Radius Indiana for the fourth Crane IP Defense Innovation Pitch Competition. Our hope is to continue to connect the entrepreneurial-minded with NSWC Crane’s world-class IP,” said Maria Duran, technology transfer director for NSWC Crane. “Each year, as a result, participants have gone on to establish formal collaborative relationships with NSWC Crane and/or license IP to commercialize technology from our portfolio.”
The competition is hosted by Radius Indiana, in partnership with Elevate Ventures, Naval Surface Warfare Center-Crane Division, Bloomington-based Dimension Mill, and the Indiana Small Business Development Center. Entrepreneurs will have the opportunity to connect with industry leaders from these organizations, and cash prizes totaling $12,000 will be available to the top three contestants. Additional prize funds and assistance will be available for competitors who currently have or agree to establish locations in the Radius region of southern Indiana.
“Radius Indiana is looking forward to the fourth annual Crane IP Pitch Competition and we are excited to see entrepreneurs pitch their ideas for using this amazing technology coming out of NSWC Crane,” said Blaine Parker, director of entrepreneurship and small business support for Radius Indiana. “The winners from past years have gone on to do great things with their new relationship with Crane.”
The pitch competition is being held in partnership with PROPELS Accelerator, a Dimension Mill program offering instruction on commercializing cutting-edge technology developed at NSWC Crane. The program takes place during a one-week boot camp. It focuses on developing a business and/or product idea with follow-on support over the following six weeks from experts in defense and entrepreneurship. Registrants participate in a demo night at the end of June and are then encouraged to pitch their idea at the Radius Indiana Crane IP Pitch Competition
“The Mill couldn’t be happier to once again support the Radius/Crane IP Pitch Competition as a sponsor with a commitment to expanding our entrepreneurial ecosystem. We’re currently helping folks in our PROPELS Accelerator develop commercialization plans around Crane IP, and the Radius competition is their best next step. This event really unleashes the potential of cross-sector collaboration and innovation around top-notch IP,” said Andy Lehman, head of accelerator programming at the Mill.
The competition is free for participants. Entrants will receive a template to create a slide presentation for the competition.
The registration deadline is June 16. Visit www.radiusindiana.com to learn more and register for the competition.
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.
About NSWC Crane: NSWC Crane is a naval laboratory and a field activity of Naval Sea Systems Command (NAVSEA) with mission areas in Expeditionary Warfare, Strategic Missions and Electronic Warfare. The warfare center is responsible for multi-domain, multi- spectral, full life cycle support of technologies and systems enhancing capability to today’s Warfighter.
About Elevate Ventures: Elevate Ventures is a private venture development organization that nurtures and develops emerging and existing high-growth businesses into high-performing, Indiana-based companies. Elevate Ventures accomplishes this by providing access to capital, rigorous business analysis and robust advisory services that connect companies with the right mix of resources businesses need to succeed long term. To learn more about Elevate Ventures, visit elevateventures.com.
About Indiana Small Business Development Center: The Indiana SBDC creates a positive and measurable impact on the formation, growth, and sustainability of Indiana’s small businesses by providing entrepreneurs expert guidance and a comprehensive network of resources. To learn more about you can access free resources through the ISBDC network, visit us at www.isbdc.org.
About The Mill: The Mill’s mission is to spark Bloomington’s innovation economy by launching and accelerating startups, and its vision is to become Indiana’s center of gravity for entrepreneurship. For more information about The Mill, visit https://dimensionmill.org/.