VIC Foundry is one element of the VIC innovation ecosystem that includes VIC Technology Venture Development, VIC Investor Network, VIC Venture Fund, and various associated programs such as the VIC Fellows and VIN Partners. VIC Foundry develops technologies that have substantial potential impact and commercial promise but have too many unknowns to be able to acquire private equity investment initially. Instead of private equity, VIC Foundry further develops promising technologies by accessing grant funding such as SBIR and STTR. After a technology has been brought far enough along to warrant private equity investment, a new company is formed, an initial executive team is placed into the new entity by VIC Technology Venture Development, and the VIC Investor Network places a founding investment up to $500,000 into the newly formed company.
What are the benefits for inventors and universities in working with VIC Foundry?
The VIC Foundry team has extensive technology commercialization experience and success. Working with our team can help steer technology development in the most impactful and commercially promising directions. Access to SBIR and STTR funding is provided without the inventor needing to form a separate new company, which is time-consuming, distracting from the university research, carrying significant costs and risks.
If the grant-funded development work goes as planned, a new company subsequently is formed to commercialize the technology with private equity funding ensured. VIC has a strong track record for successfully commercializing university technologies. The inventor takes a technical advisor role in the new company and can receive equity and consulting compensation.
For universities, there is opportunity for licensing technologies that otherwise may never be licensed due to the stage of development at the university. Universities also can benefit from subcontracted work back to the university, and from having a much higher chance of substantial licensing revenue compared to a typical faculty or student led startup.
What are the benefits for investors?
For the VIC Investor network, the VIC Foundry provides an additional source of high quality deal flow, de-risks highly promising technologies, and allows deeper insights prior to VIC making the go/no-go decision on a new start-up to commercialize the given technology.