A new tech initiative that seeks to boost entrepreneurship and innovation throughout the University of Hawaii System is now accepting applications, UH officials announced Wednesday.
Ideation Studio@UH — which is run through the University of Hawaii Office of Innovation and Commercialization, or OIC — is a new incubator program that provides concierge services, resources and seed funding to advance UH-affiliated innovations from ideas to market.
The program, which is funded by $2.7 million CARES Act Recovery Assistance grant from the U.S. Economic Development Administration, will invest more than $1.8 million in UH tech startups over the next three years. Seed funding will be provided through OIC’s UH Ventures, LLC.
The inaugural spring 2022 cohort — which will last 12 to 24 months — will be limited to three participants, who will be accepted on a rolling basis.
“Ideation Studio@UH will be a catalyst for innovation and entrepreneurship at UH," said UH Vice President for Research and Innovation Vassilis L. Syrmos, in a statement. "It is tailored to meet the needs of our faculty and staff to support them in starting companies, creating jobs and diversifying and growing our economy and Hawaii’s innovation ecosystem.
Applications can be submitted from Jan. 19 to Feb. 1 via the UH Office of Innovation and Commercialization website.
Resources for selected participants include personalized education and coaching; $50,000 in-kind operational support and guidance on grant opportunities, business operations and strategic planning; up to $25,000 in milestone-based seed funding, and support in securing Small Business Innovation Research and other investment opportunities; and exclusive networking, partnerships, community building, publicity and award opportunities, according to UH officials.
“This program is developed for entrepreneurs by entrepreneurs,” said Director of Programs and Partnerships Vincent Kimura in a statement. “Many faculty don’t realize that running a lab — securing funding, managing staff, developing and testing inventions and products — is a lot like running a business. We’re here to help them take their ideas and inventions from the lab to the market to impact the greater community.”
Ideation Studio@UH will have informational webinars on Wednesday, Jan. 12 at 1:30 p.m. and Jan. 19 at 9 a.m. To sign up or for more information, visit the UH Office of Innovation and Commercialization website or contact Lea Okudara at lokudara@hawaii.edu.
