The University of Wisconsin System announced the creation of a fund that will help develop and distribute ideas created at UW campuses in a press release Thursday.
The UW System, along with the Wisconsin Economic Development Corporation, created the $2 million Ideadvance Seed Fund, which UW-Extension will allot to staff, faculty and students at campuses across the state to foster product or service ideas, according to the release.
“Our University of Wisconsin labs and classrooms generate ideas ripe for commercialization, so we’re pleased to partner with the state’s lead economic development agency to support entrepreneurs on our campuses throughout the state,” UW System President-Delegate Raymond Cross said in the statement.
Gov. Scott Walker also voiced his support for the fund’s place in Wisconsin, saying in the statement that this type of funding is needed to take “an idea to the creation of a business.”
The release noted UW-Madison affiliates may not be direct recipients to the grants but can assist with projects stemming from other UW colleges or universities.
Applications will begin to be accepted in March.
