Wake Forest Innovations is investing in novel ways of stimulating conception and development of products and services that will generate new revenue streams by establishing and managing new business partnerships.
The new division provides the institution with several new services:
The group consists of an innovation team and a commercialization team. The innovation team ’embeds’ scientist-entrepreneurs within faculty groupings to provide guidance on product ideas, intellectual property protection, regulatory practices, business case modeling, competitive position and path to market.
The commercialization team licenses technologies and products and incubates startup companies through their capital formation and early operations.
Product Innovation & Commercialization Services currently manages two investment funds: Spark Grants to enable the development of innovative ideas and a Value Inflection Fund for achieving preclinical proof-of-concept.
SOURCE Wake Forest Baptist Medical Center