U of T, hospitals launch pilot program to boost commercialization
The University of Toronto is collaborating with the University Health Network, the Hospital for Sick Children and Sunnybrook Research Institute on a new program that aims to leverage the expertise of entrepreneurs and business leaders to advance commercialization of emerging medical technologies and regenerative medicine research.
Funded by the Government of Ontario, the Entrepreneur-In-Residence program will support projects that display high potential for clinical impact and spin-off company formation, spanning areas ranging from regenerative therapies and medical devices to AI-powered clinical tools and apps for patient care.
The one-year pilot program is being launched with the help of a $300,000 grant from Intellectual Property Ontario (IPON), a provincial agency that was established in 2022 to provide IP resources and supports to researchers and businesses.
“The Entrepreneur-in-Residence program will help take medical innovations developed in academic and hospital environments and translate them into the commercial arena, generating economic opportunity for the region and expanding clinical impact globally,” said Leah Cowen, U of T’s vice-president, research and innovation, and strategic initiatives.
“The University of Toronto is grateful to IPON for its support of this initiative, which stands to strengthen existing networks of knowledge exchange and collaboration between the university and its partner hospitals.”
The program will see Entrepreneurs-in-Residence – individuals with a track record of launching science-based ventures and shepherding projects from proof-of-concept to incubation, acceleration and seed funding – liaise with U of T’s Innovations & Partnerships Office and IPON to generate and protect IP. It is designed to add capacity and scope to U of T’s thriving entrepreneurship and commercialization ecosystem, including existing Entrepreneur-in-Residence initiatives such as those offered by the Temerty Faculty of Medicine and Medicine By Design, an institutional strategic initiative (ISI).
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Rahul Kalvapalle
Photo above by Daria Perevezentsev