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Dartmouth College Office of Public Affairs • Press Release
Dartmouth College, Johnson & Johnson, and Borealis Ventures jointly announced today an agreement to establish a "proof-of-concept" fund at Dartmouth. Called the Seed Grant Program, the fund will support development of research innovations that could become high-impact medical technologies with promising commercial potential.
The Seed Grant Program was co-developed by Dartmouth, Johnson & Johnson's Corporate Office of Science and Technology (COSAT), and Hanover, N.H., venture capital firm Borealis Ventures. The program is designed to validate peer-reviewed Dartmouth research through the "proof of concept" stage, and launch the projects on a successful path to clinical and commercial adoption.
"The Seed Grant Program will serve as a catalyst for collaboration and innovation all across the Dartmouth campus," said Stephen Spielberg, Dean of Dartmouth Medical School. "It will be an active partnership with Johnson & Johnson and Borealis. This program is a crucial asset in the continuing struggle to move promising new findings from the lab bench to the bedside and into best clinical practices."
Validation projects in the program will have defined characteristics. They will:
"We have a successful history of applied research with Dartmouth, and now look forward to the establishment of this fund focused at an earlier stage," said Dr. Robert Zivin, Corporate Director in the Corporate Office of Science & Technology at Johnson and Johnson. "We anticipate that these grants will help scientists at Dartmouth translate their exciting research into the healthcare solutions of the future."
Johnson & Johnson's commitment is being matched through a fund at Dartmouth that was generously provided by Borealis Ventures. Borealis is a venture capital partnership located in Hanover, NH, which has invested in several successful Dartmouth spin-outs. The Dartmouth fund will be managed by a committee of Dartmouth faculty, and includes representatives from Johnson & Johnson and Borealis Ventures.
"We are pleased to support this important initiative at Dartmouth," said founding Borealis partner and Tuck School of Business professor Philip J. Ferneau. "This collaboration addresses a critical funding challenge in advancing innovative technologies from basic science into benefits for society through the path of commercialization."
The Seed Grant Program will be co-managed by a committee of representatives from J&J, Dartmouth, and Borealis, and will issue between four and eight individual grants of $50,000 to $100,000. All medical and life sciences faculty of Dartmouth Medical School, the Thayer School of Engineering, Dartmouth College, and Dartmouth-Hitchcock Medical Center will be eligible to apply for support.
All intellectual property rights will remain with Dartmouth and the investigators. Any project funding requests will be expected to include appropriate plans for subsequent development and external funding. More information about the guidelines for eligibility, proposals, and submissions will be issued shortly by the joint committee and will be available in October at the Dartmouth Entrepreneurial Network Website.
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