What are Centers of Innovation?
Why are they important?
What will they do?
I have an idea for a COI…now what?
What are Centers of Innovation?
The Centers of Innovation (COI) initiative is creating virtual “innovation” hubs that will focus on a specific industry sector that is well-suited to create biotech jobs and wealth generation across the state of North Carolina. The entities that are being created will focus on the acceleration of technology commercialization within that targeted industry sector through the complementation of and collaboration with the existing commercialization infrastructure.
Why are Centers of Innovation Important?
They are an investment in North Carolina’s future. It is envisioned that these virtual Centers will provide the industrial “pull” to move innovative technologies from the universities and into the marketplace. These “one-stop shops” for specific industry sectors have the potential to attract and create new companies as well as fostering business partnerships for existing NC businesses. Collaborative partnerships that link NC resources allow for new opportunities and funding options to be pursued potentially leading to increases in federal and corporate-sponsored funding.
Specifically the COI will:
- Develop innovative strategic public-private partnership and alliances across the state.
- Establish and implement new strategies to use the state’s natural and institutional resources for strengthening commercially viable biotechnology-dependent sectors of the economy.
- Create an innovative commercialization pipeline built upon existing university research expertise, infrastructure and technology transfer to stimulate, encourage and assist new private-sector partnerships and new company formations.
- Recruit new sources of funding (including public and private) for the targeted sectors to achieve financial sustainability.
- Provide guidance and coordination to appropriate leaders, agencies and partners regarding the development of targeted communication strategies that detail the value of the sector to North Carolina’s economy, to regional opportunities and to sustained biotechnology leadership for the state.
If I have an idea for a COI what is the process?
Contact the North Carolina Biotechnology Center staff to discuss your idea. Potential COIs will need to form a cohesive academic-industry consortium led by strong inter-university and industrial partners. These partners recognize a unique set of strengths that NC has to offer in a specific industry sector that can be catalyzed by focused and collaborative efforts. Once a consortium has formed, it must be recognized by NCBC as an inclusive and cohesive consortium that is intent on building a state-wide initiative – only then will NCBC invite the consortium to submit a Phase I proposal. For additional information on the application process, please go to the Applying for a COI Award section.