Keystone Innovation Grant Awarded to Create Local Jobs

Published on Wed, October 22, 2008

October 22, 2008, SCRANTON, PA

Marywood University was awarded $150,000 to create new technologies and business opportunities in collaboration with the 13 college and university members of the Northeastern Pennsylvania Technology Institute. This grant was funded by the Keystone Innovation Grant (KIG) program, a companion program of the Commonwealth's Keystone Innovation Zone (KIZ) program.

The KIZ grant program was created through Governor Rendell's economic stimulus package to support the combined resources of institutions of higher education, private businesses, commercial lending, venture capital and foundations. This program is funded through the Ben Franklin Technology Development Authority.

The grant encourages technology transfer and commercialization of intellectual property between Pennsylvania's technology-orientated businesses and entrepreneurs. In addition, the KIG grant will allow faculty to conduct marketing analysis, prototyping, patent research and filing, intellectual property, licensing, and royalty agreements.

The past two grant programs leveraged nearly $86 million through a $6.5 million investment, created 235 jobs, retained an additional 252 jobs, created 71 start-up companies, developed 565 new technologies, and awarded 242 patents.