Established in 2010 by NC State with the support of Chancellor William R. (Randy) Woodson, the Chancellor’s Innovation Fund (CIF) is used for the development, protection, and advancement of ideas and discoveries assigned to North Carolina State University.
The CIF assists faculty, staff, and students with additional proof-of-concept research or technology/product development needed to strengthen the commercial potential of intellectual property disclosed to the Office of Technology Transfer. Applicants for the funds are inventors actively engaged with their OTT case manager regarding their disclosed intellectual property. The CIF’s objective is to support short-term (one year or less) projects that will enhance the commercial value of NC State’s intellectual property assets.
CIF financial support is designed to provide an individual technology portfolio up to a maximum of $75,000. If matching funds are received from either the associated College and/or Department, the share of future license revenue for that unit(s), as described in NC State’s Patent Policy and Royalty Sharing Regulation, will be increased up to a maximum of 10% (if subsequent CIF awards for same technology are cost-shared, the share of future license revenue will further be increased to a maximum of 15%). The CIF provides funds to reduce inventions to practice, provide critical additional data, or develop prototypes, making the technology more marketable. Any royalty income derived from a subsequent license agreement shall first be used to repay funds provided by the CIF.
All proposals undergo review by the CIF Selection Committee (committee members will include external partners and NC State personnel with technology development and commercialization / entrepreneurial expertise). Proposals will be reviewed only after an invention disclosure (www.ncsu.edu/ott) has been filed with the OTT. The CIF Selection Committee will make award selections and notify the Executive Director of the OTT. A post-award review will be conducted to evaluate the utilization of funds and resulting commercial potential.