Tuesday, August 20, 2013
Carnegie Mellon’s Open Field Entrepreneurs Fund Chooses Five Startups for Investment
PITTSBURGH— Carnegie Mellon University’s Open Field Entrepreneurs Fund (OFEF), administered by the CMU Center for Innovation and Entrepreneurship, has awarded $250,000 to five startup companies to help them grow their business ventures. The fund, established by CMU alumnus and Flip Video Camera creator Jonathan Kaplan and his wife, Marci Glazer, provides early-stage business financing and support to alumni who have graduated from CMU within the last five years.
This is the third cycle for the program, which, since its inception in June 2012, has provided support to 21 startup companies across North America, representing a diverse group of industry sectors. Current awardees are introducing products and services that will benefit humanity in aspects such as helping reduce energy cost for residential electricity consumers, improving the benefits of athletic training, assisting surgeons and physicians in analyzing medical image data, helping network engineers to monitor network performance, and providing a flexible, managed development environment for growing IT development groups.
“Carnegie Mellon is truly an engine of innovation. This cycle of OFEF includes three companies that arose from faculty and Ph.D. candidate research,” said Dave Mawhinney, co-director of the Carnegie Mellon Center for Innovation and Entrepreneurship and managing director of the OFEF. “In addition to our outstanding curriculum and world-class research, the continued involvement of our alumni network is something that we are most proud of — people like Jonathan Kaplan, whose generosity and commitment toward helping the next generation of entrepreneurs has made the OEFF possible.”
CMU has fostered an entrepreneurial culture resulting in the creation of more than 300 companies and 9,000 jobs over the past 15 years. It ranks first among U.S. universities without a medical school in the number of startup companies created per research dollar spent since 2007. In addition, CMU spinoffs represent more than a third of the total companies created in Pennsylvania based on university technologies during the past five years.
“It is exciting to see our young alumni creating such interesting companies,” said Lenore Blum, co-director of CMU’s Center for Innovation and Entrepreneurship. “These companies are based on years of cutting-edge research and bring real-world solutions to everyday problems and challenges...Read more»