VCU news

By Frances Dumenci

Without new companies, or startups, there would be no net job growth in the United States. Universities across the country play a major role in the cultivation of local, regional and state entrepreneurial ecosystems and serve as a source of new innovations, technical expertise and an entrepreneurial workforce.

Virginia Commonwealth University has demonstrated a steadfast commitment to innovation and entrepreneurship, and VCU Squared, a new universitywide initiative launched by VCU Tech Transfer and the VCU da Vinci Center to promote and support entrepreneurship and venture creation, is strengthening that commitment. The mission of VCU Squared – the name refers to the shared VCU initials in Virginia Commonwealth University and Venture Creation University – is to enhance the culture of entrepreneurship at VCU and to harness the talent within the university community, including students, faculty, staff and alumni.

“VCU has an important role in greater Richmond’s innovative and entrepreneurial ecosystem,” said VCU President Michael Rao, Ph.D. “Venture Creation University, or VCU Squared, represents a critical component of the university’s strategic plan, Quest for Distinction, and our focus on innovation and entrepreneurship in the region.”

A recent Forbes.com article named Richmond one of the 10 top up-and-coming cities in the world for entrepreneurs, alongside such locales as Singapore, Moscow, Sao Paulo and Sydney. According to the article, Richmond’s startup scene is “booming and tax incentives are driving more and more businesses to relocate to the area. Backed by an excellent source of talent from area schools like Virginia Commonwealth University and the University of Richmond, this city is poised to make a big splash in the next several years.”

Led by a steering committee composed of campus leaders, VCU Squared will coordinate entrepreneurship activities at VCU, create a pipeline of new venture opportunities and jobs in the region, produce an entrepreneurial workforce and support and increase translational research.

“VCU Squared is charged with tracking entrepreneurial activities taking place and the resources available inside VCU and around the region,” said Nicole Colomb, enterprise and economic development executive at VCU Tech Transfer. “By helping to coordinate activities around the university, VCU Squared can help to drive a cohesive university-wide strategy for commercialization and venture creation.”

In collaboration with the da Vinci Center, VCU Squared will help students throughout the university become job creators, as opposed to job seekers, by exposing them to venture creation tools and skills. New Programs are underway that will provide hands-on support to promising student and alumni venture opportunities. Also under development is a new certificate program, which will expose students to experiences that go beyond innovation to commercialization and venture creation. These education programs will be available to all students, regardless of school or major, and will foster cross-disciplinary interaction and collaboration.

“A recent survey at VCU showed that close to 50 percent of students are interested in starting a company, and it’s important to note that interest was spread across all schools,” said Kenneth Kahn, Ph.D., director of the da Vinci Center. “If we foster this type of activity and leverage the resources at VCU and within the region’s entrepreneurial ecosystem, it will mean great things for Richmond.”

In tandem with these efforts for students, VCU Tech Transfer is focused on commercialization of technologies produced by the research community. The Tech Transfer team has designed and implemented a series of programs for faculty, including a number of programs to communicate the importance of disclosing inventions so that new intellectual property can be protected and commercialized.

Tech Transfer has created an external advisory panel consisting of industry executives, entrepreneurs and investors to assist in the evaluation of inventions and to determine commercialization potential and pathways. The group also has designed a series of programs that provide hands-on assistance to faculty with promising startup opportunities.

“Perhaps most importantly, the team at Tech Transfer has developed strategic relationships with potential industry partners, entrepreneurs and investors as an essential activity to the commercialization of university research,” said Ivelina Metcheva, executive director of VCU Tech Transfer.

VCU Squared will offer programs including hands-on workshops, seminars, networking events and intensive startup bootcamps for students and faculty. These activities are highlighted on its website, www.squared.vcu.edu. The website creates an easy access point with information about venture creation at VCU in one central place.

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