Will collaborate on advancing intellectual property to the global scientific and entrepreneurial communities
The Center for Advancing Innovation helps institutions maximize the commercialization potential of their most promising inventions. A main component of this effort is bringing the IP to the attention of the entrepreneurial community and potential investors. With a novel model of wrapping challenges and accelerator programs around the IP, CAI is able to fast-track IP to markets.
Conversely, Open Therapeutics helps institutions make value of their underperforming IP. This is done by crowdsourcing global researchers around the underperforming IP within its free web-based collaboration platform, Therapoid™. Analytics from the IP is then provided, for free, back to the IP-providing institution.
According to Jason E. Barkeloo, Founder and Executive Chairman of Open Therapeutics, “CAI has proven an unparalleled ability to creatively and quickly advance commercially viable IP by launching strong startups through a challenge model. We are pleased to offer another level of value. Though IP may not be pursued for a number of reasons from CAI’s challenges, including financial, value may be discovered when assessed and advanced by many different scientists. Not only will we promote CAI’s challenges to the scientists within Therapoid, our network can be a source of Chief Science Officers to assist the CAI entrepreneurial startups. In addition, having the under-utilized IP on Open Therapeutics’ platform also promotes the brand of the IP provider on an international basis.”
According to Rosemarie Truman, CEO of CAI, “CAI is working with over 170,000 federally-funded inventions; yet, less than one percent of these inventions meet our rigorous commercial viability due diligence criteria. The inventions we evaluate, yet leave on the shelf, could have enormous impact on public health. By partnering with Open Therapeutics, together we can establish a comprehensive model to maximize the potential of the entire portfolio versus the less than one percent that CAI seeks to advance.”
About Open Therapeutics LLC
Open Therapeutics is a crowdsourcing life science firm that creates and attracts therapeutic biotechnologies and crowdsources them for the global scientific community. The global research community can freely access the biotechnologies and funding to further the development of the biotechnologies at Therapoid™. The Company is headquartered in Minneapolis, MN, with laboratory operations in Covington, Kentucky, Cincinnati, OH, Amman, Jordan, and Bangalore, India.
About the Center for Advancing Innovation
The Center for Advancing Innovation (CAI) is a global public-private partnership, non-profit focused on creating a virtuous circle of innovation and driving growth breakthroughs through novel, creative paradigms and models. CAI’s mission is to accelerate and increase the volume of research commercialization in support of high growth business to ignite entrepreneurship, bolster the global economy, and maximize the commercial and knowledge-based potential of promising inventions. CAI’s award-winning challenge-based accelerator, rigorous evidence-based due diligence, and capital-efficient lean management models serve to hyper-accelerate “gazelle” high-performing startups for outsized investor returns. Through its NIH-sponsored Breast Cancer Startup Challenge, Neuro Startup Challenge, and Nanotechnology Startup Challenge in Cancer competitions, as well as its NASA-supported SPACE RACE startup challenge, CAI has launched 58 startups and trained more than 2000 entrepreneurs. For additional information about CAI, please visit thecenterforadvancinginnovation.org.