Indiana University announces new initiative for student and faculty start-ups
The initiative will leverage existing IU pitch competitions and establish a guided program to support groups of faculty and students through the incubation of new business ideas.
A new Indiana University (IU) initiative will create an integrated, university-wide infrastructure to support students and faculty in the creation and growth of start-up ventures.
Based on IU’s Bloomington campus, but serving faculty and students across the system, the new initiative named “IU Innovates” will launch in fall 2023 and serve as the focal point for university support to accelerate entrepreneurship and innovation.
“Through this initiative, we will help our students and faculty to be even more prolific in turning their ideas and research into drivers of progress and economic development across our state, nation, and world,” said IU President Pamela Whitten. “The IU Innovates initiative also reflects the three pillars of our IU 2030 strategic plan by unifying support for student success in entrepreneurship, strengthening the linkages between our research enterprise and industry, and pursuing business ideas that will spur economic growth and contribute to Indiana’s startup community.”
Initial programming will feature ongoing student and faculty events in addition to seminars and workshops on entrepreneurship. The initiative will leverage existing IU pitch competitions and establish a guided program to support groups of faculty and students through the incubation of new business ideas.
Students and faculty will have access to a formal curriculum for launching start-up ventures, in addition to a network of vital business services including legal counsel, branding and marketing support, and consultant support for those seeking venture capital funding. A staff director of the initiative will be hired within the coming months.
The announcement came just days before IU made another announcement with the appointment of Russell J. Mumper as its Vice President for Research, effective July 1. He comes to the position from the University of Alabama where he was Vice President for Research and Economic Development, one of the fastest-growing research institutions in the nation.