Students
Nov. 9, 2004
PHILADELPHIA – The University of Pennsylvania has announced an invention contest that offers something of which its founder, inveterate inventor Benjamin Franklin, could only dream: cash and licensing representation.
PennVention is a contest for Penn students looking to develop and commercialize their inventions. The Weiss Tech House, a Penn gathering place that supports students in developing new technologies, is sponsoring the event and will offer mentoring opportunities for the contestants.
Through PennVention, students will vie for a shot to present their innovations this spring before a panel of faculty and corporate experts. At stake is more than $25,000 in cash prizes and the opportunity for professional representation by lead sponsor Competitive Technologies Inc., a technology transfer and licensing provider. CTI estimates its offer of representation (under standard terms) to be worth more than $50,000, not including royalties potential.
"While always a place for innovation, in recent years the Penn campus has generated an enormous amount of excitement around developing technologies and entrepreneurship, especially among undergraduate students," said Karl Ulrich, faculty director of the Weiss Tech House. "We're simply looking to harness this creative drive and provide students with the tools, resources and experience necessary to take a good idea and make it into a working product."
The grand prize winner, as determined by the judging panel, will receive $5,000 in cash, with $2,500 and $1,000 awards going to second place and third place. An additional prize, named after Leonardo da Vinci, will award $5,000 and an offer of representation from CTI to the winning person or group whose invention has the greatest potential for commercial success through licensing.
Details on the contest and a list of potential prizes can be found at the Weiss Tech House Web site: www.tech-house.upenn.edu.
The Weiss Tech House is designed to support undergraduates in the development and/or commercialization of innovative technologies. The domains of interest are broad and include information, energy, materials, finance and biotechnology. While undergraduates are the primary focus, the Weiss Tech House seeks involvement from graduate students, faculty, staff, alumni and industry. Current programs include a workshop series, a mentoring program and a student-managed innovation fund. The Weiss Tech House was made possible by a gift from George Weiss, a University of Pennsylvania alumnus and founder of George Weiss Associates Inc., a money-management firm. Additional information is available at www.tech-house.upenn.edu.