The UConn Technology Incubation Program (TIP) has received the Randall M. Whaley Award from the International Business Innovation Association (InBIA) recognizing their outstanding achievement as an entrepreneurial technology center.
This premiere award honors a technology-focused entrepreneurship center that focuses on technology companies and is an exemplar of the association’s principles and practices of successful business incubation and center management.
InBIA is a world-renowned nonprofit organization. InBIA supports more than 1,200 incubators and other entrepreneurial centers in more than 20 countries. InBIA’s mission is to enrich the entrepreneurial ecosystem in diverse communities by providing member centers with industry resources, education, events, and global programming to serve the needs of their unique regions.
“This well-deserved honor highlights the significant contributions the dedicated staff at TIP have made to advancing these startups and moreover pushing UConn and the state to become a leader in technological entrepreneurship,” UConn President Thomas Katsouleas says. “It also reflects UConn’s strong commitment to the Economic Development of Connecticut.”
UConn was selected to receive this award from a list of finalists from all over the world.
This year, TIP supported 55 startups creating 208 high-paying jobs and raised a total of $463 million in funding for these companies in Fiscal Year (FY)2020.
TIP provides startups with a comprehensive set of resources, including state of the art of labs and offices, to grow their company and succeed. The incubator gives startups access to industry experts, UConn’s robust research infrastructure, student talent, and networking opportunities. Additionally, TIP engages and connects innovative startups with a broad range of investors and corporate players.
“The community in the TIP incubator is one of its most vital assets, bringing together the necessary skills, expertise, and startup experience needed to grow and build a company,” Nicole Wagner, president and CEO of TIP company LamdaVision Incorporated says. “It is this community and support that has helped LambdaVision transition from a faculty-led research project to a funded startup company that is positioned for growth.”
TIP has been also actively collaborating with universities and innovation centers across Connecticut and nationwide. This has led to the creation of a vibrant ecosystem that attracts and retains innovators and startups.
TIP also recently opened a new data science incubator in Stamford, Connecticut’s fastest-growing city. The location provides companies with convenient access to two other major urban hubs: New York City and Hartford. This incubator will help propel the state forward as a leader in the rapidly expanding market for data science innovations, such as AI, Machine Learning, Cloud-based Services, Fintech, EdTech and more.
This award acknowledges several years of collective work of our innovators, supporting internal and external team and the ecosystem that UConn has been investing in,” Mostafa Analoui, executive director for venture development and TIP at UConn, says. “Considering growth trajectory for TIP, especially in expansion in Stamford for Digital focus, the future is very bright.”
TIP is an integral part of Technology Commercialization Services (TCS), focused on expediting and facilitating the transformation of UConn discoveries into products and services, with broader societal impacts.