CHICAGO, August 13,
Initially a project led by the University of Kentucky and Wellspring in collaboration with leading universities in both the Southeastern Conference (SEC) and the midwestern US, the XOR platform matches promising start-ups with experienced business executives, investors, and startup mentors drawn from the participating schools’ alumni ranks and affiliated networks.
The outcomes of academic technology transfer have been growing consistently over the past decade, with traditional licensing up more than 35% while the number of start-ups created by universities has more than doubled. The challenge has been consistently identifying and connecting experienced entrepreneurs and advisors with the world-class technologies emerging from campuses.
The XOR program’s founding universities recognized the importance of connecting startups based on scientific breakthroughs with fundable executives having experience in commercializing new technologies and managing a startup. By leveraging Wellspring’s software platform, XOR schools can now match a large network of qualified alumni with university technologies ripe for start-up commercialization.
“The XOR member institutions are building an advantage by acting collaboratively to create a regionally-affiliated network of entrepreneurial talent, along with a platform that matches that talent to startup companies commercializing the intellectual property developed at our universities,” said Ian McClure, director of the University of Kentucky’s Office of Technology Commercialization (OTC).
Strong interest in the XOR program, even before launch, has led to an expansion of participating universities. Additional expressions of interest – from new member universities as well as entrepreneurs and executives – show that the program is poised to grow well beyond its initial scope.
“It’s exciting to see top-flight research institutions working to bring together two of the most important products from universities – scientific discoveries and experienced alumni,” said Robert Lowe, CEO of Wellspring. “The rapid creation of this network from concept to reality in only a few months demonstrates the excitement and potential impact of XOR programs to transform regional and national innovation clusters.”
Wellspring is the global leader in technology transfer and technology scouting software. Organizations rely on Wellspring to manage the identification, evaluation, and acquisition of technologies, partners, and investments. Wellspring software supports the entire innovation process, from defining strategic areas of interest to investigating opportunities to commercializing results.
Founded in 2003 as a spin-out of Carnegie Mellon University, Wellspring works with more than 500 organizations worldwide to support tech scouting, IP protection, commercialization, and licensing of emerging technologies. For more information, please visit wellspring.com.