The University of Michigan in Ann Arbor has launched a $3 million fund designed to advance the process of transitioning commercially viable engineering and medical research projects to market.
“The fund will give our school additional ways to apply our faculty and students’ illustrious research to solving society’s complex problems in health care,” says David Munson, dean of engineering at U-M.
Munson says the Monroe-Brown Seed Fund, is a collaboration between the U-M College of Engineering’s Center for Entrepreneurship and the U-M Medical School’s medical innovation program. He says the fund will supply resources for the university’s biomedical startup companies with marketplace potential.
“The new fund will help us attract and retain world-class researchers as well as biomedical entrepreneurs,” says Dr. Marschall Runge, executive vice president for medical affairs at U-M and dean of the U-M Medical School.
Runge says the fund will invest in startup companies such as those developing medical devices, diagnostics, therapeutic delivery systems, health information technology, and digital health products.
Funding was donated by the Monroe-Brown Foundation, which is dedicated to promoting an environment where students can contribute to economic growth and workforce development in Michigan. The president of the foundation, Robert Brown, graduated from U-M.