At last night’s NEXPO, IDEA CEO, Chris Wolfel announced the joint effort by IDEA and Northeastern’s Center for Research Innovation (CRI) to create a Prototype Fund. The fund will help to further advance the entrepreneurial community at Northeastern by assisting individuals or teams in making a prototype for their company.
“The prototype fund is an exciting opportunity to help early stage innovations get to the next level,” explained Tracey Dodenhoff, Director of the Center for Research Innovation. “These funds will give awardees the ability to further evolve an idea, enabling innovators to test their concept and gain market feedback, which we believe will result in more start-up ventures.”
The fund, which is administered by IDEA and underwritten by CRI, is open to any current Northeastern student as well as any alumni who has graduated within 5 years of the deadline. The Prototype Fund will distribute up to three monthly awards of up to $2,500 to aid in the creation of a prototype.
A judging panel that will include the CEO of IDEA, a representative from CRI, the President of the Northeastern Entrepreneurs Club, an experienced entrepreneur and a Northeastern University professor will evaluate and review the applications.
“The collaboration between the Center for Research Innovation, IDEA, and the Entrepreneurs Club, is tangible evidence of the Northeastern innovation and entrepreneurial ecosystem at work,” said Dodenhoff.