Grants to Help Commercialize Innovations Enhance Texas’ Competitiveness
Published: 06-28-07
Published: 06-28-07
AUSTIN – Gov. Rick Perry today announced more than $1.3 million in awards to two emerging technology companies Resonant Sensors Incorporated of Arlington and PrincipleSoft Inc. of Plano to help bring their products to market. The grants are awarded through the Texas Emerging Technology Fund (TETF) a $200 million initiative created by the Texas Legislature in 2005 at the governor’s request and re-authorized this year.“Technological innovation is the lifeblood of today’s economy. Through these grants we are elevating our state’s emerging technology sector to make Texas a strong competitor in the global marketplace” Perry said. “Continued investment in emerging technology creates more jobs and generates substantial capital investments diversifying and enriching our economy.”
TETF awards will benefit:
• Resonant Sensors Incorporated of Arlington: $600000 for further development and commercialization of its new class of sensors for use in the production of biomedical compounds and drugs. These revolutionary sensors based on patented technology licensed from the University of Texas at Arlington will allow researchers to rapidly and accurately evaluate the performance of experimental new drug compounds. Commercial applications are projected to be highly efficient in the use of drug evaluation systems for biomedical research laboratories and the pharmaceutical industry and in later applications such as sensors used for monitoring environment pollutants. This award will leverage an additional $100000 received from the NSF Small Business Innovative Research program to accelerate the commercialization of this technology.
• Resonant Sensors Incorporated of Arlington: $600000 for further development and commercialization of its new class of sensors for use in the production of biomedical compounds and drugs. These revolutionary sensors based on patented technology licensed from the University of Texas at Arlington will allow researchers to rapidly and accurately evaluate the performance of experimental new drug compounds. Commercial applications are projected to be highly efficient in the use of drug evaluation systems for biomedical research laboratories and the pharmaceutical industry and in later applications such as sensors used for monitoring environment pollutants. This award will leverage an additional $100000 received from the NSF Small Business Innovative Research program to accelerate the commercialization of this technology.
• PrincipleSoft Inc. of Plano: $750000 for further development of multiple layer overlay modulation that will revolutionize lives by enabling a high speed connection directly to the key people and information an individual is targeting. One early commercial application of this technology will include a much greater ability to deliver real-time video to a variety of wireless devices. The adoption of the Internet and the growing dependence on computers mobile phones PDAs and other electronic technology has led to an ever-increasing demand of broadband communications. PrincipleSoft offers a technology that unleashes the bandwidth using advanced communications algorithms providing a magnitude of higher spectral efficiency.
A 17-member advisory committee of high-tech leaders entrepreneurs and research experts reviews potential TETF projects and recommends funding for projects to the Governor Lieutenant Governor and Speaker of the House.
The 2008-2009 state budget recently passed by the legislature and signed by the governor includes $75 million in new general revenue for the TETF. In addition to previous TETF balances and interest more than $165 million will be available for the 2008-09 biennium.
To date the TETF has allocated $89.1 million in grant funds to Texas companies and universities.
The TETF program has three main areas of investment:
• Increasing research collaboration between public and private sector entities through new Regional Centers of Innovation and Commercialization where the seeds of an idea can take root in a university lab and eventually grow into a new product marketed by a new or expanding firm;
• Matching research grants provided by both federal and private sponsors to help innovators acquire the capital they need to bring their idea to life; and
• Attracting more top-notch research teams from other universities around the nation that will help put Texas universities on the cutting edge of technology research and development.
For more information on the TETF visit www.emergingtechfund.com
A 17-member advisory committee of high-tech leaders entrepreneurs and research experts reviews potential TETF projects and recommends funding for projects to the Governor Lieutenant Governor and Speaker of the House.
The 2008-2009 state budget recently passed by the legislature and signed by the governor includes $75 million in new general revenue for the TETF. In addition to previous TETF balances and interest more than $165 million will be available for the 2008-09 biennium.
To date the TETF has allocated $89.1 million in grant funds to Texas companies and universities.
The TETF program has three main areas of investment:
• Increasing research collaboration between public and private sector entities through new Regional Centers of Innovation and Commercialization where the seeds of an idea can take root in a university lab and eventually grow into a new product marketed by a new or expanding firm;
• Matching research grants provided by both federal and private sponsors to help innovators acquire the capital they need to bring their idea to life; and
• Attracting more top-notch research teams from other universities around the nation that will help put Texas universities on the cutting edge of technology research and development.
For more information on the TETF visit www.emergingtechfund.com
