Technology Commercialization and the Turner Center
With the recent hiring of Carey Novak as the new Director of Technology Commercialization, the Turner Center is now implementing an innovation-driven strategy for fostering entrepreneurship and business development in Central Illinois. Innovation occurs when advancements in science and technology create potentially new solutions for the ever-evolving needs and wants of customers. The business challenge is implementing a smart technology-product development effort that coincides with deep business insight and generates new products and services that give customers a “wow” effect. The Center recognizes the growth opportunities in helping entrepreneurs and early-stage companies develop new, innovative products and services.
The Center strategy is focused on initiating commercialization projects with entrepreneurs and early stage technology companies by converging technology and business. These projects incorporate new tech-based, product development efforts (e.g., R&D, proof-of-concept, prototype, product launch, platform extensions) in conjunction with the appropriate levels of customer & market research and business model development. This convergence approach is conducted in a stage gate process in which both technology and business criteria are used to evaluate if and how new tech-based products are commercialized.
There are other unique aspects of this approach. One is the focus on leveraging regional technology and innovation expertise in areas such as advanced manufacturing, human life sciences, and biorefining residing within regional companies, hospitals, federal labs, Bradley University (BU), and Illinois Central College (ICC). Another is recognizing the need to assemble multi-disciplinary teams for moving these projects towards commercialization. These teams take advantage of the people and resources within local organizations, including: BU, Illinois Manufacturing Extension Center, Peoria Next Innovation Center, Central Illinois Angels, and the Heartland Partnership.
The goal is to develop a portfolio of projects (varying by technology, stage of development, and types of companies) which can be managed and optimized. This allows the Peoria community to “do the right projects”…and…“do the projects right”. This project portfolio uses innovation to drive new business development and generate jobs and investment in the Peoria community.
To discuss a project or other assistance, contact Carey Novak at (309) 677-4432 or email him at firstname.lastname@example.org.