CAMBRIDGE, Mass., March 23 /PRNewswire/ -- The Deshpande Center for Technological Innovation at the Massachusetts Institute of Technology (MIT) today announced it awarded grants totaling $600,000 to seven faculty research teams to help them find ways to commercialize their innovations. The research projects include a revolutionary new way to weave fabric, a technology that will enable the next generation of flat-panel displays, a new way to mass- produce nanotechnology devices, medical implant coatings for "smart" sequential drug delivery, a way to dramatically accelerate discovery of new drugs, a breakthrough in production of fine chemicals, and a new liquid compound with extraordinary medical properties. "The Deshpande Center's mission is to provide funding and assistance to MIT innovators early in the discovery process to accelerate the academic, social and economic impact they can make with their ideas," said Krisztina Holly, Executive Director of the Deshpande Center. "We are thrilled to be supporting these innovative grant winners." Since 2002 the Center has awarded grants to 44 applicants totaling more than $4.9 million. To date, two grant recipients have spun out as new, venture-capital-backed companies, another project has been licensed for commercial use, one team has received a critical patent on its innovation, and one team won the grand prize in the prestigious MIT $50K Entrepreneurship Competition last year. In addition to financial support, the Center's network of entrepreneurs, venture capitalists, and academic and legal experts helps recipients assess the commercial potential of their innovations and make decisions that accelerate progress toward development of a business plan or licensing strategy. All projects are featured at the Center's annual IdeaStream Symposium at MIT in April. The Spring 2005 Grant Recipients are: -- Angela Belcher: Fast discovery of ion channel-targeting drugs -- Vladimir Bulovic: New light-emitting device for flat-panel displays -- Rutledge Ellis-Behnke: New compound stops bleeding instantly -- Paula Hammond: Implant coatings for sequential drug delivery -- Timothy Jamison: Fine chemicals in one step -- Samir Nayfeh: Short-warp weaving for fast-changing fashions -- Francesco Stellacci: Nano-contact device lithography About the MIT Deshpande Center for Technological Innovation The Deshpande Center is part of the MIT School of Engineering and was established through an initial $20 million gift from Jaishree Deshpande and Desh Deshpande, the co-founder and chairman of Sycamore Networks. It serves as a catalyst for innovation and entrepreneurship by supporting leading-edge research and bridging the gap between the laboratory and marketplace. The Deshpande Center supports a wide range of emerging technologies including biotechnology, medical devices, information technology, new materials, "tiny technologies," and environmental innovation. Additional information on the Deshpande Center's grant program, research portfolio, and other entrepreneurial resources can be found on the website: http://web.mit.edu/deshpandecenter.
SOURCE Deshpande Center at The Massachusetts Institute of Technology