BLACKSBURG, Va., March 2, 2011 /PRNewswire/ -- InnovateTech Ventures and LeClairRyan are pleased to announce that nominations are now open for the inaugural University TechWatch Startup Competition. The award is designed to recognize and assist the top university startups of 2009 and 2010 who have impact-making vision, technology and management. The recipient will receive $10,000 in cash and prizes, including $5,000 cash, CEO placement provided by InnovateTech Ventures and legal services provided by LeClairRyan.
In order to be eligible for consideration, applicants must have a U.S. for-profit startup company that executed a license agreement with a university in 2009 or 2010. The company must have been established from 2008 – 2010. Nominations will be accepted from licensing universities, the startup's management team, advisors or service providers. Executive summaries must be submitted by the startup company.
Details on the competition rules and submission process can be found at www.utechwatch.com/startup-competition. Submissions will be accepted until March 24, 2011. The winner will be determined by a team of entrepreneurs and investors, and will be announced in April.
About InnovateTech Ventures
InnovateTech was founded by Gerard Eldering, a technology transfer executive who spent more than a decade in the non-profit commercialization industry and has launched multiple startups. During his career operating on both sides of the university technology transfer process, Eldering recognized that universities and research institutions were rich with promising technologies and inventions. The problem: entrepreneurs and the business community had little insight into or access to vetted, quality and timely information on these technologies required to consider funding or commercializing the inventions. InnovateTech improves the process by which quality information about new university inventions and startups are delivered to the business world.
Founded as a venture capital boutique in 1988, LeClairRyan specializes in developing practical legal solutions to its clients' business challenges. LeClairRyan provides business counsel and client representation in matters of corporate law and high-stakes litigation. With offices in California, Connecticut, Massachusetts, Michigan, New Jersey, New York, Pennsylvania, Virginia and Washington, D.C., the firm has approximately 325 attorneys representing a wide variety of clients throughout the nation. For more information about LeClairRyan, visit www.leclairryan.com.