Who can participate?
DevelUPmed is open to Penn owned intellectual property invented by all current University of Pennsylvania faculty, staff, and students, including members of the University of Pennsylvania Health System. Individual participants, or at least one member of a team of participants, must have a current Penn email address. Penn Alumni are not eligible to participate.
What type of ideas are we looking for?
We are looking for the best ideas for novel medical device and diagnostic technologies that can be successfully commercialized. Specifically, medical device and diagnostic ideas that have a primary active component that is not biological or chemical in nature are encouraged to apply, as they will benefit most from prototype development, though all medical device and diagnostic ideas will be accepted.
I have already submitted an invention disclosure to PCI. Does this affect my eligibility to participate in DevelUPmed?
Not at all! You are eligible to participate whether you have just an idea or even an issued patent.
How will my idea be protected?
You submit your idea via our secure site www.develupmed.com. The Penn Center for Innovation and our business and VC partners will keep submissions to DevelUPmed confidential during the submission and evaluation stages as well as ideas not selected for prototype development.
Are there any prizes?
Yes. If your idea is a finalist, we will form a company to help launch your device into the world. Your company will be accepted into the I-Corps business accelerator, receive IP, regulatory and reimbursement guidance, meet with investors, and receive up to a $50,000 investment from Ben Franklin Technology Partners if you meet their requirements.
Can a team of people submit an idea?
Yes. In fact, this is encouraged. Please indicate your team members and their affiliations with Penn in your submission. At least one team member needs to be a current member of the Penn community with a valid Penn email address.
Can I submit more than one idea?
Yes, you can submit as many ideas as you want.
What if I don’t want to get involved in the company formation?
If you do not want to be involved, you do not have to. You can assign your rights to the University, and we can attempt to commercialize the device for you. Then you can sit back and reap the benefits if your device is commercialized.