Research can often lead to discoveries or inventions, which can potentially improve or create a new process, device, method, composition of materials, or other useful entities. One way to commercialize an invention is for the inventor to create a startup company, and continue to develop the invention into a product that can be sold to interested customers.
In recent years the startup business model has been the way most new companies are established. At the same time, with growing number of startup companies, the competition for new ventures is fierce and usually not financed in the early stages of development. Many new startups tend to begin at one’s home or with very low expenses and overhead costs.
The main goal of a new company is to provide a product, service or a process that offers a solution to an existing problem. It also has to identify its target customers and its potential for growth and expansion. The specific problem addressed does not have to be fundamental or extremely important, but it has to provide a significant improvement or convenience to the customers.
The Research Office seeks to encourage CUNY faculty who wish to launch a startup company. To this end, support will be provided through internal funding for one course release per semester, up to one year, for several faculty members who will work at the CUNY Hub for Innovation and Entrepreneurship (iHub) to formulate and finalize their startup plan, and subsequently establish a startup company to be housed at the iHub. The CUNY iHub will also offer several entrepreneurship seminars, workshops and/or training sessions to assist the faculty inventors. http://ihub.cuny.edu/sites/