The grant will allow funding for 10 to 15 student interns. The grant will also provide support for six to eight tech commercialization grants intended by the LVEDC to bridge the gap between early stage academic research and commercial feasibility and provide for professional services such as patenting and marketing.
The grants are designed to support business, community and university-based innovation in order to position Pennsylvania as a national leader for technology development, according to the Gov. Tom Corbett's administration.
"The governor is committed to providing our start-up companies and entrepreneurs with the resources they need to grow here and stay here," Department of Community and Economic Development Secretary C. Alan Walker said. "The support we are providing will help to build the relationship between students, businesses and universities to create jobs for graduates right here at home."
The LVEDC's award was part of Ben Franklin's recent approval of $1.9 million in funding for 10 Keystone Innovation Network program grants to support new technology development in the state. The Keystone Innovation Network is a competitive grant program supported by Ben Franklin, requiring a one-to-one cash match.