The University of Kansas has received a $500,000 Forging Opportunities for Research Growth and Entrepreneurship (FORGE) grant from the Kansas Department of Commerce.
The grant will be used to establish new products and programs that help KU entrepreneurs establish their businesses quicker and with lower risk.
The funds will be used to develop a new chatbot for investors, expand the KU Innovation Park, establish two new programs for new KU entrepreneurs and create an “angel network” of investors to increase visibility of potential new businesses coming out of the KU space.
“With this support from the Kansas Department of Commerce, we will be able to develop fundamental building blocks that assist established companies in accessing KU resources while also developing an infrastructure that supports KU startups in their entrepreneurial journey,” said Tricia Bergman, associate vice chancellor for economic development.
KU is the second university to receive funding from the FORGE grant this month, with Pittsburg State University announcing its own plans to pilot a small business development grant program earlier this month.
The grant will support creation of a pipeline to make it easier for KU students to develop and start small businesses. The chatbot will provide potential new companies and investors with information on programs that already exist on campus. An angel investor network will provide further funds and support for the companies to finish getting off the ground.
Two new programs also in development are the “Rock Chalk Ready Fund” and the “Rock Chalk Raise Fund.”
The Ready fund will help developers of new products lay the groundwork for building a company, including providing access to Master’s of Business Administration students to help identify any pitfalls and develop business plans.
Meanwhile, the Raise Fund will help with travel expenses so that potential new business owners can travel to various business related meetings. Both programs will also offer students access to short classes that could lead to further pre-existing federally fund programs on campus.
The expansion to the Innovation Park will be an “international launchpad” providing a starting point for foreign companies looking to invest in the state. The “launchpad” will include research space and offices.
“Establishing an international launchpad at KU Innovation Park will enable companies from around the world to seamlessly tap into resources and knowledge at the University. This space will lower the barriers for international companies to start and grow a presence quickly in Kansas, creating new collaborations and economic growth,” said Adam Courtney, CEO of KU Innovation Park.
