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InNEVenture Fund

Woman working with a testing machine.
Woman working with a testing machine.

InNEVenture Fund

InNEVenture is a source of proof-of-concept funding that has been established to help University of Nevada, Reno faculty, students, staff and recent graduates determine if their technologies and business ideas have commercialization potential. It also helps them bridge the gap between concept validation and obtaining seed funding for their venture. Pitches to the Fund occur in specific rounds. It is not an open competition.

The InNEVenture Fund process is open to entrepreneurial efforts across all of the University's colleges and schools, and can include faculty, staff, students and recent graduates. Teams that represent diversity or a multidisciplinary approach are especially encouraged to apply.

Supported by the Governor's Office of Economic Development and the State of Nevada Knowledge Fund, the InNEVenture Fund totals $100,000 and is poised to make investments of varying sizes up to that amount in its pilot year. These investments are anticipated to contribute to the successful formation of businesses by supporting aspects such as oversight, management, market research, development of first-runs or prototypes and/or market testing.

The Process

When a competition is announced, there is a three-step application process that begins with an online questionnaire where applicants explain their business concept. A committee of judges from both inside and outside the University will choose which applicants will move to the second round and submit a more detailed business case for proof-of-concept funding. A subset of those applicants will be invited to make in-person pitches to the judges. Investments are made after the winning companies are announced and investment contracts have been signed.

This is about encouraging commercialization, removing the obstacle of funding and providing support that leads to a successful product, service or business.

—Mridul Gautam, NVRIC president and University of Nevada, Reno vice president for research and innovation

The criteria for InNEVenture Fund consideration include:

  • The company or potential company supports the University's entrepreneurial ecosystem. The InNEVenture Fund will support University-owned technologies that are or will be licensed to startup companies created by faculty or staff.
  • The applicant must articulate a vision, while also remaining open to the necessary overlay of management involvement and mentorship that will contribute to success.
  • The proposed product or service fills a gap in the market and has potential for growth.
  • The potential for intellectual property is strong.
  • The InNEVenture Fund is offered through the Nevada Research and Innovation Corporation, recently created to promote research, discovery, innovation and commercialization at the University of Nevada, Reno.

The InNEVenture Fund and NVRIC back the University's emerging ecosystem by supporting research, faculty competitiveness, commercialization and entrepreneurialism. The InNEVenture Fund is a wholly owned subsidiary of NVRIC.

InNEVenture Fund

InNEVenture is a source of proof-of-concept funding that has been established to help University of Nevada, Reno faculty, students, staff and recent graduates determine if their technologies and business ideas have commercialization potential. It also helps them bridge the gap between concept validation and obtaining seed funding for their venture. Pitches to the Fund occur in specific rounds. It is not an open competition.

InNEVenture Fund

InNEVenture is a source of proof-of-concept funding that has been established to help University of Nevada, Reno faculty, students, staff and recent graduates determine if their technologies and business ideas have commercialization potential. It also helps them bridge the gap between concept validation and obtaining seed funding for their venture. Pitches to the Fund occur in specific rounds. It is not an open competition.

The InNEVenture Fund process is open to entrepreneurial efforts across all of the University's colleges and schools, and can include faculty, staff, students and recent graduates. Teams that represent diversity or a multidisciplinary approach are especially encouraged to apply.

Supported by the Governor's Office of Economic Development and the State of Nevada Knowledge Fund, the InNEVenture Fund totals $100,000 and is poised to make investments of varying sizes up to that amount in its pilot year. These investments are anticipated to contribute to the successful formation of businesses by supporting aspects such as oversight, management, market research, development of first-runs or prototypes and/or market testing.

The Process

When a competition is announced, there is a three-step application process that begins with an online questionnaire where applicants explain their business concept. A committee of judges from both inside and outside the University will choose which applicants will move to the second round and submit a more detailed business case for proof-of-concept funding. A subset of those applicants will be invited to make in-person pitches to the judges. Investments are made after the winning companies are announced and investment contracts have been signed.

This is about encouraging commercialization, removing the obstacle of funding and providing support that leads to a successful product, service or business.

—Mridul Gautam, NVRIC president and University of Nevada, Reno vice president for research and innovation

The criteria for InNEVenture Fund consideration include:

  • The company or potential company supports the University's entrepreneurial ecosystem. The InNEVenture Fund will support University-owned technologies that are or will be licensed to startup companies created by faculty or staff.
  • The applicant must articulate a vision, while also remaining open to the necessary overlay of management involvement and mentorship that will contribute to success.
  • The proposed product or service fills a gap in the market and has potential for growth.
  • The potential for intellectual property is strong.
  • The InNEVenture Fund is offered through the Nevada Research and Innovation Corporation, recently created to promote research, discovery, innovation and commercialization at the University of Nevada, Reno.

The InNEVenture Fund and NVRIC back the University's emerging ecosystem by supporting research, faculty competitiveness, commercialization and entrepreneurialism. The InNEVenture Fund is a wholly owned subsidiary of NVRIC.