The University of Arizona has announced that Tech Launch Arizona plans to partner with Arizona Furnace as a university research partner.

The UA’s Office of Technology Transfer, under the Tech Launch Arizona umbrella, will present selected technologies and intellectual property for licensing to entrepreneurs, with the intent that these technologies will form the basis for new high-potential startups.

Arizona Furnace, which calls itself a “startup accelerator,” offers startup ventures a package worth more than $50,000 in cash and services. The package includes a $25,000 seed funding grant and six months of incubation space in the ASU SkySong facility, the UA’s BIO5 Oro Valley Accelerator or the UA’s partner incubator, the Arizona Center for Innovation.

Companies that are accepted into Arizona Furnace must be based in Arizona as a stimulant to regional economic development and job creation.

Tech Launch Arizona has been created to integrate various UA technology commercialization programs.

This unique program will involve a nationwide competition to select and fund new ventures that are based on one or more patents or technologies developed at research institutions in Arizona.

In addition to the UA, Northern Arizona University, Dignity Health Systems are also participants in AZ Furnace. The UA’s participation will augment the number of cutting edge innovations available for entrepreneurs who are looking to capitalize on research discoveries to create viable businesses.

The competition officially started in the third quarter of 2012. The participants invited into Furnace must incubate their new companies in the co-working space available to them at ASU SkySong, the Northern Arizona Center for Entrepreneurship and Technology, the BIO5 Accelerator and the Arizona Center for Innovation.

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