VCU Receives $50,000 Kauffman Center Grant

The Kauffman Center for Entrepreneurial Leadership has awarded a $50,000 Kauffman Entrepreneurial Internship Program (KEIP) Grant to Virginia Commonwealth University. The School of Business partnered with the Virginia Biosciences Development Center (VBDC) and Virginia's Center for Innovative Technologies (CIT) in securing this award.

Beginning with the Fall 2002 academic semester, nine graduate level VCU business students will be selected for internships in early stage life science companies located in the Virginia Biotechnology Research Park or Central Virginia. Students will complement their academic studies by working ~20 hours per week on a specific business issue within their assigned host company. The Kauffman Grant provides funding primarily for each student's internship plus additional monies for overall program support and adminstartion. Additionally, CIT will provide $9,000 in scholarship money also directed toward compensating the student interns for their work.

"This grant provides the opportunity for graduate level students to impart their businesses knowledge and skills in developing life sciences technologies and products. Most start-up life sciences companies do not have access to this type of advantageous resource", said Dr. Michael Sesnowitz, Dean of the School of Business.

"The Commonwealth is well positioned to become a major participant in the life sciences industry over the next decade", said David R. Lohr, Executive Director of the VBDC. "By instituting creative, interdisciplinary programs that leverage our local business school, we are building the crucial entrepreneurial talent pool Virginia will require to achieve this success in the life sciences."

The Kauffman Center for Entrepreneurial Leadership at the Ewing Marion Kauffman Foundation ( www.emkf.org ) serves as a catalyst for understanding, supporting and accelerating entrepreneurship in America. The Kauffman Foundation is the largest foundation supporting entrepreneurship in the United States. The Kauffman Foundation was established in 1992 by Kansas City entrepreneur Ewing Marion Kauffman who founded Marion Laboratories, a small pharmaceutical company which today operates as part of the global pharmaceutical firm, Aventis.

The VBDC is the biosciences businesses accelerator at the Virginia Biotechnology Research Park (VBRP) incubator facility ( www.vabiotech.com/vbdc/ ). Created in 2000, the VBDC provides management assistance and basic support services to more than 2 dozen life sciences based start-up companies in the incubator.

Virginia's Center for Innovative Technology (CIT) is a state chartered, nonprofit organization dedicated to building Virginia's future through technology ( www.cit.org ). CIT's mission is to enhance Virginia's business competitiveness through technology innovation. With ten offices throughout the state, CIT provides access to technology expertise; expands Virginia's R&D and technology infrastructure and creates collaborative environments to advance Virginia's technology future.

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