Two biomedical devices from the University of Rochester—one to benefit children with autism and another for individuals who have lost the use of one or more limbs—will soon come to market, thanks to an innovative, new funding mechanism.
Last year, the University provided some of the initial money to create Innovocracy, a crowdfunding platform with a twist. While other crowdfunders focus on the fields of arts, science research, and start-up companies, Innovocracy is different: It deals exclusively with academic researchers who develop products that can benefit society. Additionally, Innovocracy targets small-scale projects—typically $15,000 or less—that often do not get the attention of major funders.
“The University was our very first launch partner,” said Mikael Totterman, chairman of Innovocracy. “The initiative would not have been possible without its participation.