MALVERN, Pa. — Penn State Great Valley is the recipient of a $50,000 seed grant to expand entrepreneurial endeavors through the Invent Penn State initiative, one of six campuses recently named as part of the newest wave of entrepreneurial sites across the Commonwealth that are poised to become economic strengths in their region.
“This is a great opportunity to connect our faculty and students to the community in ways that nurture and support an entrepreneurial ecosystem, which has played such a big part of the development of the region,” said James Nemes, chancellor of Penn State Great Valley.
Invent Penn State is a Commonwealth-wide initiative that blends entrepreneurship-focused academic programs, business startup training and incubation, funding, and key regional partnerships together for the benefit of Pennsylvania and beyond. These six new awards follow on the heels of six similar $50,000 grants awarded to Penn State campuses in 2015.
The grant will establish REV-UP@GreatValley, a program operating in partnership with the Chester County Economic Development Council to provide support to early-stage enterprises, as well as access to engineering fabrication tools and an entrepreneur-in-residence program. The program will offer an annual Lion Cage competition for entrepreneurs to pitch ideas and potentially receive monetary awards for innovative projects.
"The process for awarding these six additional grants was very competitive,” said Madlyn Hanes, vice president for Commonwealth Campuses. “I congratulate the recipients who share a deep commitment to the economic well-being of their communities. They are connecting the talent of Penn State faculty and students with community partners to bring innovation and entrepreneurial activity to the regions we serve. The Invent Penn State initiative is a powerful driver of economic development."
Other campuses in addition to Great Valley that are receiving funding in this latest round include: Altoona, Berks, Schuylkill, Shenango and York.
Prior to this round of funding the Penn State campuses of Abington, Behrend, Harrisburg, Lehigh Valley and New Kensington received seed-grant awards for collaborative economic ventures on their campuses and within their communities.
“CCEDC is pleased to partner with Penn State Great Valley on the REV-UP@GreatValley initiative,” said Marybeth DiVincenzo, senior vice president and chief marketing officer at Chester County Economic Development Council. “This directly supports the VISTA 2025 economic development strategy for Chester County, which includes strategies to promote an innovation culture that supports entrepreneurship and business growth in Chester County and the region.”
For more information on Invent Penn State, visit www.invent.psu.edu.