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Session 1454

The NCIIA Venture Capital Fund at Rowan University

Anthony J. Marchese, John L. Schmalzel, John C. Chen, T.R. Chandrupatla, Kevin Dahm, Shreekanth A. Mandayam, Ravi P. Ramachandran, and Paris von Lockette

College of Engineering Rowan University 201 Mullica Hill Rd. Glassboro, NJ 08028-1701

Abstract - The 8-semester Engineering Clinic sequence at Rowan University provides the venue for multidisciplinary student teams to engage in semester-long design and development projects. The majority of these projects are funded by local industry, faculty research grants or departmental budgets. Clearly, projects such as these are central to developing the design, problem solving and project management skills that are lacking in the traditional engineering coursework. Often miss- ing, however, in the industry and faculty sponsored design projects, is the spirit of invention, inno- vation and entrepreneurship. One way to promote the entrepreneurial spirit is to provide students with the opportunity to propose their own original enterprises. Accordingly, funding from the Na- tional Collegiate Inventors and Innovators Alliance (NCIIA) has created a Venture Capital Fund, specifically ear-marked for the development of original inventions by multidisciplinary student teams within the Junior and Senior Engineering Clinics. Funding of up to $2500 per student team per semester is competitively awarded based on student-generated proposals to the Venture Capital Fund. To qualify for funding, student teams must propose, plan and implement an original, semes- ter-long product development enterprise. The product idea must be successfully designed, devel- oped and prototyped in a single semester. The latter criterion is possible given the unique rapid prototyping facilities available at Rowan University, which include a stereolithography machine, a multi-jet modeling rapid concept modeler, a rapid circuit prototyping system and multiple consumer appliance test stations. To date, ten projects have been funded through the Venture Capital Fund. These projects include a Portable MP3 Player, a 3COM Palm® RS232 Protocol Analyzer, an Automated Synchronized Spinning Exercise Cycle, a Coating Thickness Monitor, a Linear Combi- nation Guitar Effects Processor, a Hybrid Rocket Motor Demonstrator, a Dorm-Sized Air Condi- tioner, a Hurricane Roof Vent and an Enhanced Four-Wheel Drive Suspension.

Introduction

In 1992, the local industrialist Henry M. Rowan made a $100 million donation to the then Glass- boro State College in order to establish a high-quality engineering school in southern New Jersey. This gift has enabled the university to create one of the most innovative and forward-looking engi- neering programs in the country. The College of Engineering at Rowan University is composed of

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Chandrupatla, T. R., & Mandayam, S. A., & Marchese, A. J., & Schmalzel, J. L., & Chen, J., & Ramachandran, R., & von Lockette, P., & Dahm, K. (2000, June), The Nciia Venture Capital Fund At Rowan University Paper presented at 2000 Annual Conference, St. Louis, Missouri. 10.18260/1-2--8585