Small businesses in Western Pennsylvania are dealing with the massive economic upheaval caused by the closings and social distancing measures put in place to limit the spread of the COVID-19 virus. And with events unfolding rapidly regarding the government’s proposed relief packages, they are struggling to make decisions on whether or not to furlough employees and to determine what access to emergency financing may be available.
Last month the Innovation Institute and the Office of Sponsored Programs welcomed consulting firm McAllister & Quinn to deliver a workshop covering the benefits of applying for federal research funding via the Small Business Innovation Research (SBIR) program, and helpful information on writing an effective application. These programs offer non-dilutive grants through 11 different federal agencies to small businesses, including those seeking to bring university-developed innovations to market.
The Pittsburgh Venture Capital Association recently convened a panel of venture capitalists from outside the region to gain an understanding of what they are looking for in investment prospects here in Pittsburgh. Three of my colleagues at the University of Pittsburgh Innovation Institute, Tony Torres, Kelly Dane and Paul-Valentin Pitou, have spent the past 18 months in a focused effort to do much the same.
There is no guidebook for every path that entrepreneurs navigate, but there are those that have been on the path before who can point way. That's why our volunteer mentors are crucial here at the University of Pittsburgh Innovation Institute. Our mentors provide support for Pitt faculty, students, and staff ranging from pitch preparation to honest, real world business input. They are integral to our work.
Michael Docherty returned to Pittsburgh (his hometown) last year on a contract basis to help Innovation Works launch a regional Corporate Innovation Program. The program is focused on helping large companies connect and collaborate with our area’s entrepreneurs and startups. Mike was able to apply his global experiences as a corporate executive, entrepreneur, venture investor and as a matchmaker for innovation ‘seekers’ and ‘solvers’. After recently transitioning the corporate innovation role over to a full-time Innovation Works team, he spoke with us about his experiences, his views on Pittsburgh’s innovation ecosystem and what’s next for him.