Two New Innovation Prizes and Launch of Evansville’s ICET
U.S DOE’s Community Energy Innovation Prize
In March 2024, Circular Venture Lab and the University of Evansville’s Center for Innovation and Change teamed on the “IMPACTT - Technology Transfer for Impact Ventures” program. IMPACTT was chosen as one of ten initial winners in the 2024 U.S. Department of Energy’s (DOE) American-Made Community Energy Innovation Prize. The team was awarded $100,000 in prize money initially.
The team has demonstrated significant progress and was awarded a another $100,000 prize in August for their efforts.
The IMPACTT team added the STARTed UP Foundation as project partners for the second phase of the prize. Together, they detailed plans to launch an online technology transfer curriculum for Indiana High School students in early 2025. The statewide program has garnered interest from students and stakeholders in Evansville and across Indiana.
Through the IMPACTT curriculum, participants identify, research, and critically analyze technology inventions and patents available for license through universities and U.S. federal agencies. Though specifically focused on technology transfer, the early entrepreneurship program has significant roles in economic, community, and manufacturing workforce development.
The DOE’s Community Energy Innovation Prize supports capacity building, innovation, and economic development related to clean energy and climate for disadvantaged communities in accordance with the Justice40 Initiative. The IMPACTT team and other national winners will present at the Finals event in Chicago in December 2024.
The Community Energy Innovation Prize is part of DOE's American Made Program and is administered by the National Renewable Energy Laboratory.
IMPACTT Video
U.S. SBA’s Growth Accelerator Fund Competition
In April, the U.S. Small Business Administration (SBA) announced the Indiana Center for Emerging Technologies (ICET) as a Stage One winner for the 2024 Growth Accelerator Fund Competition (GAFC). The ICET is a collaboration between Circular Venture Lab, statewide partners, and national collaborators. The new Evansville-based Center is a technology research firm and venture partner that supports high-growth tech startups and the creation of high-skill jobs in Southwest Indiana.
The ICET received an initial $50,000 cash prize for its impactful approach to a collaborative innovation ecosystem that will advance small business R&D from ideas to the market.
The team has demonstrated significant progress and was awarded another $50,000 prize in September for their efforts.
GAFC Stage One prizes emphasized ecosystem network building, while Stage Two efforts focus on the enhanced support that can be provided to small businesses and startups through Partnerships. These partnerships span public, private, nonprofit, and academic institutions, fostering collaboration across industries and geographies, with awardees headquartered in 34 U.S. states and territories and assisting innovators nationally.
Importance and Relevance to Indiana
Logan Jenkins, Executive Director of Evansville’s Circular Venture Lab, states, “Understanding technology transfer and its importance to research and development in the U.S. is a critical skill for young entrepreneurs, early startups, and for corporate innovation teams. These concepts generally are not learned in undergraduate classes, let alone in high school. Our program allows students an early look at the tech transfer process through engagement with universities and federal research labs, including the Department of Energy, NASA, and the Department of Defense.”
Don Wettrick, Founder and CEO of the STARTed UP Foundation, explains, “As a partner in the IMPACTT project, STARTedUP is thrilled to be part of the only high school technology transfer program in the nation. Through Innovate WithIN, we're excited to offer new possibilities for students to learn about innovation and entrepreneurship”.
UE’s Center for Innovation & Change now sits at the nexus of multiple transformative investments in this region. The Evansville Promise Neighborhood, CVL Partnerships, High School Changemaker Challenge, and the recently announced $2 million dollar investment from Toyota in STEM education are all administered out of the CIC. Executive Director Erin Lewis states, “As Indiana’s only Changemaker Campus, we are focused on bringing these opportunities to those who normally don’t get to experience them. Thanks to these investments, all Hoosier kids - not just those with privilege or access to high-tech schools - can receive an inspirational STEM education and access to mentoring from world class tech leaders.”
Circular’s Jenkins further explains, “We have validation from our region, our state, and the U.S. Department of Energy and the U.S. Small Business Administration for our technology transfer program. In the next year, we will launch across the state, add value to existing entrepreneurship programming, and provide a unique talent pipeline to multiple industries in Indiana. The IMPACTT program has significant relevance to the many efforts across Indiana to further educate and retain our young talent in their early business careers.”
The Indiana Center for Emerging Technologies
The Center will collaborate with regional entrepreneurs, industry leaders, and national research labs to launch new growth ventures and create company spinoffs.
In early 2024, Circular Venture Lab saw an opportunity to think bigger about their early impact in economic development, technology transfer initiatives, and regional collaboration. The long-term vision was the Indiana Center for Emerging Technologies (ICET), a technology research firm and venture partner. The ICET would work alongside Southwest Indiana startups, industry leaders, and academia, focused on evaluating and validating the market potential of emerging technologies.
Well ahead of their Winter 2024 initial plans, the Center has launched out of Innovation Pointe in downtown Evansville, which is home to multiple regional economic and business development entities, including E-REP and the ISBDC.
Jenkins explains, “Emerging technologies have the potential to disrupt industries and society. They are often at the cutting edge of tech development, rapidly evolve, and have broad applications. Examples include artificial intelligence, robotics, and advanced manufacturing technologies like 3D printing. Working together with national research labs and local universities, we’re going to start exploring many of these and introducing them to entrepreneurs, startups, and industry.”
Opportunities to Get Involved
Circular Venture Lab and the Indiana Center for Emerging Technologies are 501(c)(3) nonprofit orgs expanding the innovation and entrepreneurial ecosystems of Southwest Indiana. We invite you to volunteer your time and expertise, become a partner, and share our work with your colleagues and community members.
The ICET is running its first Startup Lab in downtown Evansville beginning October 18. There are currently two spots open in this free 15 hour program! Individuals may bring ideas for a new startup or for one within an existing company. You’ll work with our experienced team to help clarify, mature, and identify risks with your idea - and a plan to capture the potential opportunity.