Lab to Market wins $1.5 Million U.S. Department of Commerce Grant
In 2020, BRIC's Lab to Market (L2M) received a $1.5 million grant from the U.S. Department of Commerce to fully develop the Lab to Market program to facilitate the process of industry using Baylor core research capabilities and faculty research and development abilities. The grant funds a prototyping function that moves technologies into the marketplace and funds the necessary labor force to analyze which technologies are worthy of such investment.
According to a Baylor University-Texas Business Journal survey, 80% of Texas business leaders believe university researchers should help solve industry problems. However, only 30% have partnered with Universities. Most cite their lack of engagement coming from concern about red tape or lack of understanding of the process. Baylor’s L2M was developed to eliminate barriers through developing a menu of Services and R&D opportunities for Industry.
Waco and McLennan County community leaders, the Waco Industrial Foundation, and the Waco Chamber of Commerce lent letters of support for the grant. Involvement of Baylor entrepreneurship undergraduates and interns in the L2M process contributes to developing the business workforce in the Waco area.