Arizona State University’s Venture Catalyst is launching a new startup accelerator which is aimed at individuals starting companies based on the University’s intellectual property.
In partnership with the University’s Technology Transfer Office, Arizona Technology Enterprises (AzTE) Furnace, the new accelerator, will offer an intensive 6 month incubator program providing funding, space in the ASU SkySong facility and access to 100 mentors.
In particular, Furnace will target ASU students, staff, and faculty, with a heavy focus on alumni. To participate in the competition, which will also be open to external parties (anyone in the world) with no university connection, the new venture must be all or partly based on intellectual property from ASU, and must be based in Arizona.
It will officially launch in the second quarter of 2012.
The participants must incubate their new companies in the co-working space available to them at ASU SkySong, which is based in Scottsdale.
The six months of the program will end in a Demo Day presentation to potential investors.