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Oak Crest Awarded Major Economic Development Grant

Posted by Marc M. Baum | July 23, 2019

Oak Crest Institute of Science is delighted to announce that its application to the i6 Challenge program, under the U.S. Economic Development Administration’s Regional Innovation Strategies (RIS) Program has been approved for full funding support. The RIS Program “awards grants that build regional capacity to translate innovations into jobs through proof-of-concept and commercialization assistance to innovators and entrepreneurs.”

The i6 Challenge program is highly competitive, with only 22 awardees out of 183 applications in 2019. Oak Crest is one of only two awardees in California!

“This is fantastic news for the development of our startup infrastructure and the continuing workforce development at Oak Crest. The combination of our know-how, infrastructure, and the support of our partners will enable us to accelerate the commercialization of new technologies while also training students on how it’s done. It’s a win-win situation all around, “ said Dr. Chris Buser, the grant’s Principal Investigator and Oak Crest Senior Faculty. In collaboration with the City of Monrovia and Newton World Enterprises LLC, Oak Crest launched the “Monrovia – Oak Crest Science and Technology Incubator Program (MOST-IP)” to develop and mature internal and external discoveries into products; provide access to laboratory infrastructure, scientific know-how and high-end equipment; teach scientists and diverse students basic entrepreneurial concepts; and support the formation and sustainability of startups through continuing business services.

“This very important, enabling award will allow us to significantly accelerate the development of the local science ecosystem,” said Dr. Marc Baum, President of Oak Crest. “Our goal is to jointly develop a local science and technology hub that organically integrates education, job creation, and business incubation with strong community participation. This prestigious grant could not have come at a better time!”

Stay tuned for more updates!