Hofstra University is launching two new ventures to support the region’s economic development and promote innovation while providing opportunities for students to get valuable real-world experience.
The interdisciplinary Center for Entrepreneurship, opening in the fall, will draw on the resources of the schools of business, law, engineering and applied science, and medicine to build a curriculum, launch an accelerator program, and advise startup companies.
Meanwhile, earlier this year, the School of Engineering and Applied Science (SEAS) launched the
Center for Innovation, in which Hofstra professors provide technical and engineering expertise to regional businesses and research centers.
“The Center for Innovation promises to be a crown jewel in the collection of educational and socially conscious intellectual services Hofstra University offers to the wider community,” said SEAS Acting
Dean Sina Rabbany, PhD.
The initiative benefits all participants: Faculty have the opportunity to work on practical technical problems of immediate interest to the business community, while students gain real-world experience and exposure to industry issues. In turn, companies are able to partner with professionals who bring a fresh perspective to issues and projects that are too big for an in-house solution. The Center will employ consultants in the absence of a Hofstra faculty member with expertise in a specific industry. “This ensures that the team assembled to solve a problem will be the best available, made up of experienced professors, engineers, designers and scientists,” says Kevin Craig, PhD, director of the Center for Innovation.
The Center for Innovation is different from other university-business partnerships in that any resulting intellectual property will be retained by the hiring company. Additionally, overhead cost will be kept low, and monies raised by overhead fees will be reinvested in Hofstra SEAS labs, equipment and software.