Designed to provide early stage capital for businesses with high growth potential, Proof of Concept (POC) allows enterprises to trial potentially ground-breaking concepts that will help the regional economy grow. Sen. Tom Udall has recently worked on legislation that will encourage and support POC funding.
From TECHOPEDIA: A proof of concept (POC) is a demonstration, the purpose of which is to verify that certain concepts or theories have the potential for real-world application. POC is therefore a prototype that is designed to determine feasibility, but does not represent deliverables.
Sen. Tom Udall (D-NM has introduced a bill to improve the Department of Energy’s technology transfer process, which Udall said would provide a big boost to New Mexico’s entrepreneurs.
According to the Albuquerque Business Journal, Udall’s bill, called the Accelerating Technology Transfer to Advance Innovation for the Nation (ATTAIN) Act, would improve the Department of Energy’s technology transfer capabilities in three key areas, according to the senator.
Among its components, the bill adapts an existing public-private partnership model used by the Small Business Administration for economic development and applies it to technology transfer. The goal of this portion of the proposal is to provide capital to funds investing in high-growth companies seeking financing in the range of $1 million to $4 million and located in areas underserved by the venture capital markets.
Sen. Udall’s office indicates the federal government spends about $80 billion on information technology annually.
PROOF OF CONCEPT funding is sorely ‘lacking’ across the country – whether utilizing federal lab technologies, technologies from universities, or private innovations. Efforts in the private sector, communities and via the federal government can go a long way in supporting industry growth through technology development and deployment to the marketplace.