The Tulane University Innovation Institute receives the 2024 Outstanding Emerging Entrepreneurship Center Award for excellence from The Global Consortium of Entrepreneurship Centers
The Tulane University Innovation Institute received the 2024 Outstanding Emerging Entrepreneurship Center Award at the Global Consortium of Entrepreneurship Centers (GCEC) Conference on November 16, 2024, at Babson College in Boston. This award recognizes university-based entrepreneurship centers established within the last five years that demonstrate early success based on a clear set of innovation metrics, impact, and community engagement excellence.
“This national recognition distinguishes the Tulane Innovation Institute and its novel, groundbreaking approach to transforming major societal challenges into solutions through entrepreneurial-powered discovery,” Tulane University President Michael A. Fitts said. “By integrating educational programs, start-up funding initiatives, and community-focused efforts, the Institute has rapidly established itself as the source for transformative innovation throughout the Gulf South region and beyond.”
The GCEC includes leading schools from around the world, such as Harvard, NYU, Northwestern, Emory and Georgetown universities, that focus on developing entrepreneurs. With more than 300 schools and colleges, it is the leading academic organization focused on significant issues relevant to university entrepreneurship programs. The organization facilitates cooperation among members, enabling them to exchange best practices, create new initiatives, and support one another.
In June 2022, Fitts launched the Tulane Innovation Institute, supported by generous donations from alumni and other contributors. Dr. Kimberly Gramm, an expert in university entrepreneurial and commercialization programs, was appointed to lead the initiative to foster long-term impact and economic growth in the region through entrepreneurship and innovation. Under Gramm's leadership, a diverse team of 17 full-time employees quickly established startup programs and services aligning with Fitts’ vision of promoting innovation and economic development in New Orleans.
GCEC lauded the Tulane Innovation Institute for its excellence in launching ten programs that have positively impacted more than 1,000 participants in just two years. The institute's Green Wave Innovation Mentor Network, Provost's Proof of Concept Fund, pitch competitions, and the Tulane Venture Seed Fund aim to bridge the gap between academic research and the establishment of startup companies.
“It is thrilling to receive this honor from our peers. We want the Tulane Innovation Institute to be a “spark” for Tulane, the city of New Orleans, and the state of Louisiana for continued innovation growth. This acknowledgment signals we are on track to do the things that help our founders be successful,” said Gramm, the David & Marion Mussafer Chief Innovation & Entrepreneurship Officer of the Tulane Innovation Institute and managing director of Tulane Ventures.
In addition to prototyping funding, the Tulane Innovation Institute has recently launched the Tulane Venture Seed Fund, which consists of a $10 million capital pool. This fund is supported by a $5 million allocation from Louisiana’s U.S. Small Business Credit Initiative and is a cornerstone of the Institute's strategy. The fund focuses on early-stage startups in the health, energy, and technology sectors—industries that are critical to Louisiana’s future. So far, the venture fund has committed $1 million across four startups and plans to make 30 to 40 investments over the next five years.
The Institute's approach emphasizes creating educational opportunities and enthusiasm for entrepreneurship. Its programs are designed to engage aspiring entrepreneurs throughout the university and the community. By hosting events such as the Open Medical Innovation Challenge (Open MIC) Night, the Young Entrepreneurship Academy, and the $50K Demo Day during New Orleans Entrepreneur Week, the Institute provides a platform for diverse innovators to connect with valuable resources and opportunities.
The Institute’s commercialization efforts are also noteworthy. In FY2024, the team facilitated 18 patents, six licenses, and five university spinouts. By combining its research resources with robust mentorship and capital, the Institute catalyzes innovation that addresses pressing challenges, ranging from healthcare to energy transition.
During the GCEC conference, Claiborne M. Christian, executive director of commercialization in the Robert L. Priddy Innovation Lab, and Sharon Goldsmith, executive director of innovation & entrepreneurship programs at the Tulane Innovation Institute, shared their insights on best practices for university pitch competitions. This interactive panel also featured Rob Lalka, executive director of the Tulane University Albert Lepage Center for Entrepreneurship and Innovation. University pitch competitions aim to encourage startup creation, facilitate commercialization, and promote community development, all while enhancing entrepreneurial activity in the region.
The GCEC Award recognizes the Institute's achievements and emphasizes its leadership in the evolving landscape of university entrepreneurship. In the current year, the Tulane Innovation Institute plans to launch additional programs, including a Startup Clinic, a Startup Sprint, and a Faculty Entrepreneurial Development Workshop. These initiatives will enhance the Institute’s impact and broaden its reach within the university and in the region.
The Tulane Innovation Institute is dedicated to creating pathways for sustainable growth and aims to leverage the potential of educational institutions for more significant social and commercial impact.
