Young Upstarts

All about entrepreneurship, intrapreneurship, ideas, innovation, and small business.

Ocean Optics Launches New Blue Ocean Grants And Challenges Innovation Fund

Optical sensing solutions provider Ocean Optics has announced a new US$300,000 open innovation fund called Blue Ocean Grants and Challenges program, that seeks novel technologies especially in the areas of optical sensing with the potential for market commercialization.

The grant will be available in two phases: Phase I grants are  issued to fund further evaluation and development of technologies, with up to 10 grants of up US$10,000 will be awarded. Phase II grants are issued to mature a proposed technology through proof of concept in a way that enables the potential of market commercialization; up to two of these awards will be granted for up to US$100,000 each. The deadline for applications for the first round of funding ends on June 30, 2011.

In addition to the cash awards, the Blue Ocean program affords applicants the opportunity to work with Ocean Optics’ team to transform the grant idea into a reality. The company is offering access to its engineering and marketing teams, for anything from customization of its spectroscopy products to recommendations of partners and suppliers.

“Because optical sensing technologies have such a broad potential application base – Ocean Optics’ equipment is used for everything from cancer detection and biophotonic sensing, to ozone depletion measurement, to biofuel characterization–we expect a diverse applicant pool for Blue Ocean Grants,” explains Ocean Optics’ Chief Technology Officer, Jason M. Eichenholz. “Students, inventors or budding entrepreneurs from life sciences, chemistry, quality assurance, environment, research, industry and other disciplines are all encouraged to apply. We’re hoping to uncover new technologies that help us fulfill our mission to change the world for the better via optical sensing.”

Applicants are asked to answer two fundamental questions: What is their idea and how will it be implemented or tested? Recipients will be chosen based on scientific prowess, creativity, technical merit and commercial viability. To learn more about the grant program and application process, watch this video:

Daniel Goh is the founder and chief editor of Young | Upstarts, as well as an F&B entrepreneur. Daniel has a background in public relations, and is interested in issues in entrepreneurship, small business, marketing, public relations and the online space. He can be reached at daniel [at] youngupstarts [dot] com.

Tagged as: , , , , ,