On April 19, Mount Sinai Innovation Partners (MSIP), the commercialization arm of the Mount Sinai Health System in New York, announced via a press release the launch of i3 Prism. i3 Prism is a technology commercialization fund aimed at women and Black, Indigenous, and people of color (BIPOC) who are healthcare innovators.
The release states that “This unique opportunity empowers diverse innovators, including Mount Sinai’s faculty, staff, and students, to help advance technologies and develop commercialization plans. Participating innovators can receive up to $33,000 in funding, based on their work’s milestone achievements, in an effort to bring innovations to life and improve health and well-being for all people.”
The release adds that MISP collaborated with numerous colleagues inside Mount Sinai to increase access to funding for Mount Sinai inventors, no matter their field. The fund is available to teams across the Health system and i3 Prism is part of Mount Sinai’s i3 (innovation, inflection, and impact) family of funds that support advancing Mount Sinai technologies.
Erik Lium, Ph.D., president of MSIP and chief commercial innovation officer at Mount Sinai was quoted in the release saying that “i3 Prism will enable women and BIPOC innovators to take the next step in advancing breakthrough healthcare technologies to benefit patients. This fund will directly support i3 Prism awardees in bringing their solutions to the next level.”
“MISP is responsible for driving the real-world application and commercialization of Mount Sinai discoveries and inventions, and the development of research partnerships with industry,” the release adds. “Our aim is to translate discoveries and inventions into healthcare products and services that benefit patients and society. MSIP is accountable for the full spectrum of commercialization activities required to bring Mount Sinai inventions to life. These activities include evaluating, patenting, marketing and licensing new technologies building research, collaborations and partnerships with commercial and nonprofit entities, material transfer and confidentiality, coaching innovators to advance commercially relevant translational discoveries, and actively fostering an ecosystem of entrepreneurship within the Mount Sinai research and health system communities.”