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- In recent years there has been an increasing need for investigators to secure alternative sources of funding, and nonprofit organizations have become integral parts of the research and development process.
- Venture philanthropy is a relatively new concept of cooperation in which nonprofits not only fund research but also take a businesslike approach to product development, commercialization, and collaboration with industry partners.
- Potential opportunities that come with nonprofit funding can include better patient access, more early funding for research and development, and increased networking opportunities.
- Investigators must be prepared for potential pain points such as managing conflicts of interest, managing intellectual property, and ensuring prior art is accounted for during the application process.
- With proper management and transparency, involvement with a nonprofit foundation has the potential to be greatly beneficial to both the investigator and the foundation.
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"Nonprofit and Foundation Sponsored Research: Developing New Models of Collaboration for Research and Development,"
Academic Entrepreneurship for Medical and Health Scientists: Vol. 1
, Article 7.
Available at: https://repository.upenn.edu/ace/vol1/iss2/7