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Founded in 2002, Idea Foundry is a non-profit organization that supplies the critical ingredients to transform an entrepreneur's business idea into a Pennsylvania-based, fundable start-up. The Commonwealth of Pennsylvania and regional foundations support Idea Foundry's initiatives by funding fellowships that are awarded to selected individuals and their ideas. The cornerstone of Idea Foundry is its Transformation Fellowship Program, which provides funding and support services to bridge very early-stage, commercially viable ideas to the point where they can be seed funded by outside investors or be self-sustaining. An individual Transformation Fellowship of up to $100,000 will be spent on resources used in developing the business idea from a commercial perspective i.e. stipends, computer equipment, legal fees, etc. as required for development. Each idea submitted will be researched and, if selected, funded appropriately based on the specific needs to commercialize that idea. Since its inception, Idea Foundry has helped launch over 85 technology companies in a wide variety of industries, including Life Sciences / Healthcare IT, Energy Efficiencies / Green Tech, Advanced Materials, Entertainment Technology, Education, and Information Technology. Idea Foundry companies have gone on to create over 1000 jobs, support over 200 companies, launch more than 90 products, raise over $290 million in follow-on funding, and earn over $266 million in revenues.
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