Arizona State University’s Ira A. Fulton Schools of Engineering took a major step in advancing innovation and entrepreneurship on its campus through its just announced partnership with Avnet, Inc., to create the new Avnet Innovation Lab. Avnet, based out of Phoenix, AZ, is a leader in global technology distribution.
The lab has been designed to fuel economic growth in the technology sector while providing entrepreneurs with a space to advance their innovations. In addition, the lab will provide business consultation and venture support to entrepreneurs aspiring to develop new technology, especially those with inventions which aim to improve the world, according to a recent press release.
“The technology industry exists because of those individuals driven by an entrepreneurial spirit, but every inventor needs support to bring those ideas to life,” said Senior Vice President of Avnet, Inc., MaryAnn Miller, in a recent press release.
Avnet alone will support the lab with an annual contribution of $250,000 plus administrative expenses for 3-years. Avnet’s contribution will award funding to select entrepreneurs to allow them to further develop their business ideas. Both Avnet and ASU will also offer mentorship and critical connections for entrepreneurs, as well as dedicated lab space in the Ira A. Fulton Schools of Engineering.
The Innovation Lab is to be led by an experienced advisory council which will select and guide entrepreneurs in areas such as business strategy, engineering, design, marketing and supply chain.
“ASU will be able to offer entrepreneurs a new experience through the Avnet Innovation Lab. We will connect them to one of the largest companies in the world—Avnet—which is an expert in the intricacies of bringing technology to the market,” stated Dean of the Ira A. Fulton Schools of Engineering, Kyle Squires.
