ITDA Announces New Technology Transition Program Receives Contract with the Office of Naval Research

Chicago, IL -- October 31, 2005 -- The Illinois Technology Development Alliance (ITDA) announced today a program to establish the Illinois Technology Transition Center. The center will assist emerging companies in developing promising technology products for the U.S. Department of Defense's (DoD) Office of Naval Research (ONR). ITDA receives $1.3 million for the program, which will offer entrepreneurial services, technology transition support, innovative technology commercialization support and award programs.

"This is a win-win for entrepreneurs and ONR," said Tom Thornton, President of ITDA. "ITDA will provide the Navy with access to innovative technology solutions for critical mission areas, and ITDA will provide entrepreneurs the opportunity to work with ONR."

The Illinois Technology Transition Center fits with ITDA's mission to stimulate enterprise growth by assisting high-growth technology companies realize the commercial potential of their innovations. The new program enhances ITDA's existing work with the Small Business Administration's commercialization efforts throughout Illinois and NASA's technology transfer efforts located at the DuPage National Technology Park.

"Our experience and skills in Federal technology development financing make us uniquely qualified for this project," said John Noel, Vice President of ITDA and program manager for this contract. "The process to secure a contract with a federal agency such as ONR can be overwhelming. ITDA's success in doing just that will be of tremendous value to promising technology companies and ONR."

The Technology Transition program consists of four main tasks. The first task will be to identify technology needs within the Navy. The second task will be to identify companies and technologies with possible solutions. The third task will be to perform technology transition and commercialization assistance to companies with technology solutions. The fourth task will be to administer the award program where the center will bridge the resource gap between technology development and commercialization. The program is funded over a 15-month period and will operate out of ITDA's Chicago and DuPage National Technology Park locations.