FOR IMMEDIATE RELEASE | March 11, 2008
American Chemical Society launches TechCatalyst to promote chemical
The American Chemical Society (ACS) has launched TechCatalyst, an innovative service for small businesses and research institutions, designed to enable the commercialization of breakthrough chemical and allied science — based (C&AS) technologies.
ACS believes its technical expertise and capital can accelerate the development process and transform a given C&AS technology into a successful commercial venture. A key objective of the new service is reflected in its official slogan, Transforming Technology for a Better World™.
TechCatalyst’s services are targeted toward small businesses that are looking for breakthrough chemical and allied-science based technologies. TechCatalyst professionals will search for the technology that meets the businesses’ needs and advise them on its technical merits, as well as how to commercialize the technologies. If clients need acquisition and development funding, the Catalyst Program provides the funding.
The process will work this way: A fuel cell technology company, for example, would contact TechCatalyst to find a chemistry-based technology that would complement its fuel cells by allowing them to retain energy longer or improve output. TechCatalyst staff would search for that technology, advise the business on its strategic fit with a fuel cell product and assist the business with funding to acquire the technology.
For more than 50 years, technological innovation has been a driving force in the Unites States’ economic success and high standard of living, but many believe that America’s economic and technological leadership may be in jeopardy. In a National Academies report, Rising Above the Gathering Storm: Energizing and Employing America for a Brighter Economic Future, a panel of leading experts found that our nation’s leadership position is eroding from world competition. Among other conclusions, these experts conclude that an environment conducive to transforming research into practical applications is essential for America to reach its full innovative potential.
ACS’ concerns about the nation’s standing in global competition have been heightened in light of 70 U.S. chemical plants closing in 2004, and with other nations building substantially more than $1 billion worth of new chemical plants than the United States. The Society joins with the National Academies in the concern for America’s leadership position and recommendations for responding to this global competitive threat.