CAMBRIDGE, Mass. (May 11, 2009) -- Johnson & Johnson Services, Inc., a subsidiary of Johnson & Johnson through the Johnson & Johnson Corporate Office of Science and Technology (COSAT), has become the founding member of the MIT Deshpande Center for Technological Innovation's Corporate Program. As a member of the Corporate Program, COSAT will provide input to the Center's projects and grantees as they advance their technologies toward commercialization. COSAT will provide $750,000 over five years.
"We are pleased to have the Johnson & Johnson Corporate Office of Science and Technology as a partner. The company's assistance will really make a difference in the development of cutting-edge innovations," said Deshpande Center Executive Director Leon Sandler. "New technologies and products are key to improving health and the quality of life. COSAT's deep understanding of healthcare needs, coupled with MIT leading technologists, will produce breakthrough products. Even in these tough economic times, COSAT management has looked to the future and shown a commitment to long-term growth. Its financial support will help sustain our activities."
"The Johnson & Johnson Corporate Office of Science and Technology recognizes the MIT Deshpande Center for Technological Innovation as an important driver of innovation in healthcare," said Dr. Garry Neil, head of COSAT. "COSAT is committed to identifying leading technologies and supporting their development. We look forward to this partnership that will encourage innovation, stimulate entrepreneurship, and advance the state of scientific development."
The MIT Deshpande Center for Technological Innovation acts as a catalyst for innovation and entrepreneurship at MIT. It moves technologies from the laboratories at MIT to the commercial marketplace where they can have an impact. It also educates students and faculty on the process of commercializing new technologies, and helps sustain the local entrepreneurial and innovation ecosystem. Since 2002, the center has supported more than 70 projects, with almost $10 million in research grants. These efforts have lead to the formation of 18 startups that have raised more than $140 million in capital.