EAST LANSING (WWJ) — The MSU Innovation Center and the Office of the Vice President for Research announced The MSU Michigan Translational Research and Commercialization Program for the Bio-Economy, and are accepting pre-proposal submissions.

MSU MTRAC is intended to accelerate commercial development on bio-based projects over the next three years. Established through a grant from the Michigan Economic Development Corp. and MSU funds for a total of $2.4 million, this program focuses on the university’s core strengths: agriculture, bioscience and technology.

READ MORE: Amazon Scammers Stole Over $27M From Consumers In A Year

“This program will provide much-needed funding to help close the gap between discovery and commercialization,” said Andrew McColm, Program Director for MSU MTRAC. “Our goal is to assist in transitioning these discoveries through to implementation, where they can benefit society.”

Through 2016, MSU researchers may apply for funding to help drive laboratory technology toward commercialization, including support for scale-up services in fermentation technology, proto-biochemical synthesis, separations and purification and other projects. Initial grants are in the range of $25,000 to $100,000, with renewals granted upon meeting project milestones.

READ MORE: Supply Chain Issues: 'There Really Are Problems Everywhere,' Even For Small Companies

Ideal candidates are MSU biotechnology and bioprocessing innovations that have the potential to create superior value-added products and materials. Projects will have shown promise in the laboratory, but need further development in order to become successful in a competitive market. Relevant technology must have an Invention Disclosure filed with MSU Technologies and an identified commercial application.

Pre-proposal forms and requirements may be downloaded on the MSU Technologies website, and will be accepted through Nov. 27. For more information, please email MSU MTRAC Program Director, Andrew McColm or call (517) 884-1824.

MORE NEWS: Volvo Adds 195,000 Vehicles To Recall For Dangerous Air Bags

The MSU Innovation Center combines innovation, technology transfer, start-up support, and a portfolio of dedicated business and community partnerships to bring new ideas to the marketplace. Composed of MSU Technologies, Business-Connect and Spartan Innovations, the MSU Innovation Center stewards ideas from concept to product, launching more than 130 discoveries into patented products and start-up businesses annually. Learn more at http://innovation.msu.edu.