A $1 million federal grant has allowed TEEX and Technology Ventures Corp. (TVC) to help at least 26 defense-dependent companies move from reliance on federal defense contracts to the commercial marketplace.
The joint project, known as the Defense Technology Commercialization Project (DTCP), is the result of a grant awarded by the U.S. Department of Commerce’s Economic Development Administration. The goal of the project is to help defense contractors maintain and create high-technology jobs in times of defense spending cuts, by identifying technologies with commercial potential, developing business plans and finding investors and partners.
Gary Meaney, project manager in the Technology and Economic Development Division, is leading the TEEX project. TEEX is implementing the defense technology commercialization program in Texas and helping local organizations do the same in Oklahoma, Arkansas and Louisiana. TVC of Albuquerque is a non-profit organization founded by Lockheed Martin Corp. to help commercialize national laboratory technologies in New Mexico.