HANOVER, Md.--(BUSINESS WIRE)--Tecore Networks, a global supplier of 3G, and 4G/LTE mobile network infrastructure announced today the acquisition of Intellectual Property (IP), developed during a course project, at an official signing event on the campus of the University of Maryland Baltimore County (UMBC). Tecore Networks will be partnering with UMBC students by providing guidance and technical resources to bring this award-winning mobile application concept to product reality.
“Supporting and mentoring the next generation of entrepreneurs and technologists here in Maryland is a vital part of our future,” said Jay Salkini, President and CEO of Tecore Networks. “We are thrilled to be partnering with these promising UMBC students to provide them with an important opportunity while creating jobs and driving innovation in our own community.”
This innovative application concept won a competition held by the UMBC Alex. Brown Center for Entrepreneurship whereby the students submitted ideas for products in the class entitled: Creativity, Innovation, and Invention. These students developed the initial product definition for a customizable GPS driven navigation application that targets the dynamic environment of college campuses. The application connects students, faculty and staff, local businesses, and visitors with information in the UMBC community. The primary feature is the applications GPS turn-by-turn navigation feature. Whether walking or driving users are directed to their desired location, informed of places nearby to eat and shop, and shown upcoming events. Future features will include a customizable self-guided tour as well as the integration of time and location based information delivery including campus information as well as local coupons and deals.
A portion of the funds generated by the acquisition of the IP by Tecore Networks will support a new collaborative space on the UMBC campus for aspiring Entrepreneurs. "Innovation and entrepreneurship are at the core of a UMBC education, and the success of this young company speaks to those strengths, the talents of our students, and the quality of our partners. It is fitting that this new venture is committed to both excellence in the technology field and to giving back to the UMBC community," said Freeman Hrabowski, President of UMBC.
“Working on this project provided us with real life understanding of how corporations are formed, built, and acquired, all of which require a willingness to collaborate and to build worthwhile partnerships,” said Josh Massey, one of the Co-Founders and a senior at UMBC. “We are very grateful to both UMBC and Tecore Networks for this incredible opportunity.”
Several members of the class, including Josh Massey, Andres Camacho, and Hashem Kanfash will continue to work with the technologists and executives at Tecore Networks to take the application through the final stages of development.
About Tecore Networks
Tecore Networks is a pioneer global supplier of multi-technology 3G and 4G/LTE mobile core and radio access network infrastructure. From millions of subscribers, to small private networks, Tecore Networks has serviced the commercial and government sectors for over 20 years. Offering cutting-edge voice and data technologies, and setting the standard for all-IP based architecture; Tecore Networks has exponentially increased performance while minimizing cost and space requirements. Tecore Networks offers value-added features and state-of-the-art professional services that enable their customers to increase ARPU and retention. Founded in 1991, Tecore Networks is ISO 9001:2008 certified, and a three-time winner of the Global Mobile Award. For more information, visit Tecore Networks at www.tecore.com
UMBC is a dynamic public research university integrating teaching, research, and service to benefit the citizens of Maryland. As an Honors University, the campus offers academically talented students a strong undergraduate liberal arts foundation that prepares them for graduate and professional study, entry into the workforce, and community service and leadership. UMBC emphasizes science, engineering, information technology, human services and public policy at the graduate level. UMBC contributes to the economic development of the State and the region through entrepreneurial initiatives, workforce training, K-16 partnerships, and technology commercialization in collaboration with public agencies and the corporate community. UMBC is dedicated to cultural and ethnic diversity, social responsibility and lifelong learning. For more information, visit UMBC at www.umbc.edu
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