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One of the area’s economic-growth engines is faltering.

The process of turning discoveries by researchers at area universities into commercial products and services is being hampered by a lack of funding, according to people familiar with it.

“There is an enormous amount of innovation in the Delaware Valley in all sectors of science and business models, but the early-stage financing capability is drying up,” said David Freschman, founder and manager of Innovation Ventures, an early-stage venture-capital firm based in Wilmington.

Funding shortfall stymies tech-transfer capabilities