Ohio State, Ohio University pool resources to address start-up funding
The Ohio State University and Ohio University are partnering to create a new commercialization and funding model. They have committed $35 million in total to the formation of a venture capital fund designed to meet early-stage funding needs of innovative technology ventures.
Ohio State’s commitment to the fund is $20 million and Ohio University has pledged $15 million. The universities also will leverage their resources and assets to bring the best talent, funding and facilities to accelerate entrepreneurial activity and venture creation in Ohio.
“Universities, with our depth of research expertise, creative faculty, business capabilities and eager, well-prepared students, are uniquely positioned to help innovative companies grow and succeed,” said Ohio State President E. Gordon Gee. “We are honored to be partnering with Ohio University to enhance the state’s commercialization ecosystem, building a stronger environment in which to grow our economy.”
“We believe we have identified a new model for technology commercialization success,” said Ohio University President Roderick J. McDavis. “Taking what we have learned on an institutional level and applying it on a larger scale has great potential for our state, our students, faculty, staff, and most importantly, all Ohioans.”
Both institutions are BioOhio Founding Members and boast world-class biomedical research capabilities. It is safe to assume medical and health-related innovations will garner significant attention from the newly created fund.