Goal to provide venture funding for emerging technologies
The Ohio State University and Ohio University today announced that they are partnering to create a new commercialization and funding model. As part of that partnership, they have committed $35 million to the formation of a venture capital fund designed to meet the need for early-stage funding 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 jumpstart entrepreneurial activity and venture creation in Ohio.
“In Ohio, there is a lack of critical, early-stage funding for innovative technologies,” said Ohio State President E. Gordon Gee. “That gap, between idea and tangible venture, is sometimes called ‘the valley of death’ because it is where good ideas die. We cannot allow that to happen, and universities can provide a solution. 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. 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,” said Ohio University President Roderick J. McDavis.
Dominion Ventures, based in Walnut Creek, Calif. has been named general partner and will work with the two universities to create an Ohio-based, early-stage fund that will support innovative companies that emerge out of research conducted at Ohio State, Ohio University and other Ohio universities. Additional details regarding commercialization and funding activities will be available within the next quarter.
“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,” Gee explained.
“We hope to move more innovations to the marketplace to cure disease, produce healthier food, and advance alternative energy solutions. And in doing so, we want to create jobs, keep talented people in Ohio, and attract more people and businesses to a state that clearly values research and innovation. And that is good for all Ohioans,” said McDavis.