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Saturday, Jul 26, 2014

A Few Clouds, 64 °F

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President Roderick J. McDavis

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President announces new partnership with The Ohio State University


On Thursday, Ohio University President Roderick J. McDavis sent an email to the entire University community informing them of a new partnership with The Ohio State University.

Dear Students, Faculty and Staff,
 
The purpose of my message is to announce an Ohio University partnership with The Ohio State University to create a new commercialization and funding model. As part of that partnership, The Ohio University Foundation has committed $15 million and The Ohio State University has committed $20 million for the formation of a venture capital fund designed to meet the need for early-stage funding of innovative technology ventures. At OHIO, we have long understood that one of the most successful ways to support economic development is through partnerships.
 
Our investment in university researchers' technologies and discoveries led to the creation of Athens-based Diagnostic Hybrids, which employs more than 200 local residents. Ohio University Goll Eminent Scholar and Professor of Molecular and Cellular Biology John Kopchick's research has led to development of Somavert, a drug to treat acromegaly. This drug has improved the human condition of thousands of individuals around the world and has resulted in $73.5 million in royalty income for the inventors and the University to date. One of our newest start-ups, E3 Clean Technologies, is based on the work of Ohio University Researcher, Gerardine Botte. E3 is housed in OHIO's Innovation Center, the oldest university-based business incubator in the country and home to 25 client companies that have generated 134 jobs and $6.2 million in payroll, with an average wage per job of $45,975.
 
We thank OHIO alumnus and Ohio University Foundation Board Trustee David Pidwell, along with our Vice President for Finance and Administration Steve Golding who brought forward the idea for the Innovation Fund. We are very grateful to the Ohio University Foundation Board of Trustees for their investment in this initiative. And, we thank The Ohio State University for its partnership, which will join Ohio University's proven success in technology commercialization and rural economic development with Ohio State's success with research development and economic development to support our state and improve the quality of life for Ohioans.
Cordially,
 
Roderick J. McDavis
President