Innovation Center achieves new status State incubator program admits center, provides funding Feb 11, 2008 By Andrea Gibson
The state of Ohio has admitted Ohio University's Innovation Center into its Edison Technology Incubator program, which will potentially provide $100,000 to $200,000 in new funding annually to the business incubator.
The Edison Technology Incubator program is the "gold standard" for incubators in the state, said Linda Clark, director of the Innovation Center. The Ohio Department of Development established the program to assist technology-oriented start-ups during their concept and development stages. The Innovation Center joins a list of 10 incubators in the program and is the first southeast Ohio member.
The program initially has awarded the Innovation Center $50,000 in bridge funding as its anchor tenant, Diagnostic Hybrids Inc., moves to another facility in Athens and the incubator recruits new client companies.
The center will use the bridge funding to cover the salary of a part-time assistant, allow travel to other Edison-funded incubators to gather best practices, replace research equipment, renovate office space, recruit new client companies and refine the business coaching program.
Starting in fiscal year 2010, the Edison Incubator program will provide $100,000 to $200,000 annually. The Innovation Center will match the state funding on a 1:1 basis from client rent income, Clark said.
"Becoming part of the state program not only confirms the quality of the Innovation Center, which celebrates its 25th anniversary this year, but will provide the funds to continually improve our services for new and emerging technology companies," Clark said.
The Innovation Center, located on West State Street in Athens, is part of the Vice President for Research division.
To speak with a media consultant regarding this story, please contact Director of Research Communications Andrea Gibson at 740-597-2166 or gibsona@ohio.edu.
Related Links Innovation Center http://www.innovationcenter.ohiou.edu/ About the Innovation Center http://www.innovationcenter.ohiou.edu/about/
Published: Feb 11, 2008 12:19 PM
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 The Innovation Center
Photographer: Rick Fatica
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