Tech Transfer eNews Blog
University-Industry Engagement Advisor

Ohio innovation initiative gets high marks in first year report card

By Jesse Schwartz
Published: October 14th, 2020

Since launching in 2019, the Ohio IP Promise, an initiative to boost innovation and entrepreneurship in the state’s universities, has already led to a number of successes in technology transfer, according to a briefing from Ohio Lt. Governor Jon Husted detailing the program’s results and metrics.

For example, the initiative has enabled the University of Cincinnati (UC) to generate a record 400% increase in start-up launches last year and a 1,000% increase this year. In addition, Ohio State University (OSU) now has over 100 active start-ups in its portfolio, on which the IP Promise has made a direct and positive impact by boosting the speed, ease and transparency of engagement with start-ups.

The initiative has also helped quickly facilitate a recent license agreement on a COVID-19 detection technology developed at the University of Dayton Research Institute. According to the licensee, IP Promise helped accelerate the deal by reducing risk through transparency.

“The Ohio IP Promise has been a critical catalyst for change, improving how we transfer discoveries from the university into the market where they can make a positive impact on people’s lives,” says Kevin Taylor, associate vice president for technology commercialization at OSU. “Aligned around the new metrics, Ohio IP Promise universities will gain insights into what’s working, what’s not, and how we can improve together. This will benefit Ohio’s citizens, its innovative businesses, and the state economy.”

Moving forward, Lt. Governor Husted has announced three new areas of collaboration for the initiative: a statewide inter-institutional agreement template for universities who want to commercialize technologies together; a collection of entrepreneurial resources for universities to share and leverage best practices; and an agreement among universities to use consistent non-financial starting terms so that commercialization deals can be executed more quickly.

“If we want Ohio to be the most innovative, entrepreneurial state in the Midwest, we have to make sure our state is a magnet for research, capital and talent, and by signing on to the IP Promise, our state’s universities are playing a greater role in making that happen,” says Lt. Governor Husted. “As we move forward and grow this collaboration, I’m confident we will continue to see more invention disclosures and business start-ups coming out of our universities, and see that those institutions will be better positioned to attract world-class talent to Ohio.”

Source: The Highland County Press

Posted under: Tech Transfer e-News

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