Ohio State is contributing $20 million and Ohio University in Athens is pitching in $15 million.
“In Ohio, there is a lack of critical, early-stage funding for innovative technologies,” Ohio State President Gordon Gee said in apress release announcing the deal. “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.”
Dominion Ventures, based in Walnut Creek, Calif., will run the fund as general partner and plans include working with other universities throughout the state, according to the news release. Additional details regarding commercialization and funding activities will be available within the next quarter.
“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 McDavis.
“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,” McDavis added.