Ohio State joins statewide effort to foster innovation and economic growth

The Ohio State University is joining public universities across the Buckeye state to boost research and technology commercialization in Ohio.

Lt. Gov. Jon Husted announced the Ohio Intellectual Property Promise initiative at a press conference today at Ohio State’s Corporate Engagement Office. Ohio IP Promise helps ensure that the state’s public universities are best-in-class when it comes to the transfer of university discoveries to the commercial sector.

“We applaud Lt. Gov. Husted’s ongoing work to foster a climate of innovation in Ohio, and we’re pleased to partner with the Inter-University Council of Ohio and our colleagues around the state to improve the transfer of discoveries to the marketplace,” said President Michael V. Drake. “As a result of this significant initiative, high-impact discoveries made at Ohio universities will go to market more quickly, boosting the state’s economy and fueling economic growth and increased opportunity for Ohioans and beyond.”

Earlier this year, Gov. Mike DeWine’s administration asked the Inter-University Council of Ohio to improve the licensing of intellectual property developed by Ohio public universities in order to strengthen the state’s economy, attract innovative researchers and continue to appeal to investors and entrepreneurs. Under the leadership of Ohio State and the University of Cincinnati, members from the state’s public universities collected ideas from faculty, research officers, entrepreneurs and investors to help achieve those goals.

“Our goal is to make Ohio the most innovative, entrepreneurial state in the Midwest,” Husted said. “This is a tangible step to show the nation and the world that Ohio has its act together, that we have a great university system and we are collaborating with entrepreneurs and investors to commercialize the research happening on our campuses and it will result in a growing, vibrant economy.”

Ohio IP Promise guides universities to follow the following principles:

• Flexible: Provide industry choices for accessing intellectual property developed through sponsored research.
• Transparent: Publish templates for sponsored research and license agreements.
• Simple: Deliver fair and streamlined guidelines for faculty creator startups.
• Clear: Communicate licensing processes on university websites in a clear, prominent way.
• Easy: Provide well-defined university entry points for industry, investors and entrepreneurs.
• Fast: Reduce impediments that hinder the pace of transactions.

“Gov. DeWine and Lt. Gov. Husted challenged our public universities to bring to life their vision for a stronger economy and IP leadership in Ohio,” said Bruce Johnson, president of the Inter-University Council of Ohio. “Our universities have stepped up in a big way, with enthusiasm, creativity and imagination. The residents of Ohio will be the short-term and long-term beneficiaries of this program.”

“This initiative is an example of our commitment to all of our stakeholders – including inventors, companies, entrepreneurs and investors – in fulfilling our land-grant mission to effectively transfer Ohio State’s discoveries and innovations to market where they can impact people’s lives,” says Kevin Taylor, associate vice president of technology commercialization at Ohio State.

Ohio State already has several initiatives in place to help innovators and entrepreneurs. The university’s Accelerator Awards grant program helps develop and validate promising university technologies before the technology is licensed. Faculty inventors can pitch their startup-ready technologies each year at the annual technology showcase, typically held each spring, which is attended by entrepreneurs from across the region. A showcase featuring startups from the university happens each fall to help connect them with potential investors.

The Corporate Engagement Office also created the Buckeye Executive Network to help find experienced entrepreneurs to lead Ohio State startups.

“It was gratifying to hear that [Ohio State] is committed, with a partnership from the entire state of Ohio, to create a transparent process to take inventions, scientific discoveries and find a pathway forward for those to become something that can help Ohioans,” said Shahid Nimjee, associate professor of neurosurgery.

Nimjee is the lead researcher of a new therapy that, when tested in mice and dogs, has proven superior to the standard of care therapy now offered to patients suffering a stroke. He’s established a company to help develop the treatment and bring it to market, working with the university’s Corporate Engagement Office to make it happen.

“I’m in the business of taking care of people. So for me, this is not to develop a product that we can see in a window. This is to develop … therapeutics that can ultimately save lives.”