OU, OSU Commit Millions To Technology Venture Capital Fund< < Back to
Two universities in Ohio will combine forces and finances to form a venture capital fund for technology ventures.
Ohio University president Roderick McDavis and Ohio State University president Gordon Gee made the announcement today on the OSU campus.
OU has committed $15 million and OSU offered up $20 million to the fund which will help early-stage technology entrepreneurs.
McDavis said the partnership was designed to attract talented entrepreneurs to the state, which he said he believes will lead to translating discoveries into technologies to improve the human condition.
"We believe this partnership will lift up our state," said McDavis.
McDavis cited Athens-based Diagnostic Hybrids, Incorporated as an example of a technology success story out of OU. "DHI is still based in Athens and employs more than 200 local residents," said McDavis.
He said the partnership with Ohio State was an opportunity to bridge the efforts of each institutions' researchers and innovators. "Public higher education is a public trust. We believe that we must do our part to support our state."
"This isn't about Ohio State or Ohio University — this is about Ohio," said Gee. "We're about 11 million Ohioans, creating an opportunity for our students to be able to stay here, creating opportunity to thrive and grow here, about building a fence around Ohio and keep our most talented people here… This fund that we are creating will allow us to make sure there is not a Death Valley out there for entrepreneurs. "
Gee told the audience "this is the first of many of these announcements". He said another announcement would be made in three months and again in six months. "We intend on accelerating this effort," he said.