Leader Russo Announces $1M for Ohio State University's Accelerator Awards Program
COLUMBUS - House Minority Leader Allison Russo (D-Upper Arlington) today announced that the Controlling Board has approved the release of $1M in funding to support the Ohio State University’s Accelerator Awards program.
“Ohio has positioned itself as the tech hub of the Midwest,” said Leader Russo. “Through investment programs that support the integration of our university’s research and development, we can encourage not only economic growth and innovation but provide an enhanced quality of life for those facing complex problems. These funds will allow Ohioans to thrive by benefiting from the social impacts of better technology and the economic impacts of a globally competitive market.”
OSU’s Accelerator Awards program aims to validate novel technologies and provide funding for companies commercializing the university’s intellectual property to reduce risk and introduce these technologies into the marketplace. The $1M appropriation will be divided among multiple projects focused on energy, advanced materials and manufacturing, and other sectors within the Ohio Third Frontier focus areas.
These funds have been released as part of a $6M package through the Department of Development’s Technology Validation Start-up Fund which provides grants to support the transition of technology developed by Ohio’s institutions of higher learning and other nonprofit researchers into the marketplace through Ohio-based startup companies. Other projects supported by this funding include:
- $200K to Bowerbags LLC to integrate technology from the Air Force Research Laboratory to address the physical challenges caused by the weight of equipment worn by soldiers.
- $200K to Galvanix Inc. for technological advancements to the processing of certain metals necessary for magnets used in computer hard drives, electric vehicles, and defense applications.
- $1M to the Cleveland Clinic Foundation to support the development of biomedical and software technologies.