Ohio colleges and universities are more on the front lines of innovation and creating entrepreneurs after a year of a program designed to create startup businesses at state campuses.
Ohio IP Promise, launched in 2019, essentially improved the way discoveries are transferred from universities into the marketplace. It provides a uniform, transparent and easy process for technology to be commercialized, Ohio Lt. Gov. Jon Husted said.
“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,” Lt. Gov. Husted said.
In one year, the University of Cincinnati generated a record 400 percent increase in startups spun out of UC intellectual property last year and a 1,000% increase this year.
The Ohio State University now has more than 100 active startup companies.
“I am pleased to see all the IP Promise has accomplished in only its first year,” Randy Gardner, Ohio Department of Higher Education chancellor, said. “Innovation and collaboration are among the top priorities of the DeWine-Husted administration, and I know our universities will continue to find innovative ways to work together through IP Promise to lead Ohio forward.”
Over the past 11 months, the program has worked with the Technology Transfer Officers Council, representing the technology commercialization offices at Ohio’s 14 public universities to create metrics and improvement efforts going forward.
“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,” Kevin Taylor, associate vice president for technology commercialization at The Ohio State University, said. “This will benefit Ohio’s citizens, its innovative businesses and the state of the economy.”