Ohio, Ohio State University pledge $35M to technology funding
Photographer: AP Graphics Bank
Posted: 04/05/2012
COLUMBUS, Ohio - Ohio University and Ohio State have jointly pledged $35 million to create a venture capital fund to help companies in the early stages of innovative technology proposals.
The universities say the goal is supporting companies that emerge from research conducted at Ohio State, Ohio University and other state universities.
Ohio State President Gordon Gee said Thursday that Ohio lacks such early stage funding, a situation that can be a death knell for companies in the first stages of developing new ideas.
Ohio State pledged $20 million and Ohio University $15 million, with both universities also promising other resources to help spark technology creation in the state.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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