Novel technologies and innovations developed at the university are usually at an early stage of commercial development – meaning they may require significant additional work and validation to bring them to the stage where they can attract outside investment and/or business leader.
By creating access to funding, Ohio State is catalyzing the process of getting these cutting-edge technologies to the world. At the direction of our Board of Trustees, Ohio State has developed a full funding continuum and invested significant dollars to support inventors in the development of concepts from early stage to end product or company. This funding continuum supports our researchers and entrepreneurs through the commercialization process and reduces risk for those interested in investing in or licensing these technologies.
There are two phases of the funding continuum that can support technology development either prior to technologies moving out of the university (typically non-dilutive or grant based), and opportunities for startup companies seeking to further de-risk and validate a technology (may be non-dilutive or dilutive venture capital investment). Many of the later-stage funding opportunities are managed externally by partners of Ohio State.
Jobs Ohio Early-Stage Technology Fund
Through partnership with Jobs Ohio, the Early-Stage Technology Fund is an internal, limited grant opportunity for faculty to support translation of human health technologies along the development pathway towards commercialization. Please reach out to the licensing officer in OIED managing the technology for information on availability and eligibility for this opportunity.
The Accelerator Awards program is an annual $1 million dollar funding opportunity for Ohio State principal investigators to validate technologies that have completed basic lab research and established proof-of-concept but need validation and de-risking development to demonstrate the proof needed to prepare the technology for commercialization to a startup. Funds are sourced in the form of a grant from the state of Ohio and cost-share match provided by Ohio State. The program emphasizes the use of external vendors to validate technologies and garnering industry input to ensure technologies are developed with commercialization outcomes in mind and will be positioned to attract follow-on funding and licensing interest. The goal of the program is to create Ohio-based startup companies. Learn more about the Accelerator Awards.
Early Commercialization Funding
Please visit our entrepreneurial education workshop series for details on a monthly information session discussing early commercialization funding opportunities available within Ohio state for faculty or staff.
Education webpage https://keenan.osu.edu/labtoimpact
The Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs are federal grants to small businesses that fund technology development and commercialization of technological innovations and meet federal research and development needs. Through a competitive awards-based program, these grants enable small businesses to explore their technological potential and provide the incentive to profit from its commercialization. Learn more about the process and key requirements from https://www.sbir.gov/about.
TVSF Phase 2
The Ohio Third Frontier Technology and Validation Startup Fund (TVSF) Phase 2 provides grant funding during the critical early life of Ohio-based startup companies that that are commercializing technology developed at Ohio State, or other Ohio research institutions. The goals of the funding are to accelerate the time to market and generate the proof needed to move technology to the point where it can be commercialized or additional funds for commercialization can be raised. The lead applicant for funding is an Ohio startup or emerging company that will execute an exclusive license with The Ohio State University.
The Contract Fund is a grant-based fund made possible through Ohio State and the Ohio Third Frontier. Funding is designed for companies commercializing technologies developed at Ohio State and provides critical funding to perform early customer validation, market validation and product development activities. Rev1 Ventures manages the fund.
The Catalyst Funds, managed by Rev1 Ventures, are a series of funds established to make pre-seed/early-stage investments in life sciences companies, aiming to deliver critical investment capital and support for research-based spinouts and healthcare innovations in the Midwest Region. The current fund, Catalyst Fund III, is a $30 million fund with investment from Ohio State ($14 million), Nationwide Children’s Hospital ($14 million), and Rev1 Ventures ($2 million).
Future Value Fund
The Future Value fund provides pre-seed/seed stage capital to startups commercializing Medical and IT technologies within the central Ohio region. Ohio State contributed $2.9M to the $10M fund which is managed by Rev1 Ventures.
Rev1 Fund II
This is a $20M fund managed by Rev1 Ventures of which Ohio State contributed $2M to provide seed/Series A capital investment in to Medical and IT technologies in the Midwest region.
Carmen Innovations is an internal $5M fund at Ohio State that allows Ohio State to exercise its participation rights in Ohio State startups.
Ohio Innovation Fund
The Ohio Innovation Fund provides venture capital and expertise to enable early-stage Ohio companies to grow and prosper. OIF is committed to retaining the best and brightest in Ohio and supports the creation of the next generation of groundbreaking technologies, companies, and industries. OIF is currently investing Ohio Innovation Fund II, in which Ohio State has committed $20 million.