Columbus, OH (PRWEB) June 29, 2012
The Ohio Board of Regents today issued a comprehensive report on commercialization efforts, making recommendations to improve the technology transfer pipeline to turn research innovation into the next great products and services in the market. The Condition of Higher Education in Ohio: Advancing Ohio’s Innovation Economy, report was crafted with participation of hundreds of business and higher education leaders, university and community college presidents, Ohio’s top researchers, finance and venture capital representatives, key industry CEOs, student intern researchers and others. It proposes a statewide commercialization ecosystem to create jobs, promote economic growth, and increase wealth in Ohio.
Board of Regents Chairman James Tuschman said, “For Ohio to successfully compete in our global economy, industry and higher education collaboration must accelerate. As the focus of this year’s required Condition (of Higher Education) Report, we called upon the task force to identify how to more effectively move university research into commercial applications, engage higher education in the support of commercialization of industry-based research, and jointly-develop breakthrough science, new technologies and products.”
Recent studies show Ohio lags behind peers in technology commercialization. A 2010, Milken Institute report – which measures 79 unique indicators in areas of research and development, entrepreneurial infrastructure, human capital investment, and technology concentration and dynamism – ranked Ohio 20th (out of 50) in research and development and 29th overall – a “third-tier state.” According to the National Science Foundation (NSF FY2010) over $2 billion in research and development was spent at Ohio’s public and private universities. The state is below average in Tech Transfer compared to others states according to analysis of survey data provided by Association of Technology Managers to (AUTM). Tech Transfer and Commercialization at (all) Ohio universities is well below the national average (via measures such as Deals/Invention Disclosure and gross return).
Regent Vinod (Vinny) Gupta, Chair of Technology Transfer and Commercialization Task Force said, “When it comes to commercialization, Ohio has done well in seeking out and winning important research dollars, but we must now be more effective at turning research into commercialized products,” said Gupta.
“Our higher education institutions are truly one of Ohio’s greatest assets. We know through effective collaboration the great minds of our universities, combined with the unique innovative history and spirit Ohio’s business community, is one powerful combination that can help create the next great products and services for Ohioans and others around the world,” said Chancellor Jim Petro.
Some of the highlights of the Commercialization Task Force Recommendations are: