yet2.com Wins $2 Million Open Innovation Contract with State of Ohio

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Ohio Third Frontier program selects Open Innovation services company yet2.com to bring Open Innovation to small-to-mid-sized Ohio companies.

Smaller companies form the engine of innovation, all around the world. -- Tim Bernstein, yet2.com

yet2.com, the global Open Innovation services company, and the State of Ohio, announced jointly today that yet2.com has been granted nearly $2 million from the Ohio Third Frontier program to bring Open Innovation to small-to-mid-sized Ohio companies. Open Innovation is a process by which organizations use the best ideas developed both internally and externally to increase the flow of new products, develop new businesses and business models, and broaden their existing business. Since 1999, yet2.com has been on the forefront of Open Innovation. Its network of clients and affiliates scout for tactical and strategic new innovations world-wide.

“We’re delighted to be working with the forward-thinking people of Ohio to develop Open Innovation practices among the small- and mid-sized companies of the state,” said Tim Bernstein, yet2.com Chief Operating Officer. “Smaller companies form the engine of innovation, all around the world.” In addition to scouting for new technologies, yet2.com provides outlicensing marketing, advice on intellectual property and patents, and assists client companies through deal negotiations.

“The Ohio Third Frontier Commission recognizes innovation is critical to Ohio’s future and is committed to assisting Ohio companies in bringing valuable new Ohio technologies, products, and services to market faster,” said Christiane Schmenk, Director of the Ohio Department of Development and Chair of the Ohio Third Frontier Commission. “yet2.com’s long experience in producing technology deals between smaller organizations and larger organizations will help Ohio companies use Open Innovation to expand their businesses and create jobs.”

As part of its initiative with Ohio, yet2.com will establish a local office in the state. Currently, yet2.com maintains corporate offices in the Boston area, Wilmington, DE; Liverpool, UK; and Tokyo, Japan, along with several affiliates and broker-partners in countries such as Brazil, China, India, Russia, South Africa, and Spain.

About Ohio Third Frontier
Created in 2002, the Ohio Third Frontier is an unprecedented commitment to create new technology-based products, companies, industries and jobs. In May 2010, the Ohio Third Frontier was extended through 2015 by Ohio voters, indicating a widely held understanding by the populace that technology and innovation will lead to economic prosperity both today and for future generations.

Ohio Third Frontier is about innovation creating opportunity. The $2.3 billion initiative provides funding for open innovation, entrepreneurial support, value chain development, and expansion of a skilled talent pool that can support technology-based economic growth. Ohio Third Frontier’s strategic intent is to create an “innovation ecosystem” that supports the efficient and seamless transition of great ideas from the laboratory to the marketplace.

About yet2.com
Positioned at the nexus of the global technology marketplace, yet2.com is an Open Innovation services company working with an international corporate client base. The company utilizes its broad global network of affiliates, its 130,000+ technology marketplace users, and its offices in North America, Europe, and Asia to scout cutting-edge companies and technologies beyond the reach of most clients. yet2.com is proud of its deep client relationships, providing customized deal flow opportunities and hands-on technology transfer assistance in the areas of technology search, monetization, Open Innovation portal management, and patent-buying. Additionally, the company searches continuously for novel technologies on behalf of its customers. It encourages those with innovative, commercializable technologies to contact yet2.com.

For more information, visit http://www.yet2.com

Contact: Tim Bernstein (tbernstein(at)yet2(dot)com)
+1 (781) 972-0600

For information about Ohio Third Frontier:
Katie Sabatino
614.466.6212
Katie.Sabatino(at)development(dot)ohio(dot)gov

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