The State Controlling Board has approved $250,000 in state funding for Ohio University (OU), to advance the Edison Incubator Program located on the college campus, state Rep. Debbie Phillips, D-Athens, announced in a news release last week.
As an Edison Technology Incubator, OU will initiate marketing efforts to recruit new companies, develop future strategic plans based on the Technology Commercialization Framework and the Innovation Economy Model, and continue to work with developers on landing space for graduating companies and increase business services, the release said.
According to the news release, this project will use the funding to add value to the services provided by OU, which include providing shared state-of-the-art wet lab equipment, facilitating networking events, business seminars, business coaching, assistance with technology commercialization and a business mentoring program. In addition, OU will increase administrative services through student employees and a full-time administrative associate.
"Since the Incubator program's inception, Ohio University has become a leader in providing business development support to technology-based companies," Rep. Phillips said in the release. "This is money well spent, and I look forward to hearing about more positive impacts in southeastern Ohio."
OU will continue to expand marketing efforts in recruiting new companies as well as continue to work with developers to develop space for graduating companies, the news release states. The Industrial Technology and Enterprise Advisory Council (ITEAC) approved this project with five affirmative votes and zero negative votes.