The Austen BioInnovation Institute in Akron

The University of Akron & Northeast Ohio Medical University (NEOMED)

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The Austen BioInnovation Institute Center of Excellence in Akron is a collaboration of University System of Ohio partners focused on patient-centered innovation and commercialization at the intersection of biomaterials and medicine. A unique feature of this Center is the strategic alignment of institutional, state, federal and philanthropic support. This, accompanied with Akron's rich legacy in industrial and materials science, will pioneer the next generation of life-enhancing and life saving innovation that will transform Akron and the surrounding region into a model for biomedical discovery and enterprise. The fi ve founding partners of the Austen BioInnovation Institute are Akron Children's Hospital, Akron General Health System, Northeastern Ohio Universities Colleges of Medicine and Pharmacy, Summa Health System, The University of Akron. The John S. and James L. Knight Foundation is the leading funder of this unique project. Together, these founders have a world-class reputation in research, education, health and philanthropy. The Austen BioInnovation Institute in Akron will develop the areas where these institutions' biomedical expertise converge into well-defi ned centers. These centers are designed to enhance translational research driving biomedical commercialization as well as to improve access, education, prevention, treatment and disease management.

Driving Economic Advancement

As an alliance of five independent institutions, the Austen BioInnovation Institute in Akron leverages individual strengths and collective mass to create an impact beyond that possible by any one institution. The Institute provides the convergence force necessary to develop compelling projects that will attract private funding and venture capital investment to the region. The Institute is moving Akron toward a secure economic future by accelerating the creation of 2,400 jobs within the next decade and is a critical element of the City of Akron's Biomedical Corridor, a unique effort with support from Summit County and the State of Ohio, aimed at luring health and education-related ventures to the region and occupying more than 1,200 acres of private and publicly owned land.

Benchmarks

  • One of the top two polymer science and engineering programs in the United States
  • Nation's most productive university technology transfer program per dollar of research
  • Nearly a $20 million increase in grants and contracts at The University of Akron and NEOMED between 2008 and 2009

Goals

  • Achieve $150 million in annual academic and clinical research
  • Achieve $50 million in annual investment in biomedical ventures
  • Create or attract 60 new companies over 10 years
  • Create 2,400 jobs in 10 years

Metrics

  • Amount of annual academic and clinical research
  • Number of companies created or attracted each year through 2018
  • Amount of venture capital invested in local biomedical companies
  • Number of jobs created