Ohio University and Ohio State University have joined forces to better the state of Ohio through the formation of a venture capital fund.
The two universities have committed $35 million to the fund, which is designed to fuel innovative technology ventures.
The universities’ presidents, Roderick McDavis and E. Gordon Gee, respectively, were present today at OSU’s Technology Center to deliver the announcement.
Joining them was Mark Kvamme, president and interim chief investment officer of JobsOhio, anonprofit corporation dedicated to economic development efforts for the state.
“All the great companies are started by the kids. The kids ... don't know what they don't know," said Kvamme, emphasizing an importance in investing in Ohio’s students.
Ohio State’s commitment to the fund is $20 million and Ohio University has pledged $15 million.
The two institutions will combine resources to fund talent, facilities and entrepreneurial activity to “lift up the state,” said McDavis.
Dominion Ventures, based in Walnut Creek, Calif. has been named general partner and will work with the two universities to create the fund.
“Taking what we have learned on an institutional level and applying it on a larger scale has great potential for our state, our students, faculty, staff, and most importantly, all Ohioans,” he said.
Gee said he expects announcements about the advancement of this effort to come in 90-day increments starting today.
