Ohio IP Promise helps researchers commercialize their ideas
Enquirer, WVXU highlight the success of the state’s streamlined process
Researchers at colleges and universities across Ohio used to face a number of obstacles when it came to commercializing their ideas.
But with the Ohio IP Promise — a statewide commercialization initiative launched in 2019 that streamlines the patent and licensing process, enabling inventors to own their intellectual property — entrepreneurs across the state have thrived.
"Rather than having them (inventions) sit in a lab as a great innovation, we’re turning them into products and services in this state," Ohio Lt. Gov. Jon Husted told WVXU. "It sends a message to entrepreneurs if they want to go get that intellectual property from a college campus, there’s an easy process to do that."
The Ohio IP Promise has been adopted by 16 colleges and universities across Ohio, including all 14 public universities.
"To be able to have an inventor here in Ohio come up with an idea and have the support to stay in Ohio, I think it means everything to our future," University of Cincinnati Executive Vice President Ryan Hays told the Cincinnati Enquirer. "We don't want them to take these great ideas and go elsewhere."
Since UC streamlined its intellectual property process, invention disclosures by UC faculty have risen 51% (from 546 to 823), filed patents by UC faculty have risen 62% (from 583 to 944), issued patents for UC faculty have risen 94% (from 83 to 161), deals with UC faculty have risen 109% (from 55 to 115), and startups going through the UC Venture Lab — which helps would-be entrepreneurs explore the commercial potential of their product or service — have increased from one or two per year to an average of 14 per year.
"UC was one of the great champions of not only the idea but helping us pull everybody together in the state to do it," Husted told the Enquirer. "And they have been a shining example of the success that I knew we were capable of achieving in Ohio."
Featured image at top: Ohio Lt. Gov. Jon Husted speaks during an Ohio IP Promise event at UC’s 1819 Innovation Hub as UC Executive Vice President Ryan Hays and UC President Neville Pinto look on. Photo by Andrew Higley/UC Marketing + Brand
About UC Venture Lab
A leading model for urban-centered universities, the UC Venture Lab activates a high density of rapidly curated startup opportunities that attract outside entrepreneurial talent and investors. It connects university students, faculty, staff and alumni to talent and funding to help launch new companies.
The team includes UC Office of Innovation staff as well as Entrepreneurs-in-Residence, coaches, curated service providers and subject matter experts.