Beyond the Pitch

TechColumbus and The Ohio State University Announce Technology Concept Fund

 TechColumbus and The Ohio State University Announce Technology Concept Fund

$1 Million Evergreen Fund to Commercialize Ohio State Technology

 

Columbus, OH (December 19, 2013) Innovations with ties to The Ohio State University will get a financial boost from the new Technology Concept Fund, LLC. The million-dollar fund includes investments from Ohio State and Ohio Third Frontier. The Technology Concept Fund will be managed by TechColumbus.

“The Technology Concept Fund will provide critical investment capital at the earliest stage and is specifically for Ohio State innovations,” said Tom Walker, TechColumbus CEO. “This fund will be an accelerator for investors and entrepreneurs who have formed companies around technologies licensed from Ohio State.”

Companies eligible for investment will have a fully executed license or an option to license the technology from Ohio State and will be clients of TechColumbus. Industry focus includes advanced materials, alternative energy, information technology and life sciences.

“The researchers at Ohio State are discovering and developing technologies that can have a significant impact on the world around us,” said Tim Wright, vice president of technology commercialization for Ohio State. “This fund will provide the essential capital support needed to advance these technologies to the next stage and ultimately move them to the market for the good of society.” Investments by the Technology Concept Fund are likely to be among the first dollars that come into these projects. While it isn’t explicitly required, it is desirable for the company to present additional validation by having additional funding from the founding entrepreneur, grants, strategic partners and/or other sources of capital.

TechColumbus and Ohio State’s Technology Commercialization Office are working proactively to identify investment opportunities. “We have a strong pipeline and two near-term deals that are in active due diligence,” Walker said.

The Concept Fund will be evergreen in nature, so that successful investments by the fund will replenish the capital available to be deployed. Investments will typically be in the form of convertible debt with a valuation cap. “We’re excited for this fund to come to fruition. TechColumbus is a logical and capable steward for this fund and a great partner to aid in advancing the university’s promising technologies,” Wright said.

The Technology Concept Fund extends TechColumbus’ continuum of capital, making it possible to invest in the youngest ventures. Additional funding options will be announced in the coming weeks.

For more information contact:

OSU – Melanie Baker at baker.756@osu.edu or 1.614.292.9839

About TechColumbus

TechColumbus, Columbus, OH, helps build and accelerate great companies by providing expert advice, access to capital, and business growth connections. We help grow the entrepreneurial ecosystem of Central Ohio by connecting entrepreneurs, advisors, resource providers, public sector entities, academia, and corporations who share startup passion. TechColumbus manages a continuum of investment funds made possible by the participation of Ohio Third Frontier and other strategic partners. Hundreds of technology entrepreneurs and startup companies come to TechColumbus each year to receive the services and funding they need to grow into sustainable, profitable businesses. www.techcolumbus.org

 About The Ohio State University

Ohio State is a dynamic community of diverse resources, where opportunity thrives and where individuals transform themselves and the world. Founded in 1870, The Ohio State University is a world-class public research university and the leading comprehensive teaching and research institution in the state of Ohio. With more than 63,000 students (including 57,000 in Columbus), the Wexner Medical Center, 14 colleges, 80 centers, and 175 majors, the university offers its students tremendous breadth and depth of opportunity in the liberal arts, the sciences, and the professions.

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