NEOMED Celebrates Ohio IP Promise

Showcases Research, Entrepreneurship, Discovery, and Innovation Zone (REDIzone®) as a model innovation hub

With the launch of a more robust tech transfer website, Northeast Ohio Medical University displayed its commitment to the state of Ohio’s Intellectual Property (IP) Promise, an initiative being led by the state’s Lt. Gov. Jon Husted.

During a press conference today at The Ohio State University’s Technology Commercialization Office, NEOMED was one of Ohio’s 14 public universities that revealed ways in which it was strengthening Ohio’s innovation economy, attracting innovative researchers and serving as a magnet for investors and entrepreneurs.

“NEOMED is pleased to be a committed participant in the Ohio IP Promise initiative,” said Steven P. Schmidt, Ph.D., vice president for research, and dean of the College of Graduate Studies. “We expect that increased transparency of information to businesses and entrepreneurs regarding access to university technologies will significantly speed the processes of commercialization and bolster our regional and state economies. This is a win-win initiative.”

NEOMED’s Institute of Innovation Commercialization and Economic Development includes several current and planned initiatives. The Institute’s signature unit ― the Research, Entrepreneurship, Discovery, and Innovation Zone (REDIzone®) ― is a statewide model for incubation that enables innovators of medical technology to take their research from concepts to reality by fostering such innovation and technology commercialization with physical space for early-stage biomedical companies.

“Early stage entrepreneurs who want to pursue university discovered technologies may also want to use the REDIzone® as a resource for incubation and be near NEOMED’s faculty inventors or Comparative Medicine Unit (CMU),” added Dr Schmidt.

The REDIzone®, created in 2014, has had a positive economic impact that includes 269 companies, 119 patent applications, 61 issued patents and more than $36 million in funding.

In May 2019, the lieutenant governor challenged the Inter-University Council of Ohio (IUC) to establish a best in class process for how the 14 public universities would cultivate the licensing of intellectual property (IP) developed by them.

The IUC, whose 14 members already collaborate on a variety of statewide initiatives, commits to further streamlining their processes and driving transparency and speed to support commercialization of Ohio innovations.

About NEOMED
For more than 40 years, Northeast Ohio Medical University (NEOMED) has worked in collaboration with its educational, clinical and research partners to successfully train health professionals and medical researchers who serve and impact the region and beyond. The University trains students in a team-based, interprofessional environment and offers Doctor of Medicine (M.D.) and Doctor of Pharmacy (Pharm.D.) degrees, in addition to master’s and doctoral degrees and research opportunities in other medical areas.