The University of Akron Research Foundation and the Austen BioInnovation Institute were awarded $1 million as winners of a federal competition designed to reward regional collaboration on innovation.
The two organizations will use the funding for a project called “Innovative Solutions for Invention Xceleration.” The project’s aim is to increase innovation and minimize the time from idea to commercialization by bringing together scientists, physicians, engineers, researchers and entrepreneurs in the medical device and polymer industries of Northeast Ohio, according to a statement from the two groups.
The $1 million grant comes from the U.S. Department of Commerce. The two organizations could be eligible for follow-on awards from the National Institutes of Health and National Science Foundation.
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“This is another example of national recognition for the transformational power of our community’s shared vision,” said Frank Douglas, president of the Austen BioInnovation Institute.
A total of $12 million will be split among six projects selected as winners.
