A venture-capital fund aiming to spur innovative thinking among students was unveiled Thursday, as two of Ohio’s major public universities announced a new partnership.
Ohio University and Ohio State University have joined forces to better the state through the fund, committing a combined $35 million toward technology ventures.
OU has pledged $15 million, which will come from the Ohio University Foundation, said Becky Watts, chief of staff to OU President Roderick McDavis.
The OU Foundation will not supply the funds in one lump sum; rather, it will be invested over time, Watts said. Although she was not aware of the time frame, she said that, usually, investments of this scale occur throughout four to five years.
McDavis and OSU President E. Gordon Gee were present Thursday at OSU’s Technology Center to deliver the announcement. Joining them was Mark Kvamme, president and interim chief investment officer of JobsOhio, a nonprofit corporation dedicated to economic-development efforts for Ohio.
“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 students.
Dominion Ventures, based in Walnut Creek, Calif., has been named general partner and will work with the two universities to create the fund.
The two institutions will combine resources to fund talent, facilities and entrepreneurial activity to “lift up the state,” McDavis said.
“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 the effort to come in 90-day increments starting today.
bv11010@ohiou.edu
— Pamela Engel contributed to this report.
