Rep. Clyde Announces $130,000 In Third Frontier Funds For Portage County
NEOMED & Flexible ITO Solutions to receive state economic development dollars
July 28, 2014
 
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State Rep. Kathleen Clyde (D-Kent) today announced that the state has released $130,000 in Third Frontier funding to two Portage County organizations. Northeast Ohio Medical University (NEOMED) and Flexible ITO Solutions, Inc. will receive funding for Technology Validation and Start-Up Fund projects.


“Third Frontier funds are essential to creating good jobs and spurring research and economic development,” Rep. Clyde stated. “I am pleased to see NEOMED and Flexible ITO Solutions, Inc. leading the way in the innovations that will create technology jobs in our region. It is critical that we strengthen the link between the groundbreaking research at our universities and start-up businesses around the state.”


NEOMED will receive $30,000 for the study of osteoactivin, a substance that promotes bone formation and may be used to treat and repair bone damage caused by osteoporosis, spinal degeneration and other conditions. This study will examine the efficacy and safety of osteoactivin, which is emerging as an alternative to existing therapies that sometimes have severe side effects.


An additional $100,000 will be released to Flexible ITO Solutions, Inc. of Kent for the commercialization of flexible indium tin oxide (ITO) films that are used in smart windows. This development will reproduce in smart windows the appearance of blinds, improving the windows and allowing for more options other than their standard “on” and “off” settings. Smart windows are becoming increasingly popular in hospitals, for example, where traditional window blinds can cause sanitation issues.


The Ohio Third Frontier Program was approved by Ohio voters with the purpose of creating new technology-based products, companies, industries and jobs. In May 2010, the Ohio Third Frontier was extended through 2015. The $2.3 billion initiative provides funding for innovative ventures, entrepreneurial support, project development and expansion of a skilled talent pool that can support technology-based economic growth. The Technology Validation and Start-Up Funds assists Ohio universities and research institutions with the commercialization and transfer of their technologies to Ohio start-up companies.


Rep. Clyde represents the 75th Ohio House District, serving Kent, Ravenna, Streetsboro, central and southern Portage County.  

 
 
 
  
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