Lorain County Community College, Austen BioInnovation Institute Join to Advance Medical Technologies
Group partnership to accelerate lab-to-market development of breakthrough medical devices
Lorain County Community College (LCCC) and the Austen BioInnovation Institute in Akron (ABIA) are leveraging their complementary strengths to build a partnership to accelerate the commercialization of novel medical technologies that can advance economic growth, stimulate job creation, foster talent development, enrich patient care and improve community health in Northeast Ohio.
“At the national, state and regional levels, commercializing new technologies at a reduced cost and risk has been identified as the crux to fueling economic vitality and competitiveness in the global innovation economy,” said LCCC President Roy A. Church.
Nationally, the Advanced Manufacturing Partnership (AMP), created as a collaborative led by National Institute of Standards and Technology (NIST), cited the “missing middle” as the gap between research and market, and as a primary barrier of moving new inventions to market and creating jobs.
“This partnership will seek to specifically address this gap in Northeast Ohio to move additional innovations created here to the medical technologies market,” said ABIA President and CEO Dr. Frank Douglas. “Dr. Church and his team know that the process to bring ideas to life must be deliberate and this agreement allows us to further the interlocking of ideas, people and resources that will help fuel the economy.”
The initial focus of the partnership between LCCC and ABIA will be to create meaningful economic impact by:
- Serving as an intermediary for enhanced technical solutions by leveraging the technical capabilities and expertise of the two organizations to develop and deliver industry-friendly “technical solutions” services that advance novel medical technologies from research to market. Together, the organizations will fill a need in the region for commercializing medical technologies through prototyping, testing, development, regulatory compliance and low volume production.
- Expanding access to capital to rapidly move medical discoveries to market by exploring the creation of a pre-seed fund, built on the success of LCCC’s founding of the Innovation Fund, to strategically and proactively foster the transfer of technology from the lab to the market as a start-up enterprise or open innovations solution for existing industry. The fund would provide capital to qualifying technologies developed through the research and development work of the two organizations.
- Delivering targeted business mentoring and support using the business support services of the Great Lakes Innovation and Development Enterprise (GLIDE) and other partners in the region’s entrepreneurial support ecosystem to assess market opportunities for targeted technologies.
- Developing talent using Allied Health training systems like LCCC’s new Patient Simulation Learning Center and ABIA’s new simulation and product development facility to provide hands-on experience.