The Ohio Third Frontier Commission recently awarded Mercy Health a $200,000 Technology Validation and Start-up Fund grant.
The Mercy Health Foundation will be matching this award in order to establish a $400,000 Technology Validation Fund at Mercy Health. The fund will support the development of technologies created within the Mercy Health ministry and ready them for licensing to an Ohio start-up company.
“A grant of this caliber helps Mercy Health work to support the local economy through the creation of new start-up companies,” said Jim Weidner, COO, Mercy Health – Toledo. “It adds additional resources for us to spin companies out in the region and helps commercialize those technologies – a win-win for everyone.”
The current plan is to fund around 3 to 4 different technologies with the grant, with an outside committee assembled to approve the individual opportunities.
“Mercy Health is full of entrepreneurs and we seek to reward their creative minds and help the Toledo community,” said Weidner.
The Ohio Third Frontier TVSF has a goal to create greater economic growth in Ohio based on start-up companies that commercialize technologies developed by Ohio institutions of higher education and other Ohio not-for-profit research institutions – which includes Mercy Health.