Founders of the BioInnovation Institute include Akron Children’s Hospital, Akron General Health System, Northeastern Ohio Universities Colleges of Medicine and Pharmacy (NEOUCOM), Summa Health System, and The University of Akron.

"The BioInnovation Institute in Akron is uniquely positioned to meld the region’s traditional strengths in research, education, and world-class health to create transformational new technologies with a direct impact on the people we collectively serve," said William H. Considine, chairman of the BioInnovation Institute and president and CEO of Akron Children’s Hospital. "Our vision of making Akron a leader in the biomaterials field is absolutely attainable, given Akron’s intellectual, educational, research, and commercial strengths."

Mr. Considine said the BioInnovation Institute’s goals include:

• Growing its annual revenue
• Increasing cumulative incremental research funding
• Attracting cumulative incremental corporate investment
• Providing employment opportunities for those educated locally and drawing talent from around the globe
• Adding thousands of new jobs in the region by 2018

John S. and James L. Knight Foundation Leads Funding Effort
Funding to create the BioInnovation Institute in Akron began with a $20 million grant from the John S. and James L. Knight Foundation, the lead funder and founding partner of the Institute. The foundation served as a catalyst, bringing the operating partners together and supporting the development of the Institute from concept to reality.

In unveiling the grant for the Institute, Dr. W. Gerald Austen, chairman of Knight Foundation, said the partnership for the BioInnovation Institute in Akron represents "something bigger and more powerful than the sum of its parts – something transformational."

"It is our hope that the Institute will make Akron a world-class center for bioinnovation," Dr. Austen said.

Knight Foundation has committed more than $117 million in grants to Akron since its founding in 1950, with a recent focus on local economic development to "help create transformational change." Akron is the hometown of Knight Foundation’s founders, John S. and James L. Knight.

In addition to the grant from the Knight Foundation, each of the founding organizations are contributing $4 million in matching funds. The State of Ohio has also contributed $8.675 million in previously announced Third Frontier state-development grants.

"We expect these initial contributions will be the genesis of a larger effort," said Eric D. Fingerhut, chancellor, Ohio Board of Regents. "The state, the Knight Foundation, and the founding members of the BioInnovation Institute have joined together to make the vision of transformative healthcare a reality in Akron, and we are calling on the local and global community to join with us."

FirstEnergy Becomes First Community Supporter

In fact, the first contribution from the community has already been received. Today FirstEnergy Corporation donated $10 million to the Institute over the next 10 years, expressing long-term support and confidence in the Institute’s transformative impact on the local and regional economy.

"We are proud to support the BioInnovation Institute in Akron, because we know that this collaboration will leverage the founding organization’s individual strengths and collective mass to create a community impact far greater than that of any one institution," said Tony Alexander, president of FirstEnergy. "FirstEnergy is committed to working with the Institute to evolve the region into an innovative player on the national stage by providing opportunities for cutting-edge research, education, and healthcare."

Institute to Combine Physical and Virtual Centers of Excellence

The BioInnovation Institute in Akron will employ a number of physical and virtual entities as its partners collaborate in the coming months and years. These entities will be located in Akron and will likely include:

• The Orthopedic Research Institute of Northeastern Ohio
• The Center for Biomaterials and Medicine – a research facility to be located on the campus of The University of Akron
• A Center for Health Care Training, which will also include educational and office facilities for NEOUCOM
• A Medical Device Concept Laboratory
• A Center for Clinical Trials

Local, Global Experts to Lead BioInnovation Institute

Individually, each of the founding institutions is a leader in its respective areas of expertise. Together, they represent:

• Top five U.S. biomaterial program
• Highly-regarded regional orthopedic programs
• Millions of dollars invested annually in academics, clinical research, and commercialization efforts
• Industry-leading researchers, physicians, and medical residents

Mr. Considine said a nationwide search has begun for an executive director who, with a board of directors that will include the founding partners and other national and global biomaterials and medical experts, will lead the BioInnovation Institute. Aram Nerpouni, vice president of the regional business accelerator BioEnterprise, will serve as interim executive director during the search.

Faculty members will include researchers, physicians, and educators from the partner organizations.

"With the launch of the BioInnovation Institute in Akron today, we mark the beginning of next chapter in the history of Akron and the next major milestone in the development of the biomaterials industry worldwide," concluded Akron Mayor Don Plusquellic. "This collaboration will empower our region’s academic, medical, research, and industrial organizations to take their rightful place as leaders in biomaterial and medical innovation."