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BioInnovation Institute in Akron Launched
Date:10/16/2008

pportunities 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, a vital step in driving innovation for the region and Ohio."

FirstEnergy Corp. became the first community supporter of the BioInnovation Institute with a pledge of up to $10
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SOURCE BioInnovation Institute in Akron
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