RGP, UT confirm new joint venture for Rocket VenturesWritten by Duane Ramsey | | email@example.com
The expected joint venture for the new Rocket Ventures LLC between the Regional Growth Partnership and UT Innovation Enterprises was confirmed at the RGP annual meeting May 16.
RGP Chairman Dave Waterman and Rick Stansley, representing the UT board of trustees, confirmed the joint venture that is expected to be finalized and formally announced by June 1.
Stansley described the joint venture as an expansion of the collaboration and increasing the commercialization of marketable ideas for economic development in Northwest Ohio.
“The purpose and services of the two organizations are very similar and they are doing a lot of the same work helping companies commercialize technology,” Stansley said.
“We’ve talked about joining our assets for quite some time and it just makes sense to pull all these things together at this time,” said Dan Slifko of Rocket Ventures.
The main objectives of the new Rocket Ventures will include increased invention disclosure and patent flow, assessment of technology and commercial potential, acceleration of the time frame to sustainability, and developing a strategy for business management of the commercialization of technology.
Stansley said they want to advance a process that results in the creation of prosperity and high-value jobs with the commercialization of technology.
Rocket Ventures will continue to help companies commercialize technology, support the process from lab to launch, provide pre-seed funding and attract external investment in those tech-based businesses, according to Stansley.
“We recognize the potential of the assets of higher education,” Stansley said, indicating that Rocket Ventures will continue to work with UT, BGSU, Owens Community College and other institutions.
“UT has become very involved in economic development under the leadership of Dr. Lloyd Jacobs,” said Waterman who supported the joint venture as chairman of the RGP board of directors.