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5iTech, LLC |
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International Technology Capitalization & Commercialization |
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Press Release |
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CLEVELAND, OH — The June 2006 Ohio-Eurasian Innovation and Investment Forum will bring to Ohio approximately 10 cutting-edge technology-based companies interested in entering the U.S. market by establishing local presence, strategic partnerships and other business relationships. To organize the forum, the first in a series of which CRDF intends to hold throughout the United States, the Ohio Department of Development (ODOD) has teamed up with the U.S. Civilian Research & Development Foundation (CRDF), a Washington, D.C. nonprofit organization that promotes international scientific and technical collaboration primarily between the United States and Eurasia and 5iTech, LLC, a Cleveland-based technology transfer and commercialization company specializing in former Soviet technologies.
The Forum grew from discussions at a June 2005 Roundtable on Public Venture Financing and economic development summit in Moscow, Russia, during which ODOD Technology Division Deputy Director Patrick Valente was impressed by the high quality of presentations and Eurasian technologies. “The objective is to attract additional exciting technology opportunities to the state and provide an opportunity for foreign inventors and local businessmen to enter into mutually beneficial collaborations that will stimulate growth both in Ohio and the former Soviet states,” stated Valente. “We are pleased to team up with CRDF and 5iTech on this initiative, as they represent best practices in technology commercialization deals with former Soviet scientists.”
It is hoped that the week-long Forum will promote transnational commercial partnerships in the following industry sectors targeted by Governor Taft’s Third Frontier Initiative: Medical Devices; Advanced Materials; Information Technology (IT); Instruments, Controls & Electronics (ICE); and Fuel Cells.
“Governor Taft recently hosted a breakfast with a number of Russian medical researchers in Hanover, Germany. We are pleased that Ohio will be the site of this Forum and we believe that significant benefits can be reaped by Ohio and the former Soviet states if productive and balanced business relationships can be started at the Forum and effectively cultivated afterwards,” stated Lt. Governor Bruce Johnson.
“There exists a globalization of not only markets, but of ideas and innovation as well—stressing the need for more U.S. businesses to remain globally competitive,” said CRDF President and Chief Executive Officer Charles T. Owens. “As we’ve seen with the success of Imalux, there are tremendous amounts of exciting and innovative projects coming from Eurasia. By facilitating collaborative research underpinning the commercial development of these technologies, CRDF has helped move them more quickly to market, for mutual benefit to U.S. and Eurasian partners.”
“It is noteworthy that Imalux would not have gotten of the ground had it not been for a grant from the ODOD’s Edison program,” stated 5iTech President Leon Polott who was instrumental in launching Imalux. “Notably, the Russian government equivalent of the U.S. Small Business Innovation Research [Russian Foundation for Assistance for Small Innovative Enterprises] supported the earliest efforts of the Russian inventors, and is now one of the Forum’s Eurasian partners.” The forum is also supported by TECHINVEST—a Ukrainian venture capital firm.
Visit www.crdf.org for more information about the Forum. |
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5iTECH, OHIO DEPARTMENT OF DEVELOPMENT (ODOD) and CIVILIAN RESEARCH AND DEVELOPMENT FOUNDATION (CRDF) partner to organize the -Eurasian Innovation and Investment Forum.
Organized through this public - private partnership the Ohio Forum will be the first like it in the U.S. |
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Date: 11-15-2005 |
