SOURCE: Ohio Business Development Coalition

May 16, 2007 09:56 ET

Ohio Helps Small Businesses Team up With Major Corporations for High Tech Product Development

Commercialization Grant Program Aids in Business Growth, Contributes to State's Technology Innovation

COLUMBUS, OH -- (MARKET WIRE) -- May 16, 2007 -- Ohio's supportive environment for business development is connecting small businesses with major corporations to develop innovative technologies, commercialize new products in the marketplace, and make business and personal aspirations a reality, according to the Ohio Business Development Coalition (OBDC), the nonprofit organization that markets the state for capital investment.

One example of this opportunity is through the Ohio Research and Commercialization Grant Program (ORCGP), which recently awarded Columbus, Ohio-based Hyper Tech Research, Inc. a $350,000 grant to develop a state-of-the-art technology with Rolls-Royce. Hyper Tech Research Inc. and Rolls-Royce will develop and commercialize superconducting fault current limiters (SCFL), low-cost, high-current devices intended to protect power grids. Using a unique Rolls-Royce patented FCL design and Hyper Tech's patented manufacturing process, the companies plan to penetrate the several hundred-million-dollar per-year market with applications in commercial marine, military, government and power utility services. ORCGP funding would be used for manufacturing and quality control expansion of the wire manufacturing.

"Ohio is helping to make incredible dreams a reality through programs like this," said Norm Chagnon, staff director for Ohio's Third Frontier Commission. "Business owners have access to a variety of programs that nurture business growth and development. What makes ORCGP unique is its ability to take expanding companies to that next crucial step; it goes beyond research and development and allows companies to commercialize a product and get it out in the marketplace. The state's culture of collaboration between entrepreneurs, businesses and large companies really makes any ambition achievable."

Ohio's Third Frontier Project, a $1.6 billion initiative to help catalyze connections between companies and academia, supports the development process. The Third Frontier Project is Ohio's largest-ever commitment to high-tech job creation and economic progress.

The ORCGP was created in 2004 as part of the Ohio Third Frontier Project to help small technology companies assess and realize the commercial potential of research projects, leading to a greater likelihood of commercialization. The program augments federal research and development funding through the Small Business Innovation Research (SBIR) program, the Small Business Technology Transfer (STTR) and Advanced Technology Program (ATP), helping companies take the next step to successful commercialization. To date, more than $8 million in ORCGP funds have been awarded to projects across the state.

"Ohio's strength in developing new technologies is made possible by its world-class logistics infrastructure and the many educated, skilled workers the state has helped develop," said Ed Burghard, executive director of the Ohio Business Development Coalition. "Programs like ORCGP enable business dreams to become a reality, but Ohioans can achieve their personal aspirations as well. Executives enjoy a unique tapestry of metropolitan and micropolitan city structures, and a variety of low-cost, low-stress communities that allow executives the opportunity to pursue their personal ambitions and achieve a complete work-life balance. Ohio truly is the state of perfect balance."

About the Ohio Business Development Coalition

The Ohio Business Development Coalition is a nonprofit organization that provides marketing strategy and implementation to support Ohio's economic development efforts. For more information, visit http://www.ohiomeansbusiness.com.

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