The five founding medical and educational institutions (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) announced the BioInnovation Institute in Akron earlier this week along with a $20 million grant from Knight Foundation.

Knight CFO Juan Martinez helped put together the plan for the BioInnovation Institute:

Dr. W. Gerald Austen, chairman of Knight Foundation, said he hopes the Institute “will make Akron a world-class center for bioinnovation.’

Per William H. Considine, chairman of the BioInnovation Institute and president and chief executive officer of Akron Children’s Hospital, goals of the Institute include:

* Creating a nationally distinctive center of excellence at the intersection of biomaterials and medicine * Translating leading edge research into life-saving medical devices * Improving the health of the community * Rapidly growing annual biomaterials-related research funding across the partners * Increasing investment by national firms into regional biomedical start-ups and companies * Increasing employment opportunities for those educated locally and drawing talent from around the globe * Adding thousands of new jobs in the region by 2018.

For more, please see the press release and the BioInnovation Web site.

What do you think about the new BioInnovation Institute in Akron?