Innovative Ideas Flourish With Support from Small Businesses and Universities

Statement

Today, the House Small Business Subcommittee on Innovation and Workforce Development heard from experts on cultivating the innovation pipeline from universities to small businesses.

"Studies show that when universities and firms have both close personal and geographical links, these connections help produce greater innovative outcomes. Ohio's colleges and universities spent nearly $2.4 billion in Fiscal Year 2018 on research and development activities, landing the 12th District on the R&D state ranking. Ohio State University, which has campuses in my district, led the state with $875 million in R&D expenditures, and is ranked 25th of American research universities," said Ranking Member Troy Balderson (R-OH). "Institutions that take advantage of both personal and geographical links between R&D and entrepreneurship are able to effectively transform potential into product."

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