Research, Innovation and Knowledge: 2024 In Review

Ohio State’s annual research and development expenditures set a new university record of $1.449 billion in fiscal year (FY) 2023. “Ohio State’s research community is deservedly recognized as among the best, and this record-breaking funding total highlights the university’s significant impact on our state and the world,” said President Walter “Ted” Carter Jr. “The research conducted on our campuses changes lives for the better and is a critical part of Ohio State’s mission as a land-grant university to deliver discoveries the world needs now.”  

In March, the new Student Entrepreneurs’ Center, home of the Keenan Center for Entrepreneurship, opened just steps from the Ohio State Columbus campus. “The Keenan Center, in concert with traditional classroom education, provides hands-on workshops, competitions, faculty and alumni mentorship, and more to foster and grow the entrepreneurial culture across campus,” said Peter Mohler, executive vice president for research, innovation and knowledge. “Through these efforts, we are able to create a community of students passionate about entrepreneurship and innovation.” 

Ohio State reported its second-highest total revenue from licensing technology discoveries in fiscal year 2023 – $10.5 million. "We've shifted to a new level for the university," Kevin Taylor, Ohio State chief innovation officer, said in an interview. "We’re consistently generating more revenue. That will continue; we have an extremely healthy pipeline." 

In October the Amgen STEM Learning Center opened on campus. This new collaborative space features a peer-led tutoring center aiming to engage first- and second-year students enrolled in gateway STEM courses. The center is the result of a $2 million investment that bolsters Amgen’s commitment to workforce development in the university’s STEM fields, while also advancing the shared goal of building a talent pipeline for the state of Ohio. 

In August, Ohio State was awarded $26 million in federal funding to jumpstart natural rubber production in the United States and enhance workforce development to fuel the new domestic industry. The U.S. National Science Foundation announced funding to create the Transformation of American Rubber through Domestic Innovation for Supply Security Engineering Research Center (ERC). The first round of funding will last for five years, with the ability to renew for another $26 million for five additional years.

Ohio State’s innovation district continued to grow in 2024, with board approval of a new Commercialization and Entrepreneurship Center, by adding new tenants (Koloma, Pelotonia and Ohio Life Sciences) and by partnering to develop the next phase of the district. “Partnerships are the foundation of our vision for the future.  A vibrant ecosystem is already developing in the innovation district where businesses, researchers and our communities are coming together to drive new discoveries and fuel economic growth,” said Peter Mohler, executive vice president for the Enterprise for Research, Innovation and Knowledge at Ohio State.

Several startup companies based on technology developed at Ohio State continued to make waves in their industries. Koloma, co-founded by Tom Darrah, raised $246 million for extracting geologic hydrogen from natural underground deposits. Basking Biosciences, a clinical-stage biopharmaceutical company co-founded by Shahid Nimjee, closed a round of $55 million to further develop a novel acute thrombolytic therapy to treat stroke. City Therapeutics, co-founded by Kotaro Nakanishi, launched this year to advance company's RNA interference (RNAi) therapeutics pipeline and plans to submit one to two new Investigational New Drug applications (INDs) each year starting in 2026.

The transformative gift from the Timashev Family Foundation is already producing results. The Center for Software Innovation hosted its Construct I/O conference in October and two cohorts of innovators have gone through Techstars Columbus Powered by The Ohio State University accelerator this year. In addition, to further support software innovation at the university, Ohio State streamlined its software startup license terms to simplify and accelerate the transfer of Ohio State software innovations into new companies. 

More than 400 students participated in Ohio State’s Semiconductor Day in April, gathering to engage with industry leaders and explore emerging opportunities within the expanding field. Sixteen businesses provided sessions on the emerging careers they are providing around semiconductors, gave resume tips and provided speed mentoring sessions. Said Alissa Comella, associate vice president of ERIK’s Corporate Partnerships team, “Events like these highlight the university's commitment to preparing students for success in the rapidly evolving field of technology."

Ohio State Governor Mike DeWine announced a new research initiative to identify the root causes of the ongoing epidemic of persistent emotional distress, suicide and drug overdose in the state. The SOAR Study will investigate the role of biological, psychological and social factors that underlie this epidemic. “Ohio must be the model in helping our citizens overcome or adapt to mental health challenges so that they improve mental and physical health, complete an education, attain a good-paying job, support a family and contribute to our communities,” said DeWine.