The tech firm
is gaining an Ohio presence thanks to a $1.8 million award from Ohio Third Frontier
The Needham, Massachusetts-based company specializes in technology transfer and patent transactions, operating an online marketplace since 1999. Don Monaco, Director of Business Development at yet2, says the decision to pursue an Ohio location “was quite easy, frankly.” He explains, “The state of Ohio, being very forward thinking relative to the business base in the state, elected to invest in making small and mid-market companies more competitive in terms of technology development utilization.”
Establishing a yet2 location puts Ohio in good company, since the company has additional locations in Tokyo and Liverpool. “The types of businesses in the state of Ohio are very good candidates for harnessing the benefits of Open Innovation,” says Monaco, which is a concept promoted by Henry Chesbrough, a professor at the Center for Open Innovation at the University of California, Berkley. The concept is a model using internal and external ideas for mass innovation.
The Ohio location is yet to be determined, but Monaco says they will select what they believe is “the best fit for our company, the state and associates we will be hiring to lead the effort.” Meantime, he reiterates his gratitude toward the Ohio Department of Development
and Ohio Third Frontier “for having the confidence in yet2.com’s ability to bring economic value to the state, spread the word about Open Innovation and ultimately make a positive difference in the future for our prospective Ohio clients, their employees and shareholders.”
Source: Don Monaco
Writer: Joe Baur