The Austen BioInnovation Institute in Akron has announced a $4 million commitment from the John S. and James L. Knight Foundation to help strengthen the organization's efforts to advance the biomedical entrepreneurship sector in Northeast Ohio.

The grant from Knight, a founding partner of AIBA, will support the institute's efforts to stimulate product innovation and commercialization and develop highly skilled healthcare workers through advanced simulation training. In support of those goals, the state of Ohio has awarded nearly $1 million to expand ABIA's advanced medical prototyping center and purchase additional advanced manufacturing equipment. The public-sector funding will enable ABIA to expand its efforts in the areas of product development and commercialization as well as add resources for inventors, engineers, scientists, and entrepreneurs.

"The Austen BioInnovation Institute has made a significant impact on Akron's economy, creating new jobs and attracting top talent, while building the city’s reputation as a place for new ideas and innovation," said Knight Foundation vice president and chief financial officer Juan Martinez. "It's part of the success of the community, and Knight is committed to its continued growth."