For immediate release: November 8, 2002
For more information, contact Jeff Bendix at 216-368-6070 or jxb34@po.cwru.edu.

CLEVELAND—Case Western Reserve University has launched Case Technology Ventures (CTV) a new, pre-seed stage funding source. CTV will help to commercialize new technologies developed at the University through the creation of new companies in Northeast Ohio.

Nick Frollini, CWRU's director of licensing in engineering and physical sciences, will assume day-to-day responsibility for operations of the Case Technology Ventures fund.

"Case Technology Ventures will help fill the gap that exists between the laboratory and the commercial marketplace," said Mark Coticchia, CWRU's vice president of research and technology management. "Too often ideas with a high level of commercial potential do not make it outside of the lab due to the risks associated with extremely early-stage technologies. CTV will enable the University to drive entrepreneurial growth and development in the region. We're proud to be one of the few educational institutions in the country pursuing this type of project, and of the team we've assembled to manage the fund."

Cleveland Mayor Jane Campbell hailed the new program.

"Pre-seed investment is often the most difficult type of financing to secure," she said. "We are proud that Case Technology Ventures is making a big bet on the intellectual capital that is generated at CWRU, with hopes of commercializing those ideas right here in Cleveland."

Managing CTV will be Coticchia; Casey Porto, CWRU's associate vice president for technology transfer; and Nick Frollini, CWRU's director of licensing in engineering and physical sciences. Together they bring 30 years of experience in venture capital and early-stage company development to CTV. Frollini, who has been named managing director of Case Technology Ventures, will assume day-to-day responsibility for the fund's operations.

"CTV will be an asset to CWRU and to the entire region," Frollini said. "By focusing on the most promising technologies from this institution, we will be able to create and nurture new companies by providing them with not only funding but a variety of venture coaching services and assistance in attracting experienced management team members."

CTV will focus on companies that are based on technologies developed at CWRU. It will use an approach similar to that of other institutional venture capital companies, including looking at the market potential of the company and its technologies, the strength of its management team and its ability to develop a proprietary market position. The companies will typically license these core technologies from the University and use the funds provided by CTV to conduct market assessments, develop business plans, create prototypes and begin operations.

An executive committee, with investment oversight of CTV, will consist of James Wagner, CWRU provost and University vice president; Rhonda Gross, CWRU executive vice president and chief operating officer; William Rose, University treasurer and chief investment officer; Sally J. Staley, associate treasurer; and Coticchia, Porto and Frollini.

CTV will work to help its portfolio companies secure later rounds of financing from various sources including foundations, state and federal grants, and institutional venture capital.

For more information about Case Technology Ventures contact Frollini at 216-368-6837 or via e-mail at techventures@po.cwru.edu.

–CWRU–

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