University Times

Pitt and Redleaf Group, Inc., have announced plans to create a regional business accelerator called Oak Leaf Networks. Oak Leaf Networks, with support from a number of industry partners, will provide coaching, services, capital and infrastructure to emerging companies in southwestern Pennsylvania and northern West Virginia. Oak Leaf Networks will target start-up companies focused on information technologies, Internet-related technologies and biotechnology applications, including bioinformatics and drug discovery software.

"This partnership further illustrates the University's commitment to, and emphasis on, technology transfer, especially of those discoveries emanating from our campus," said Chancellor Mark Nordenberg. "We believe this effort with Redleaf will make a significant contribution to the economic development of this region."

Pitt's Office of Technology Management will facilitate the formation of new ventures based on University technology. Redleaf will manage the regional business accelerator and provide capital through a new early-stage venture fund. Redleaf will recruit potential partners for Oak Leaf Networks from the academic, civic and corporate arenas, and form partnerships with corporate sponsors, venture capitalists and foundations.

Oak Leaf Networks also will sponsor internships for students in Pitt's Katz School of Business.

"Redleaf is in the business of identifying innovation, supporting entrepreneurs and building companies," said Mark Coticchia, senior director, Redleaf Group. "This partnership and the Oak Leaf Networks accelerator represent an excellent opportunity to leverage regional intellectual assets for economic development benefits."