Skip to main content
Sister Publication Links
  • Sustainable Plastics
  • Rubber News
Subscribe
  • Sign Up Free
  • Login
  • Subscribe
  • News
    • Processor News
    • Suppliers
    • More News
    • Digital Edition
    • End Markets
    • Special Reports
    • Newsletters
    • Videos
    • Podcasts
    • Injection Molding
    • Blow Molding
    • Film & Sheet
    • Pipe/Profile/Tubing
    • Rotomolding
    • Thermoforming
    • Recycling
    • Machinery
    • Materials
    • Molds/Tooling
    • Product news
    • Design
    • K Show
    • Mergers & Acquisitions
    • Sustainability
    • Public Policy
    • Material Insights Videos
    • Numbers that Matter
    • Automotive
    • Packaging
    • Medical
    • Consumer Products
    • Construction
    • Notable Leaders in Sustainability
    • Processor of the Year
    • Best Places to Work
    • Women Breaking the Mold
    • Rising Stars
    • Diversity
    • Most Interesting Social Media Accounts in Plastics
  • Opinion
    • The Plastics Blog
    • Kickstart
    • One Good Resin
    • Pellets and Politics
    • All Things Data
    • Viewpoint
    • From Pillar to Post
    • Perspective
    • Mailbag
    • Fake Plastic Trees
  • Shop Floor
    • Blending
    • Compounding
    • Drying
    • Injection Molding
    • Purging
    • Robotics
    • Size Reduction
    • Structural Foam
    • Tooling
    • Training
  • Events
    • Plastics News Events
    • Industry Events
    • Injection Molding & Design Expo
    • Livestreams/Webinars
    • Editorial Livestreams
    • Ask the Expert
    • Plastics News Events Library
    • Plastics News Executive Forum
    • Injection Molding & Design Expo
    • Plastics Caps + Closures: A Global Online Event
    • Women Breaking the Mold Networking Forum
    • Bioplastics Live
    • Numbers that Matter Live
    • PFAS Live
    • Plastics in Politics Live
    • PN Live: Mergers and Acquisitions
    • Polymer Points Live
    • Sustainable Plastics Live
    • Plastics Caps & Closures Library
    • Plastics in Healthcare Library
    • Women Breaking the Mold Networking Forum Library
  • Rankings & Data
    • Injection Molders
    • Blow Molders
    • Film Sheet
    • Thermoformers
    • Pipe Profile Tubing
    • Rotomolders
    • Mold/Toolmakers
    • LSR Processors
    • Recyclers
    • Compounders - List
    • Association - List
    • Plastic Lumber - List
    • All
  • Directory
  • Resin Prices
    • Resin Prices Overview
    • Commodity Thermoplastics
    • High Temperature Thermoplastics
    • Engineering Thermoplastics
    • Recycled Plastics
    • Thermosets
    • Europe - Virgin
    • Europe - Recycled
    • Europe - Feedstock
  • Custom
    • Sponsored Content
    • LS Mtron Sponsored Content
    • Conair Sponsored Content
    • KraussMaffei Sponsored Content
    • ENGEL Sponsored Content
    • White Papers
    • Classifieds
    • Place an Ad
    • Sign up for Early Classified
MENU
Breadcrumb
  1. Home
  2. News
News
July 08, 2021 11:45 AM

Akron Ascent Innovations sells its assets, technology

Crain's Akron Business
  • Tweet
  • Share
  • Share
  • Email
  • More
    Reprints Print
    Wong

    For years, researchers at the University of Akron have been studying geckos — not for zoological purposes, but in the hopes of learning how their sticky feet work so they can replicate the effect elsewhere.

    Those efforts appear to have paid off. Details are scant, but Akron Ascent Innovations, a company working with the gecko technology to develop new adhesives, has reached a deal to sell its assets.

    Akron Ascent was formed in 2012 by University of Akron professor Shing-Chung Josh Wong and University of Akron Research Foundation President Barry Rosenbaum. At the time, the university was beginning to explore biomimicry, which uses technology inspired by nature, and the two met at one of the first National Science Foundation's I-Corps Teams programs.

    Since then, the company has gotten headlines in numerous trade publications and about $1.6 million in support from the NSF, Ohio's Third Frontier program and investors. It has been housed at Akron's Bounce Innovation Hub business incubator during most of its life.

    Now it appears to have gotten enough attention that a major company is buying its technology.

    UARF and Ascent announced July 7 that the company "has entered into an asset purchase agreement with a large, multinational technology company, who will look to further develop the technology platform" developed by Akron Ascent.

    They did not disclose the cost of the transaction or the identity of the buyer. The two entities did say that "prior to the acquisition, [Akron Ascent] and the buyer engaged in an approximately year-long strategic joint development program."

    Akron Ascent has in the past worked with Velcro Companies on product development, but that relationship goes back at least five years. Rosenbaum said Velcro is not the buyer, but the buyer may or may not continue to work with Velcro.

    Ascent has developed what it calls "dry adhesives." Its work was inspired by research at Akron by faculty and staff involved in biomimicry and studying how geckos are able to adhere to a variety of surfaces with their feet and also release from the surfaces at will.

    Ascent's website shows it has developed the technology into a product called ShearGrip, which can be used for wall-hanging devices, home and office organization and for photos or labels that can be applied and reapplied without losing their stickiness.

    Akron Ascent's dry-adhesive technology was invented by Wong, who along with Rosenbaum and UARF still own the majority of Akron Ascent, along with some angel investors, Rosenbaum and Ball told Crain's.

    The buyer insisted that Akron Ascent not disclose the full terms of the deal, but Rosenbaum and Ball said it is purchasing Akron Ascent's assets, including its intellectual property and equipment, but not the company's stock.

    Rosenbaum said Akron Ascent will still exist and remain with its present owners, but it has agreed not to compete with the buyer or its application of the technology, Rosenbaum said.

    While he would not disclose details, Rosenbaum said the transaction represents a nice financial payoff for him, Wong and UARF.

    "It's not a big pile of money, but I like your words — it's a 'meaningful pay day,' and it's significant," Rosenbaum said.

    But more important than the money, Rosenbaum said, is that the transaction shows how research at the university — with support from the state, Bounce and other entities — still can bring new technology that produces tangible, manufactured products to market.

    "We could not have achieved this milestone without their support," Rosenbaum said. "And I think the fact that the buyer isn't a venture capital firm — they're what you'd call a strategic buyer — is a good thing for the region."

    RECOMMENDED FOR YOU
    Auto suppliers plan for uncertainty amid UAW strike, shift to EVs
    Letter
    to the
    Editor

    Do you have an opinion about this story? Do you have some thoughts you'd like to share with our readers? Plastics News would love to hear from you. Email your letter to Editor at [email protected]

    Most Popular
    1
    An 8,000-ton dream for Milacron, 20/20 Custom Molded Plastics
    2
    Connecticut AG probes recycling claims on HDPE toothpaste tubes
    3
    ACC campaign targets Biden administration's 'troubling' policies
    4
    PureCycle declares force majeure following production problems
    5
    M. Holland selling 3D business after Ravago deal
    SIGN UP FOR OUR FREE NEWSLETTERS
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    Find more newsletters at plasticsnews.com/newsletters.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    Get our newsletters

    Staying current is easy with Plastics News delivered straight to your inbox, free of charge.

    Subscribe today

    Subscribe to Plastics News

    Subscribe now
    Connect with Us
    • LinkedIn
    • Facebook
    • Twitter
    • Instagram

    Plastics News covers the business of the global plastics industry. We report news, gather data and deliver timely information that provides our readers with a competitive advantage.

    Contact Us

    1155 Gratiot Avenue
    Detroit MI 48207-2997

    Customer Service:
    877-320-1723

    Resources
    • About
    • Staff
    • Editorial Calendar
    • Media Kit
    • Data Store
    • Digital Edition
    • Custom Content
    • People
    • Contact
    • Careers
    • Sitemap
    Related Crain Publications
    • Sustainable Plastics
    • Rubber News
    • Tire Business
    • Urethanes Technology
    Legal
    • Terms and Conditions
    • Privacy Policy
    • Privacy Request
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • News
      • Processor News
        • Injection Molding
        • Blow Molding
        • Film & Sheet
        • Pipe/Profile/Tubing
        • Rotomolding
        • Thermoforming
        • Recycling
      • Suppliers
        • Machinery
        • Materials
        • Molds/Tooling
        • Product news
        • Design
      • More News
        • K Show
        • Mergers & Acquisitions
        • Sustainability
        • Public Policy
        • Material Insights Videos
        • Numbers that Matter
      • Digital Edition
      • End Markets
        • Automotive
        • Packaging
        • Medical
        • Consumer Products
        • Construction
      • Special Reports
        • Notable Leaders in Sustainability
        • Processor of the Year
        • Best Places to Work
        • Women Breaking the Mold
        • Rising Stars
        • Diversity
        • Most Interesting Social Media Accounts in Plastics
      • Newsletters
      • Videos
      • Podcasts
    • Opinion
      • The Plastics Blog
      • Kickstart
      • One Good Resin
      • Pellets and Politics
      • All Things Data
      • Viewpoint
      • From Pillar to Post
      • Perspective
      • Mailbag
      • Fake Plastic Trees
    • Shop Floor
      • Blending
      • Compounding
      • Drying
      • Injection Molding
      • Purging
      • Robotics
      • Size Reduction
      • Structural Foam
      • Tooling
      • Training
    • Events
      • Plastics News Events
        • Plastics News Executive Forum
        • Injection Molding & Design Expo
        • Plastics Caps + Closures: A Global Online Event
        • Women Breaking the Mold Networking Forum
      • Industry Events
      • Injection Molding & Design Expo
      • Livestreams/Webinars
      • Editorial Livestreams
        • Bioplastics Live
        • Numbers that Matter Live
        • PFAS Live
        • Plastics in Politics Live
        • PN Live: Mergers and Acquisitions
        • Polymer Points Live
        • Sustainable Plastics Live
      • Ask the Expert
      • Plastics News Events Library
        • Plastics Caps & Closures Library
        • Plastics in Healthcare Library
        • Women Breaking the Mold Networking Forum Library
    • Rankings & Data
      • Injection Molders
      • Blow Molders
      • Film Sheet
      • Thermoformers
      • Pipe Profile Tubing
      • Rotomolders
      • Mold/Toolmakers
      • LSR Processors
      • Recyclers
      • Compounders - List
      • Association - List
      • Plastic Lumber - List
      • All
    • Directory
    • Resin Prices
      • Resin Prices Overview
      • Commodity Thermoplastics
      • High Temperature Thermoplastics
      • Engineering Thermoplastics
      • Recycled Plastics
      • Thermosets
      • Europe - Virgin
      • Europe - Recycled
      • Europe - Feedstock
    • Custom
      • Sponsored Content
      • LS Mtron Sponsored Content
      • Conair Sponsored Content
      • KraussMaffei Sponsored Content
      • ENGEL Sponsored Content
      • White Papers
      • Classifieds
        • Place an Ad
        • Sign up for Early Classified