Tuesday, July 12, 2011 at 4:14 PM
Cleveland State University officials are hailing the successful spin-off of new software technology as a major win for the school and the region. Ideastream's Rick Jackson reports the software is expected to dramatically advance control devices found in thousands of products, and generate billions in profits.
The motor automation software Spin-TAC was developed by Linestream Technologies, founded three years ago by Dr. Zhiquiang Gao - who happens to head CSU’s Center for Advanced Control Technology.
CSU and Linestream announced Tuesday the company has licensed the software to Industrial giant Texas Instruments, which means LineStream is about to grow 600% by year’s end.
But growing the company from three people to 18 is just the first step. Company President and Northeast Ohio native Dave Neundorfer says the five year projection includes 50 jobs that will attract some of the best people in the software business, to Northeast Ohio.
“We hope to add 15 next year, high skilled jobs, software developers, control engineers, quality assurance managers, and then grow with each new platform that we deploy on.”
Neundorfer admits to dreams of a second Silicon Valley; in Cleveland.
CSU Director of Technology Transfer Leonard Young also sees this launch as having meaning far beyond this one small firm.
“Linestream’s success is a win for the university, a win for the city, a win for the region, and a win for the state. And it’s also a model that Cleveland State University will replicate going forward.”
LineStream also presented a 37-thousand dollar check to the school for its part in the deal, the first of what they promised - were many to come.
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