The privately held defense contractor has announced the creation of what it calls its “Venture Studio.”
While Miamisburg company’s core business has always been “deep R&D” in the aerospace and defense sector, CRG has a record of creating new companies and businesses.
For example, Cornerstone created Spintech to develop and refine a “shape memory polymer,” a technology that has proven of interest of composite material manufacturers, as well as SpaceX.
Cornerstone created Spintech to harness the material and its tooling, spinning it off to independence in 2010.
Other spinoffs include Advantic.
“The breadth and depth of technology and inventions that CRG’s employees have created over the years is mind-boggling,” Patrick Hood, Cornerstone president and chief executive, said in a release. “It seemed to me that we needed a methodical way to more rapidly tap that potential, for the benefit of future medical, consumer, and industrial customers as well as to more effectively grow the value of the business.”
Hood’s solution is the Venture Studio arm of CRG (http://www.crgrp.com/crg-venture-studio/).
”While we know there will be some learnings and pivots, we are confident we are on the right track to unlock an enormous amount of company value and societal benefit from the Venture Studio,” said Chris Hemmelgarn, CRG’s chief revenue officer. “Our internal ‘deal funnel’ is quite full, and we think we have already identified the next five new company opportunities.”
Collaborators within the Dayton area’s entrepreneurial ecosystem include The Entrepreneur’s Center in Dayton, which expects to work with the new studio.
“We are excited to work with CRG and its Venture Studio to translate ground-breaking defense technologies into broader commercial use,” said Scott Koorndyk, CEO of The Entrepreneurs Center.
Cornerstone moved from Beavercreek to Miamisburg in 2017, and has created jobs in Miami Twp. along the way.
About the Author
