Timashev Family Foundation donates $110 million for software innovation center, marking largest university donation ever

Jessica Langer, Aubrey Wright
Thu, 16 Feb 2023 20:42:32 +0000
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Timashev Family Foundation donated $110 million to establish a Center for Software Innovation. Credit: Becca Duncan | LTV Campus Producer

Ohio State announced the biggest donation in its history, and it’s going towards a software innovation center.

The university announced Thursday during the Board of Trustees meeting the Timashev Family Foundation donated $110 million to establish a Center for Software Innovation to facilitate efforts to “create a hub for innovation, entrepreneurship and product development activity.”

The center will also increase opportunities for students in “entrepreneurship and advancing education in software innovation, product management, sales and marketing,” according to the release. The College of Engineering, Fisher College of Business and “other partners” will help lead the center.?

University President Kristina M. Johnson said in the release the center will be “transformative” for the Ohio State community. Johnson said Ratmir Timashev, who earned a 1996 master’s degree in chemical physics at Ohio State, embodies “the American dream.”?

“Ohio State is better and stronger because of alumni like you,” Johnson said at the meeting. “We’re so honored that you’ve chosen to invest in your alma mater, Ohio State, in partnering with us to realize this incredible vision.”

Timashev said in a statement it is his “privilege to the Buckeye community,” attributing it as the reason for his success.

“Bringing together the best of academia and startup innovation will empower the dreams of future generations of students, and I look forward to helping bring this vision to reality for Ohio State and Columbus,” Timashev said.

Timashev said to the Board of Trustees Thursday the center will attract the best software startups from all over the country and world.?

“I’ve often been asked what it takes to create a successful technology company, and my answer is very simple: be at the right place at the right time and create an excellent product. I know we have everything needed for success. Right now is the use of the right place. It’s OSU, Columbus, the Midwest,” Timashev said at the meeting.

The building is set for construction in Ohio State’s new West Campus innovation district, Carmenton, according to the release. Dates have yet to be announced, and the release states more external funding needs to be secured to begin construction.

Thursday’s gift to the university follows a $17 million donation from the Timashev family to create the now-open Timashev Family Music Building for the College of Arts and Sciences.?

The story was updated at 3:57 p.m. to include statements from Johnson and Timashev at the Board of Trustees meeting.?

Becca Duncan contributed reporting this story.