Kodak’s Innovation and Materials Science Institute to Partner with Innovation Accelerator

  Kodak’s Innovation and Materials Science Institute to Partner with
  Innovation Accelerator

Innovation Accelerator to invest in IMSI growth and commercialization model at
Eastman Business Park – another major step toward the Park’s revitalization

Business Wire

ROCHESTER, N.Y. -- December 05, 2012

Eastman Kodak Company and Innovation Accelerator, a national public-private
entity, today announced an agreement under which Innovation Accelerator will
step into an active leadership role of the Innovation and Materials Science
Institute (IMSI), Kodak’s technology accelerator established to help move
early- to middle-stage companies from innovation to commercialization.

“The Institute was founded to take intellectual property from prototyping and
proof of concept into commercialization, thereby substantially reducing the
time and expense it takes technology innovators to become self-sustaining, to
create jobs and turn a profit,” said Brad Kruchten, President of Kodak’s
Graphics, Entertainment and Commercial Films group and a founding board member
of IMSI.

“Moving IMSI into a tightly-aligned relationship with the Innovation
Accelerator is a great step forward, and we’re thrilled to work in partnership
with an organization that has common goals, a national reach and a strong
track record of success,” Kruchten added.

Innovation Accelerator’s vision is to drive America’s competitive advantage in
the global marketplace by promoting innovation as an economic growth engine.
John Pyrovolakis, founder and Chief Executive Officer of Innovation
Accelerator, said that he and his team work with hundreds of entrepreneurial
start-up companies across the country, and many could benefit from the
infrastructure IMSI provides.

“Our nation remains the global innovation leader in areas of Kodak's
historical strength: materials and chemicals. But our innovations in these
areas are increasingly being manufactured – and monetized – abroad,”
Pyrovolakis said. “This ‘invented here, built there’ problem poses a threat to
our nation's economic well-being. It is our hope that collaboration with
Kodak's Innovation and Materials Science Institute can buck this trend, to the
great benefit of both our nation and Eastman Business Park.

“Our work today – bringing highly innovative small and middle-stage companies
from all over the nation to the Park – is a first step in this direction. It
is a first step in the direction of restoring our nation's global
manufacturing and innovation dominance, leveraging the Park and its unique
assets and infrastructure as an iconic symbol of this dominance,” Pyrovolakis

“In addition, we now have access to people with the experience and know-how to
operate these machines and manufacture next generation thin film and coatings
products for a multitude of applications,” Pyrovolakis said. “These physical
and knowledge assets are a tremendous and ready resource to the kind of
companies with whom we work.”

IMSI will emerge as a not-for-profit entity, and along with Innovation
Accelerator, will continue with a significant presence at Eastman Business
Park, where Pyrovolakis said he expects to see strong future growth – both in
the number of companies operating there and the number of advanced
manufacturing jobs created.

On a broader scale, Pyrovolakis said the model established in Rochester will
take on national relevance as “we begin to identify assets in other locales
which are similar to those available at Eastman Business Park, and use the
IMSI accelerator model to create similar manufacturing partnerships.”

About Kodak

Kodak is transforming itself into a B2B company focused on its Commercial
Imaging business. Kodak will be centered on commercial, packaging and
functional printing solutions and enterprise services, businesses in which it
offers customers advanced technologies and products that give them a
competitive advantage. The company also offers leading products and services
in Entertainment Imaging and Commercial Films. Its Personalized Imaging and
Document Imaging businesses are being marketed for sale. For additional
information on Kodak, please visit our website at www.kodak.com.

About IMSI

The Innovation and Materials Science Institute (IMSI) is composed of academic
and business leaders from key areas of the innovation economy –
sustainability, clean technology, energy efficiency, consumer electronics and
health care. They have come together to focus on leveraging innovation as
means to promote economic growth through the application of Materials Science.
The Institute is committed to serving as an accelerator for middle-stage
technology companies in today's Innovation Economy – allowing them to fully
develop their business concepts from the lab-scale prototype stages of
innovation to the later stages of production and commercialization. For more
information, visit www.imsibiz.com.

About Innovation Accelerator

Innovation Accelerator is a public-private partnership with a federal agency.
Innovation Accelerator’s mission is to promote our nation’s economic
competitiveness in the global economy by promoting American innovation. IA's
impact and approach to commercialization of extremely high tech and generally
early stage federally backed technologies has been cited by the President’s
Council of Advisors on Science and Technology as a model platform. IA
supported companies have received funding from top shelf venture capital
funds, and been acquired by fortune 500 companies over the past three years.

PCAST report available at


Kelly Mandarano, +1 585-724-0903
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