06-02-2025
What is OSU's Innovation Foundation? Funding in spotlight as Kayse Shrum, others resign
The surprise resignation of Oklahoma State University President Kayse Shrum and two other executives with ties to OSU's Innovation Foundation has led to questions about their departure, many which remain unanswered.
Shrum resigned her post on Monday, but the announcement wasn't made public until Wednesday. The Oklahoman also reported on the resignations of Innovation Foundation CEO Elizabeth Pollard and OSU Vice President and Chief of Staff Jerome Loughridge, who previously served as CEO of the foundation.
The shakeup comes after OSU's Board of Regents met Friday to put a leash on Innovation Foundation's use of funds and ability to hire new employees. The regents took four actions after receiving confidential complaints, according to a report by NonDoc:
Halt the transfer of money between OSU and the Innovation Foundation without a board-approved contract
Discontinued the expenditure or transfer of legislatively appropriated funds from OSU Medical Authority to Oklahoma State University, except to comply with law
Freeze hiring for employees who would provide services to the Innovation Foundation
Hire a financial consultant to review compliance with legislative appropriations, and "analyze the impact on the financial integrity of the university"
The Innovation Foundation was launched at OSU in late 2023 as a "re-imagining" of the Oklahoma State University Research Foundation.
At its heart, the foundation is OSU's way of creating a public-private partnership with industries that have a close connection with the university's expertise and research. For example, the foundation is home to organizations focused on aerospace, energy and health.
The Innovation Foundation also supports startup companies and commercializes OSU's intellectual property with Cowboy Enterprises.
The Innovation Foundation appears to be funded by grants, corporate-sponsored research and revenue acquired through the commercialization of university-sponsored businesses.
It's not clear how much money the foundation receives from Oklahoma State University.
The foundation also manages The Innovation Park, which is 678 acres dedicated to supporting startup companies, faculty collaboration, student research, offices and space for other facilities that meet the foundation's mission.
The board of regents' actions in their meeting last week, however, suggests that the Innovation Foundation might have received funds from the OSU Medical Authority, which oversees medical education, research and health care at the OSU Center for Health Sciences and OSU Medical Center, a teaching hospital. Last year, the Oklahoma Legislature appropriated more than $92 million to the OSU Medical Authority.
Along with Shrum, two others who were instrumental in developing the new Innovation Foundation also left their positions.
Before he stepped down this week, Jerome Loughridge was an OSU vice president and served as chief of staff to Shrum, according to his LinkedIn profile. Before that, however, he was CEO for the OSU Research Foundation, which later became the Innovation Foundation.
Before Elizabeth Pollard took over Loughridge's job at the Innovation Foundation in 2023, she was president of Cowboy Technologies and executive director of the Research Foundation.
Until March 2023, Pollard also served on Gov. Kevin Stitt's Cabinet in the role of secretary of science and innovation, which is a position Shrum held before becoming OSU's president.
This article originally appeared on Oklahoman: Why did OSU President Kayse Shrum, Innovation Foundation execs resign?
