AKRON -- We all know medical research and biotech business is becoming the economic engine of Northeast Ohio.

Now Akron welcomes the Austen BioInnovation Institute, a facility that combines education, research and business in one building.

It's housed in the old Summit County Job and Family Services building a structures that's nearly a century old. However, inside is the future of healthcare. Within the walls is a one stop shop for medical education, product development and biotech industry.

It cost $13.3million to design this state of the art facility but within the decade they hope to spin off forty new companies, two thousand jobs and 150 million dollars in investment.

CEO Dr. Frank Douglas says the goal is to attract new business to the region because everything they need is in one location.

The project is a collaboration between Akron's three hospital Systems, the University of Akron and Northeast Ohio Medical University.

The training facility is designed like a real hospital for hands on education for anyone in the healthcare industry such as EMS, nurses, physicians and students. The goal is to teach different disciplines how to work together and communicate well.

"It's like a flight simulator for healthcare," says Dr. Michael Holder who runs ABIA's simulation lab. The facility uses lifelike mannikins that react like real people. Cameras and one way mirrors enable faculty to observe and then give constructive feedback.

Upstairs is a research lab where scientists are developing new medical devices. The Institute enables an idea to go from a concept on a napkin to a prototype and then an actual product all in one location.

In the basement, Medical product companies can test new devices and allow physicians to hone and perfect their skills in using it on cadavers instead of real patients.

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