AOL joins MIT Media Lab Consortium
New York, NY - February 10, 2010 – AOL Inc. (NYSE: AOL) today announced it has joined the Massachusetts Institute of Technology (MIT) Media Lab as a Consortium-level sponsor. The Media Lab is a pioneering research community focused on the study, invention and creative use of digital technologies.
The sponsorship, initially for three years, was spearheaded by AOL Ventures, a division established by AOL in 2009 to nurture early-stage, externally developed opportunities and employee-originated ideas. AOL will have the opportunity to collaborate on the Media Lab's groundbreaking research, including rights to license work developed at the Media Lab during its sponsorship.
"AOL and the Media Lab have each pioneered significant advances in the way people communicate and consume information in a digital environment, which makes this an exciting collaboration for AOL," said Jeff Reynar, Head of Technology for Engineering and Products, New York. "Investing in innovation in a creative, non-traditional environment is a fundamental part of AOL's future, and through this collaboration, the company will be able to interact with Media Lab researchers and benefit from early access to emerging technologies."
Reynar, who joined the company in late January, is building out and managing AOL's New York Technology Center and is focused on innovation for AOL's content business. He also will be responsible for coordinating the collaboration for the company with Media Lab research teams on projects to explore and develop advances in areas that can help transform the way people interact with digital technologies.
The Media Lab, founded in 1985, applies an unorthodox research approach to envision the impact of emerging technologies on everyday life. Media Lab designers, engineers, artists, and scientists work atelier-style in some 30 research groups on projects aimed at inventing – and reinventing – how humans experience, and can be aided by, technology. The Lab is supported by more than 60 sponsors, including some of the world's leading corporations.
"We live in a time of abundant challenges for individuals and for society," said Frank Moss, Media Lab director. "AOL's passion for informing and connecting people around the world is in direct synergy with the Media Lab's unique model of idea creation and innovation. We're delighted to count AOL among our family of corporate sponsors, and look forward to working with Jeff and the talented team at AOL to develop new ways for people to communicate and connect."
AOL Ventures provides an entrepreneurial environment to attract and develop original ideas to foster initiatives that benefit consumers, advertisers and employees and are aligned with AOL's long-term strategy.
AOL Inc. (NYSE: AOL) is a leading global Web services company with an extensive suite of brands and offerings and a substantial worldwide audience. AOL's business spans online content, products and services that the company offers to consumers, publishers and advertisers. AOL is focused on attracting and engaging consumers and providing valuable online advertising services on both AOL's owned and operated properties and third-party websites. In addition, AOL operates one of the largest Internet subscription access services in the United States, which serves as a valuable distribution channel for AOL's consumer offerings.