Correction appended

The University named its first assistant vice president for industry research Thursday – marking a new effort to support innovation through alternative resources amid ongoing federal funding cuts.

As the newest member of the Office of the Vice President for Research, alumnus Tom Russo will be tasked with fostering connections between faculty and representatives from industry and corporations as a way to raise money and support for the University’s research.

Vice President for Research Leo Chalupa said late last month the University can no longer rely on federal agencies for funding research, opting instead to build up corporate backing for research to make faculty’s academic work more relevant in the business world.

Russo, a longtime D.C.-area resident who received an MBA from the University in 1975 , served as an executive vice president at MMI Genomics in Beltsville, Md. for the last seven years. He has also held several positions as the chief financial officer in financial management and biomedical firms.

He will work closely with the Office of Entrepreneurship, which oversees the licensing of research produced at the University.

This post was updated Oct. 20, 2011 to reflect the following: The Hatchet incorrectly referred to Russo’s previous employer MMI Genomics as MIMI Genomics due to inaccurate information provided by a University spokesperson.