Kent State received the Newcomen Award Friday for its academics and innovation, according to a university press release.

The Newcomen Society of the United States has honored more than 2,500 American business organizations with this award since its creation in 1923, according to the society’s Web site. About 20 awards are given each year.

“They honor businesses and other organizations that have made strides in education, technology and innovation,” university spokesperson Scott Rainone said.

The society recognizes organizations helping to promote the American free enterprise system.

Kent State was chosen because of its advancements in its economic enterprises, faculty expertise and research, Rainone said.

According to the press release, these factors contributed to Kent State’s ranking as fourth in the nation for the number of startup companies.

Some of the university’s key areas of research include liquid crystals, biomedical sciences and information technologies.

President Carol Cartwright attended and delivered a speech at the award ceremony in Cleveland, Rainone said. Other executive officers also attended.

– Rachel Abbey