FISHER ANNOUNCES $7.5 MILLION FOR EARLY-STAGE TECHNOLOGY-BASED COMPANIES
COLUMBUS, OHIO (July 29, 2008) - FOR IMMEDIATE RELEASE
July 29, 2008
Columbus, OH -- Lieutenant Governor Lee Fisher, Chair of the Ohio Third Frontier Commission, today announced that the Commission recommended $7.5 million in grants through the Ohio Third Frontier Success and Pre-Seed Funding Initiative to six Ohio early stage capital and entrepreneurial assistance organizations. The awards are contingent upon State Controlling Board approval.
"I am proud to announce these Success and Pre-Seed awards to organizations that are helping to create new economic development opportunities for our State," said Lt. Governor Fisher, who also serves as Director of the Ohio Department of Development. "Ohio's entrepreneurial businesses play a significant role in emerging technology areas such as biomedical, information technology, advanced energy, and materials."
The Success and Pre-Seed Funding Initiative program supports existing and new regionally based organizations to provide critical pre-seed capital and associated business assistance that nurture the growth of early-stage technology-based companies.
The Commission announced the following awards for the Fiscal Year 2008 Ohio Third Frontier Success and Pre-Seed Funding Initiative Program:
JumpStart, Inc., located in Cleveland (Cuyahoga County), was awarded $1 million for activities that help to support the organization's progress as an Entrepreneurial Assistance Organization and its ability to successfully accelerate entrepreneurial opportunities in the region. Collaborators on this project include Burton D. Morgan Foundation; BioEnterprise Corporation; Cleveland Foundation; Morganthaler Ventures; Ohio Fuel Cell Coalition; Ohio Agriculture Research & Development Center; TechLift; KeyCorp/Key Foundation; National City Bank; Fifth Third Bank; Forest City Enterprises; The Lincoln Electric Company; Parker Hannifin Corporation; Jones Day; Dix & Eaton; Thompson Hine; Calfee Halter & Griswold; Fund for Our Economic Future; and William B. Summers.
JumpStart, Inc., located in Cleveland (Cuyahoga County) in collaboration with BioEnterprise, Knight Foundation, Cleveland Foundation, Morganthaler Ventures, Ohio Fuel Cell Coalition, Ohio Agricultural Research & Development Center, Baker Hostetler, TechLift, and Burton D. Morgan Foundation, was awarded $2 million for its Pre-Seed Fund which will allow investment in up to 12 high potential businesses, setting the stage for the creation of high paying jobs by establishing innovative high-tech companies that will help to anchor business in the region and accelerate the growth of the economy of Northeastern Ohio.
Queen City Angels, located in Cincinnati (Hamilton County) in collaboration with Health Foundation of Greater Cincinnati and Tri-State Growth Fund, was awarded $2 million for its Pre-Seed Fund III which will invest in very early-stage technology companies and, through participation of fund members, providing the mentoring necessary to help these companies perform to their potential.
NCT Fund Management LLC, located in Columbus (Franklin County) in collaboration with OSU Center for Entrepreneurship, TechColumbus, and Ohio TechAngels, was awarded $1.5 million for its Pre-Seed Fund II which will allow NCT to invest in early stage companies and continue to bring value through hands-on mentoring and assistance in solving marketing, logistics, and disruptive business technology issues.
Emerging Market Fund, located in Cleveland (Cuyahoga County), was awarded $500,000 for activities that help to address the shortfall in early stage investment capital available to underserved minority populations, and bring together accredited minority angel investors along with institutions interested in investing in minority-owned firms based in Northeast Ohio. Collaborators on this project include National City Bank; Ohio Capital Fund; The Presidents' Council; TechLift; Partnership for the Minority Business Accelerator; Minority Business Accelerator 2.5+; Northern Ohio Minority Business Council; Urban League of Greater Cleveland; and Shorebank Enterprise Cleveland.
Lorain County Community College Foundation, located in Elyria (Lorain County), was awarded $500,000 for their Pre-Seed fund to invest in very early-stage technology commercialization to help accelerate the transitions of existing opportunities and continue to fill the pipeline of new technology-based business in the region. A unique feature of this activity is the promotion of collaborations between start-up companies and the College to advance both business and academic goals that promotes regional economic development. Collaborators on this project include GLIDE; University of Akron Research Foundation; Akron ARCH Angel Investment Network; LCCC Foundation; Lorain County Community; University of Akron; ARCHAngels; NEO, Inc; and TechLift.
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Media contacts: Eileen Turner at (614) 728-6674 or Kelly Schlissberg at (614) 466-4133
