Ohio Department of Development | Newsroom - Central Ohio receives $2.5 mm

Ohio Department of Development | Newsroom

COLUMBUS – Governor Ted Strickland, Eric Fingerhut, Chancellor of the Ohio Board of Regents and Chair of the Ohio Third Frontier Commission, and Lisa Patt-McDaniel, Interim Director of the Ohio Department of Development and Commission member, today announced that the Commission recommended nearly $8 million in grants through the Ohio Third Frontier Success and Pre-Seed Fund Initiative to seven Ohio early-stage capital and entrepreneurial assistance organizations. Today was also Chancellor Fingerhut’s first meeting as the newly designated Chair of the Ohio Third Frontier Commission. The awards are contingent upon State Controlling Board approval.

“Ohio Third Frontier investments like these both build on already productive partnerships and forge new relationships that will continue to expand opportunities in Ohio communities,” Fingerhut said.

“Ohio’s network of entrepreneurial businesses play a significant role in a wide range of emerging technology areas from biomedical and information technology to advanced energy and materials," Patt-McDaniel said.

The Success and Pre-Seed Fund Initiative supports existing and new regionally based organizations that provide critical pre-seed capital and associated business assistance to nurture the growth of early-stage technology-based companies.

Fiscal Year 2009 Ohio Third Frontier Success and Pre-Seed Fund Awards

Ohio TechAngels, located in the City of Columbus (Franklin County), was awarded $1.6 million for its Ohio TechAngels Fund III project. The TechAngels project will enable continued funding for Ohio’s most promising technology companies and, through participation of fund members, provide the mentoring necessary to help these companies perform to their potential while creating jobs in Ohio and attracting follow-on capital.

JumpStart, Inc., located in the City of Cleveland (Cuyahoga County), was awarded $2 million for its Existing Pre-Seed Fund project. The JumpStart pre-seed fund will enable the organization to continue to set the stage for the creation of high-paying jobs by investing in innovative imagining and incubation stage high-tech, potentially venture-ready companies that will help to accelerate the growth of the Northeast Ohio economy. Jumpstart was also awarded funding totaling $575,000 for its Entrepreneurial Assistance Organization Success Fund 2009, which will continue to provide the highest standard of entrepreneurial innovation and leadership with its nationally recognized best practices, services, and national network of deal flow contacts.

Lorain County Community College, located in the City of Elyria (Lorain County), was awarded $1.5 million for its Innovation Fund project. Funding for this project will help meet the funding gap for pre-seed support in the Northeast Ohio region, fill the investment pipeline with strong technology-based businesses to make the region an attractive place for angel and venture capital investors, and accelerate opportunities by connecting them to regional and state economic development and educational resources.

BioEnterprise, located in the City of Cleveland (Cuyahoga County), was awarded $600,000 for its Accelerating Biomedical Start-ups in Northeast Ohio Fund III project. The effort will allow continuance of Entrepreneurial Assistance programs for emerging biomedical companies in Northeast Ohio. BioEnterprise will support its existing and new clients at the Imaging, Incubating, or Demonstrating phases of development.

Cleveland Clinic, located in the City of Cleveland (Cuyahoga County), was awarded $800,000 for its BioValidation Fund II project, which will build on the Ohio BioValidation Fund I and leverage the Cleveland Clinic’s highly integrated system of scientific research, clinical care, innovation, investment, and commercial application.

TechColumbus, located in the City of Columbus (Franklin County), was awarded $900,000 for its Pre-Seed Fund II project. The project will provide pre-seed capital to late imagining, incubating, and early demonstrating phase technology-based start-ups in the 15-county Central Ohio region, and bridge the period between when limited founder resources run out and angel investors and venture capitalists are willing to invest.