Northwest Ohio Receives $3.2 Million
Through State Entrepreneurial Signature Program
TOLEDO, Ohio – Northwest Ohio achieved another milestone this afternoon when the Ohio Department of Development awarded the region a $3.2 million grant through the state’s Entrepreneurial Signature Program (ESP).
The award, announced by the State of Ohio’s Third Frontier Commission, was assigned to the Regional Growth Partnership (RGP), which served as the lead applicant for the grant. Just last November, the state had awarded the RGP $11.8 million through the ESP grant. This latest announcement fulfills the RGP’s original request of $15 million, the maximum amount any region could apply for under the grant.
“Northwest Ohio has proven its commitment to diversify its economy and grow an entrepreneurial environment,” said Larry Davenport, partner, Ernst & Young, and chairman of the RGP Board of Directors. “Successes like this better position us globally as a competitive region committed to innovation and knowledge-based growth.”
This ESP state matching grant was created to provide funding to significantly increase technology-based commercialization outcomes. It is intended to primarily serve early-stage start-ups and small entrepreneurial companies.
ESP was issued under the Third Frontier Project, the state’s largest-ever commitment to expanding Ohio’s high-tech research capabilities, promoting technology commercialization and innovation, creating technology-based businesses and creating high-paying jobs.
“This is a tremendous award for our region and it reaffirms the State of Ohio’s confidence that northwest Ohio can deliver on technology-based economic development,” said Todd Michaelsen, manager of the NECA Ohio/Michigan chapter.
The $3.2 million will be used to establish a business grant called Ignite, which will fund $50,000 grants to assist and support early-stage businesses, according to Steve Weathers, president and CEO of the RGP. The original grant is being used to create Rocket Ventures, a nonprofit organization whose sole focus will be to execute the plan. The remaining $6 million will be used to capitalize a pre-seed investment fund.
Similar to the first round, this ESP grant also requires northwest Ohio to raise $1.6 million to match the state money. Weathers indicated that raising those matching dollars would be the primary focus in the coming weeks and was confident the private business community would respond.
“Without the leadership and financial resources of our business community, this opportunity for northwest Ohio would not exist,” Weathers said. “Through their support, we have that opportunity to create and sustain new knowledge-based, high-quality jobs for all of northwest Ohio.”
The Regional Growth Partnership is a private nonprofit development corporation dedicated to fostering local, national and international economic growth opportunities for Northwest Ohio.