Northwest Ohio Requests $15 Million To Stimulate Regional Technology Development and Job Growth
TOLEDO, Ohio – United in their commitment to move the northwest Ohio economy forward, regional partners have requested a $15 million grant to spur the growth and development of an entrepreneurial technology environment.
Administered by the Ohio Department of Development, the Entrepreneurial Signature Program is a state matching grant created to provide funding to significantly increase technology-based entrepreneurial commercialization outcomes. It is intended to primarily serve early-stage start-ups and small entrepreneurial companies.
Community leaders have recognized the need to embrace a technology-driven economy, and obtaining funding to initiate ESP will better position northwest Ohio as a progressive region actively supporting innovation and commercialization.
“The grant will further northwest Ohio’s mission to diversify its economy through the growth and successful development of promising technology-based enterprises, resulting in more high-value employment opportunities for northwest Ohio” said Steve Weathers, president and CEO of the Regional Growth Partnership, which submitted the proposal.
The ESP grant 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.
Regional businesses and organizations have demonstrated their support for the program by committing $7.5 million as a match to the state money, including extraordinary backing from the National Electrical Contractors Association (NECA) and the International Brotherhood of Electrical Workers.
“The construction industry embraces technology because we realize without continuous improvement and efficiency, we will be beaten,” said Todd Michaelsen, manager of the NECA Ohio/Michigan chapter. “The Third Frontier is all about helping Ohio compete globally and we need to make sure that is happening right here in northwest Ohio.”
Part of that $15 million grant request includes $6 million to capitalize a pre-seed fund, investing in 32 to 38 companies, primarily focused in the signature areas of Advanced Materials and Agbiosciences. Advanced materials is focused around the region’s national leadership in thin films materials, but also includes polymers, nanomaterials and other structured materials. Agbioscience supports business in the food production industry, food manufacturing/processing industry and the greenhouse industry.
In order to deliver services under this program, the RGP will create an organization, “Rocket Ventures,” whose sole focus will be to execute the plan. Rocket Ventures will provide an average of 200 pro-bono hours of management and entrepreneurial services to each of its portfolio companies in concert with investments of $50,000 to $600,000 per company through the pre-seed fund.
After follow-up presentations in Columbus, the state is expected to announce its decision regarding the funding of proposals in November. The Regional Growth Partnership is a private nonprofit development corporation dedicated to fostering local, national and international economic growth opportunities for Northwest Ohio.