TechColumbus Awarded Nearly $7M to Continue Support of Company Formation and Growth in Central Ohio Region

The Ohio Third Frontier Commission Thursday announced it has recommended TechColumbus for funding through the Ohio Third Frontier’s Pre-Seed Fund Capitalization Program and Entrepreneurial Signature Program Continuity Initiative.

“The Ohio Third Frontier’s role in supporting entrepreneurship remains a valuable asset for the state,” said Mark D. Kvamme, director of the Ohio Department of Development. “These efforts are consistently helping launch technology-related businesses that have strong growth potential and add economic value to Ohio.”

TechColumbus will receive $2 million in funding through the Ohio Third Frontier Pre-Seed Fund Capitalization Program, as well as $1.45 million from the Ohio Third Frontier Entrepreneurial Signature Program (ESP) Continuity Initiative.  When combined with cost-share dollars from local partners, the total award represents $6.9 million. 

“This funding will allow us to continue the mission of helping entrepreneurs with promising ideas and young companies in the region to launch and grow their companies, while creating jobs and generating revenue in Central Ohio,” says Ted Ford, president and CEO of TechColumbus.  “We’re very pleased that the state and our local partners continue to demonstrate their belief in this mission and to support us in this important cause.”
Local cost share partners include: 

- City of Columbus
- City of Dublin
- City of Gahanna
- City of Upper Arlington
- City of Westerville
- Franklin County
- Huntington Bank
- The Ohio State University
- OhioHealth Research Institute
- The Research Institute at Nationwide Children’s Hospital
- The Village of New Albany

The Ohio Third Frontier Pre-Seed Fund Capitalization Program is designed to increase the number of professionally managed Pre-Seed Funds investing throughout Ohio that, in turn, increase the amount of early-stage capital being invested in Ohio technology-based start-up companies in various phases of commercialization. The program creates a risk capital climate that supports the development, retention, and attraction of investable technology companies in Ohio, and attracts the resources of venture capital firms both within and outside of Ohio.

The Ohio Third Frontier Entrepreneurial Signature Program (ESP) Continuity Initiative is designed to maintain critical regional entrepreneurial services, already put in place as a result of prior Ohio Third Frontier investments in the six ESP regional networks. The program creates an entrepreneurial assistance climate that supports the creation, retention, and attraction of investable technology companies in Ohio; attracts the resources of venture capital firms both within and outside of Ohio; and builds a network of universal support and access to all forms of capital for technology companies within their geographic region.