State of Ohio Growing the Entrepreneurial Ecosystem - PowerPoint Presentation

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State of Ohio

Growing the Entrepreneurial Ecosystem

Moderator: Norm Chagnon, Deputy Chief Technology and Innovation DivisionPanelists: Lisa Delp, Entrepreneurial Services and Incubation Program Manager Technology and Innovation Division Steve Mercil, CEO, RAIN Source Capital Board Chair, National Association of Seed and Venture Funds

Business Loans

Infrastructure Grants

“

Close the Deal

”

Funds

Innovation & Investment

(Ohio Third Frontier, Edison , TITC,

Ohio Capital Fund)

Small & Minority Business and Export Assistance Office

Tax Credits, Servicing and Workforce Development Office

Urban and Site Development Office

Housing and Partnerships Office

Energy Office

Community Services Office

Governor

’

s Office of Appalachia

Outsource Loan Servicing (possible 2012)

JobsOhio Regional Network

Tourism Ohio (2012)

Ohio Development Coalition

Contract for Economic Development

Strategic Goals:

Produce a high level of economic return for the state in quality jobs, company growth, and wealth creation

Create sustainable engines of economic development activity

in

key areas of technology and industry strengths

Reduce the risk of pursuing entrepreneurial, innovation and development activities in Ohio

Sustain best practices and relationships that lead to efficient commercialization

Increase the visibility and reputation of Ohio as an innovation and entrepreneurial destination to attract investment capital, companies, and

talent

Entrepreneurial Support-

Improve the capacity of Ohio’s entrepreneurial ecosystem to deliver services and attract capital necessary to create and grow scalable technology-based enterprises

Value Chain Development-

Increase the technical capabilities and business competencies of Ohio value chains within key existing and emerging driver industries, and pursue targeted attraction to fill gaps

Open Innovation-

Cultivate a highly collaborative environment that encourages Ohio’s community of technology seekers and solvers to regularly exchange new knowledge in pursuit of targeted market driven commercial opportunities

Technology Focus Areas:

Advanced

Materials

Aero-Propulsion Power Management

Fuel Cells and Energy Storage

Photovoltaics

Medical Technology

Sensing and Automation Systems

Situational Awareness and Surveillance Systems

Software Applications for Business and Healthcare

Key Metrics:

Jobs created and retained

Companies created, capitalized and attracted

Company sales

Follow-on capital investment

Federal research funding attracted

Entrepreneurial Support

Improve

the capacity of Ohio’s entrepreneurial ecosystem to deliver services and attract capital necessary to create and grow scalable technology-based

enterprises

Services

Entrepreneurial Signature Program ( six regional organizations)

Edison Technology Incubators (

12

local entities)

Investment Capital

One Fund (Accelerators)

Micro Funds Pre-seed

Seed Funds (Gap)Growth Fund (SBA Impact Fund)

Targeted Investment Program (SSBCI)

 Tax Credits/Guarantees

Technology Investment Tax CreditOhio Capital Fund/ Ohio Venture Capital Authority

Entrepreneurial

Signature

Program -

$40M

One

Fund (

Accelerators) - $1.6M

Micro Funds - $1M

Pre-seed - $25MGrowth Fund - $10M

Targeted Investment Program (TIP) - $15M

Funded through the U.S. Department of Treasury State Small Business Credit Initiative, the Targeted Investment Program (TIP) will allow ODOD to directly invest in small businesses that have received first or second round equity investments, are active within an existing value chain and, are pursuing new high economic value activities.

TIP Eligibility

Eligible businesses include those with at least 5 but less than 250 employees and revenues greater than $1 million but less than $10 million.

TIP Goals

Invest in $500k - $1M in 15 – 20 companies

Support the creation or retention of 250 jobs

Gain a 4:1 direct leverage on funds

Innovation Funding Continuum

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