Ohio Supporting Entrepreneurs and Innovative Companies
Today the Ohio Third Frontier Commission approved $43.52 million to support start-ups and advance entrepreneurship across the state.
Ohios economy is stronger when we support entrepreneurs, said David Goodman, director of the Ohio Development Services Agency and chair of the Ohio Third Frontier Commission. Small businesses make up the majority of Ohio companies.
Entrepreneurial Signature Program Awards
The Ohio Third Frontier Entrepreneurial Signature Program is a network of resources around the state where entrepreneurs with a start-up technology company can get help speeding up their growth and getting their ideas to market. The following resources are available to help Ohios young technology companies:
- Mentorship by seasoned entrepreneurs and industry professionals
- Access to investors and capital
- Business support including legal, tax and accounting services
- Assistance developing intellectual property and marketing/sales strategies
- Help recruiting talent
- Incubators providing state-of-the-art workspaces
- Accelerators guiding entrepreneur teams through a three-month business boot camp
The following regional partners were awarded Entrepreneurial Signature Program grants to provide these resources to Ohios entrepreneurs.
CincyTech, LLC, located in the city of Cincinnati (Hamilton County) was awarded $9.15 million.
JumpStart, Inc., located in the city of Cleveland (Cuyahoga County), was awarded $19 million.
Ohio University (TechGROWTH), located in the city of Athens (Athens County), was awarded
TechColumbus, Inc., located in the city of Columbus (Franklin County), was awarded $9.17 million.
Commercial Acceleration Awards
The Commercial Acceleration Loan Fund bridges the gap between an entrepreneur's need for capital and the traditional sources of financing primarily reserved for established businesses. The program supports companies showing potential to grow substantially in size and value over a relatively short period of time. It provides financing alternatives to help early-stage companies commercialize their products and get them to the marketplace.
Petbrosia, located in the city of Cincinnati (Hamilton County), was awarded a $1.5 million loan to support automated production and fulfillment operations, and allow the company to keep up with growing demand. Petbrosia combines information technology and veterinary science to formulate customized pet food for a specific pets breed, weight, age and unique nutritional needs.
To-Scale Software, LLC, located in the city of Mason (Warren County), was awarded a $1 million loan to develop a cloud-based software application for the construction industry. The Cloud Takeoff solution allows subcontractors, suppliers and project teams to collaborate on cost estimates, work plans and discuss specific issues in real time.
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