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State of Ohio Growing the Entrepreneurial Ecosystem

State of Ohio Growing the Entrepreneurial Ecosystem. Moderator: Norm Chagnon, Deputy Chief Technology and Innovation Division Panelists: Lisa Delp, Entrepreneurial Services and Incubation Program Manager Technology and Innovation Division

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State of Ohio Growing the Entrepreneurial Ecosystem

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  1. State of OhioGrowing the Entrepreneurial Ecosystem

  2. Moderator: Norm Chagnon, Deputy Chief Technology and Innovation Division Panelists: 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

  3. 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 • Business Loans • Infrastructure Grants • “Close the Deal” Funds JobsOhio Regional Network Contract for Economic Development Outsource Loan Servicing (possible 2012) Tourism Ohio (2012) Ohio Development Coalition

  4. 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

  5. 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

  6. 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

  7. Key Metrics: • Jobs created and retained • Companies created, capitalized and attracted • Company sales • Follow-on capital investment • Federal research funding attracted

  8. 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 Credit • Ohio Capital Fund/ Ohio Venture Capital Authority

  9. Entrepreneurial Signature Program - $40M • One Fund (Accelerators) - $1.6M • Micro Funds - $1M • Pre-seed - $25M • Growth Fund - $10M

  10. 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.

  11. 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

  12. Innovation Funding Continuum

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