State of OhioGrowing the Entrepreneurial

Ecosystem

Moderator: Norm Chagnon, Deputy ChiefTechnology and

Innovation Division

Panelists: Lisa Delp, Entrepreneurial Services and

Incubation Program ManagerTechnology and

Innovation Division

Steve Mercil, CEO, RAIN Source Capital

Board Chair, National Association of Seed and Venture Funds

1. Business Loans2. Infrastructure Grants3. “Close the Deal” Funds

1. Innovation & Investment(Ohio Third Frontier, Edison , TITC,

2. Ohio Capital Fund)3. Small & Minority Business and Export

Assistance Office4. Tax Credits, Servicing and Workforce

Development Office5. Urban and Site Development Office6. Housing and Partnerships Office7. Energy Office8. Community Services Office9. 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

Open Innovation

Value Chain Development

Entrepreneurial

Support

• 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

o Entrepreneurial Signature Program ( six regional organizations)o Edison Technology Incubators (12 local entities)  

Investment Capital o One Fund (Accelerators)o Micro Funds o Pre-seedo Seed Funds (Gap)o Growth Fund (SBA Impact Fund) o Targeted Investment Program (SSBCI) 

Tax Credits/Guaranteeso Technology Investment Tax Credito Ohio Capital Fund/ Ohio Venture Capital Authority

• Entrepreneurial Signature Program - $40M  

• One Fund (Accelerators) - $1.6M

• Micro Funds - $1M

• Pre-seed - $25M

• Growth 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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