Grant money to support entrepreneurial growth and services in Northeast Ohio
NorTech, Northeast Ohio’s leading technology based economic development organization, has been awarded a $12.4M grant by the Third Frontier Project’s Entrepreneurial Signature Program (ESP). The award was approved by the Third Frontier Commission in Columbus yesterday.
The ESP was created by the state of Ohio to significantly increase technology-based entrepreneurial commercialization outcomes in six defined geographic regions and focus on technology-based sectors offering important economic development prospects. Northeast Ohio received the largest amount of funding, followed by Northwest (Toledo) $11.8M, West Central (Dayton) $11.3M, Southwest (Cincinnati) $11M, Central (Columbus) $6.8M, and Southeast (Athens) $3.5M.
The state grant will provide funding support to a group of Northeast Ohio incubators and investment funds over the next three years. NorTech will lead the effort, with significant marketing, regional outreach and administrative support provided by JumpStart, to create a new and improved set of initiatives to assist entrepreneurs in their earliest stages of development.
This newly funded set of programs and activities is designed to substantially increase entrepreneurial support and outcomes within and, especially, at the intersections of Northeast Ohio’s technological strengths in Biosciences and Healthcare, Polymers, Advanced Materials and Manufacturing, Electronics, Information and Communication Technology (ICT) and Advanced Energy.
These new collaborative programs aim to achieve four major goals:
- Create an entrepreneurial support and development structure unmatched by any other region in the U.S.
- Cultivate new distinctive opportunities within and at the intersections of the region’s key technology strengths
- Coordinate and integrate Northeast Ohio’s broad entrepreneurial network.
- Evolve from creating new businesses one at a time, to creating new, economy-sustaining industries for Northeast Ohio’s future
“I would like to thank the Ohio Department of Development and the Third Frontier Commission for placing a high importance on entrepreneurship and the role it plays in transforming a regional economy,” said Dorothy C. Baunach, President and CEO of NorTech. Baunach continued, “This funding will allow us to provide a new and improved level of entrepreneurial support services in Northeast Ohio, working with entrepreneurs and innovators at their earliest stages to accelerate business creation, development, productivity, and jobs. Working closely with organizations like JumpStart, BioEnterprise, regional incubators, and important pre-seed funds in Northeast Ohio, we hope this newly created collaborative will serve as a pilot program upon which we can build our innovation-driven, entrepreneurially-based 21st century economy.”
“These services will include a host of programs available to a broad audience of technology entrepreneurs in Northeast Ohio,” said Chris Mather, Vice President of Technology and Entrepreneurship for NorTech. Mather continued, “We will provide additional services to entrepreneurs working within the region’s key technology strengths, helping them attract follow-on resources and generate the largest economic impact in the next three to five years.” Mather is slated to be the Director of ESP services in Northeast Ohio.
Northeast Ohio ESP Collaborators include: the Akron Global Business Accelerator; BioEnterprise Corporation; the Braintree Partners; Glengary LLC; Great Lakes Innovation and Development Enterprise (GLIDE); LCCC Foundation Innovation/Imagining Fund; JumpStart Inc.; Manufacturing Advocacy and Growth Network (MAGNET); North Coast Angel Fund; and Youngstown Business Incubator.
NorTech’s ability to receive ESP funding was enabled by generous support from Northeast Ohio philanthropic foundations and public/private partners, providing a total of $7.5 million in matching funds. Those partners include the Cuyahoga County Department of Development, the Technology Leaders’ Group (led by NorTech), Fund for Our Economic Future, Greater Cleveland Partnership, JumpStart, BioEnterprise, Glengary LLC, LCCC Foundation Innovation/Imagining Fund, and the North Coast Angel Fund.
To find out more information about Northeast Ohio’s ESP program, please contact Chris Mather at 216-363-6883.
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