Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to enter into a grant agreement with Rev1 Ventures in an amount up to $250,000.00 for the purpose of supporting efforts to attract and grow technology businesses through the Entrepreneurial Signature Program. Funding will be advanced to the agency on a predetermined schedule.
Rev1 Ventures, formerly known as TechColumbus, is a seed stage venture development organization that combines investment capital and strategic services to help entrepreneurs build products that people want and companies that succeed. Rev1 Ventures led a successful regional proposal to the State of Ohio to secure $18.7 million for the Entrepreneurial Signature Program (ESP) which accelerated the creation and growth of new technology companies in Central Ohio. The ESP Program includes early-stage capital to meet the needs for pre-seed capital for Ohio start-up technology companies. A 1-to-2 funding match was required as a condition of the ESP Program. The City of Columbus provided $188,000.00 in 2007, 2008, 2009 and 2010 as their portion of the match. In 2011, 2012, 2013 and 2014, the City of Columbus provided $500,000.00 respectively, towards this initiative in the form of administrative costs associated with the program. In 2015, 2016, and 2017, the City of Columbus contributed $450,000.00 to the program. In 2018, 2019, 2020, 2021, 2022, 2023, and 2024 the City of Columbus contributed $250,000.00 to the program. The City wishes to contribute $250,000.00 in 2025.
FISCAL IMPACT: Funding $250,000.00 for this agreement is included in the Department of Development’s Economic Development 2025 General Fund Budget.
CONTRACT COMPLIANCE: The vendor’s contract compliance number is 011852 and it expires on 7/8/26.
Emergency action is needed to meet committed project timelines for funding to ensure the project stays on planned deadline.
Title
To authorize the Director of the Department ...
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