Explanation
BACKGROUND: TechColumbus is a non-profit organization dedicated to providing a catalyst for technology-based economic development in Central Ohio. To that end, TechColumbus led a successful regional proposal to the State of Ohio, to secure $15 million over four years for the Entrepreneurial Signature Program which will accelerate the creation and growth of new technology companies. The ESP program includes early stage capital to meet the needs for pre-seed capital for Ohio start-up technologies companies. A 1-to-2 funding match was required as a condition of the ESP. The City of Columbus committed $188,000 in 2007, 2008 and 2009 as their portion of the match and is again committing $188,000 in 2010.
In addition, another TechColumbus program, Third Frontier TechColumbus Pre-Seed Fund III, will provide pre-seed capital to late imagining, incubating and early demonstrating phase technology based start-up businesses. TechColumbus will create this $1,000,000.00 fund with a $500,000 grant from the Third Frontier Pre-Seed & Entrepreneurial Success Initiative and a grant from The Ohio State University. The City of Columbus is allocating $250,000 towards this initiative in the form of administrative costs associated with the Pre-Seed Fund III.
This legislation authorizes the Director of Development to enter into an agreement with TechColumbus for the purpose of supporting efforts to attract and grow technology businesses through the Entrepreneurial Signature Program and the Third Frontier TechColumbus Pre-Seed Fund III. This ordinance authorizes the use of $438,000 of General Funds to contract with TechColumbus for that purpose.
Emergency action is requested to continue the administration of the above activity.
FISCAL IMPACT: Funding for this contract is available in the 2010 General Fund budget.
Title
To authorize the Director of the Department of Development to enter into a contract with TechColumbus for the purpose of administerin...
Click here for full text