Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to enter into a not-for-profit service contract with Rev1 Ventures for the purpose of partnering in the Diversity Equity & Inclusion Grant Fund Program.
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 accelerates the creation and growth of new technology companies in Central Ohio. The City of Columbus has been a partner in support of the Rev1 Venture’s Entrepreneurial Support Program since 2007 by providing annual financial support. Rev1 Ventures has also been a partner with the City of Columbus by providing grant and loans through the COVID Small Business Response and Recovery Program.
The mission of the Rev1 Diversity Equity and Inclusion Grant Fund Program is to continue to provide support to the business community by leveling the playing field for underserved entrepreneurs and innovators.
The grant fund will provide services which will include the following: (1) salary and benefits for underserved entrepreneurs/innovators for up to 1 year; (2) support for recruiting diverse CEO and key leaders; (3) support for early product development; and (4) subsidized salary for hiring diverse interns and fellows through Rev1 Venture’s Innovative Internship Program.
Rev1 Ventures has announced its expansion of support for women and persons of color who are seeking to commercialize technologies and launch new scalable businesses in the Columbus Region. The funding totals nearly $3MM in new programs, including a $1.4MM grant from the U.S. Economic Development Administration (EDA) “Build to Scale” program, which aims to accelerat...
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