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 $18.7 million for the Entrepreneurial Signature Program which will accelerate 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 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, 2009 and 2010 as their portion of the match. In 2011, 2012 and 2013, the City of Columbus allocated $500,000, respectively, towards this initiative in the form of administrative costs associated with the Entrepreneurial Signature Program. The City wishes to continue this level of contribution for 2014.
Since inception, TechColumbus has served more than 500 entrepreneurs and companies. An investment of $12.3 million in 140 firms has attracted more than $540 million in company investment and created over 720 jobs by funded and incubated companies. More than 20 percent of the companies have achieved commercial success or profitable exists, returning a value of $2 million to TechColumbus.
FISCAL IMPACT: This legislation authorizes the expenditure of $500,000 from 2014 General Fund budget.
Title
To authorize the Director of the Department of Development to enter into a contract with TechColumbus for the purpose of administering the Entrepreneurial Signature Program; to authorize the expenditure of $500,000.00 from the General Fund; and to declare an emergency. ($500,000.00)
Body
WHEREAS, TechColumbus is a partnership working to provide the catalyst for technology-based economic development in Columbus and Central Ohio; and
WHEREAS, TechColumbus led a successful regional proposal to the State of Ohio to secure $18.7 million...
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