Explanation
BACKGROUND: Rev 1 Ventures (Rev 1), 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. In 2015, Rev 1 Ventures accomplished the following:
• invested in 29 companies totaling more than $3.8 million, 60 percent more than 2014
• Columbus became the #1 fastest growing city for Startup Activity
• Rev 1 was named the #1 Top VC Investor in the Great Lakes Region
• Rev 1 continued focus on early market validation with 141 entrepreneurs and teams going through Concept Academy, resulting in 38 new clients
• Client companies generated $161 million in revenue and created 2,347 jobs.
Rev 1 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 ESP 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 provided $188,000 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, towards this initiative in the form of administrative costs associated with the program. In 2015, the City of Columbus contributed $450,000 to the program. The City wishes to contribute $450,000 in 2016.
This legislation authorizes the Director of Development to enter into contract with Rev 1 Ventures for the purpose of supporting efforts to attract and grow technology businesses through the Entrepreneurial Signature Program.
Emergency action is requested to continue the administration of the above activities without interruption.
FISCAL IMPACT: This legislation authorizes the expenditure of $450,000 from the 2016 General Fund Budget.
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