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File #: 0650-2017    Version: 1
Type: Ordinance Status: Passed
File created: 3/3/2017 In control: Small & Minority Business Development Committee
On agenda: 3/27/2017 Final action: 3/29/2017
Title: To authorize the Director of the Department of Development to enter into a contract with Rev 1 Ventures for the purpose of administering the Entrepreneurial Signature Program; to authorize the expenditure of $450,000.00 from the 2017 General Fund Operating Budget; and to declare an emergency. ($450,000.00)
Attachments: 1. ORD0650-2017 2017 Rev 1 Ventures Fund 1000
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 2016, Rev 1 Ventures accomplished the following:

• Columbus Companies served in 2016: 115
• Total Investment in City of Columbus companies: $405,028,947
• Revenue generated from City of Columbus companies: $324,824,471
• Jobs created by City of Columbus companies: 1,016

Rev 1 Ventures, formerly known as TechColumbus, 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, respectively, towards this initiative in the form of administrative costs associated with the program. In 2015 and 2016, the City of Columbus contributed $450,000 to the program. The City wishes to contribute $450,000 in 2017.

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 2017 General Fund Operating Budget.

Title
To authorize the Director of the Department of Development to enter into a contract with Rev 1 Ventures for the purpose of administering the Entr...

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