Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to enter into contract with Rev 1 Ventures in an amount up to $250,000 for the purpose of supporting efforts to attract and grow technology businesses through the Entrepreneurial Signature Program.
Rev 1 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.
Rev 1 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 ESP Program includes early stage capital to meet the needs for pre-seed capital for Ohio start-up technology companies. A 1-to-2 funding match was required as a condition of the ESP Program.
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, 2016, and 2017, the City of Columbus contributed $450,000 to the program. In 2018, the City of Columbus contributed $250,000 to the program. The City wishes to contribute $250,000 in 2019.
This contract is awarded in accordance with the relevant provisions of City Code Chapter 329 relating to not-for-profit service contracts.
Emergency action is requested to continue the administration of the Entrepreneurial Support Program without interruption.
FISCAL IMPACT: Funding for this contract is included in the Department of Development’s Economic Development 2019 General Fund budget.
CONTRACT COMPLIANCE: Rev 1 Ventures contract compliance number is 311658220 and expires 5/9/2020.
Title
To authorize the Director of the Department of Dev...
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