Explanation
Background: This legislation authorizes the Director of the Department of Development to amend the contract with Rev 1 Ventures by extending the contract period to June 15, 2020. Rev. 1 Ventures is an investor startup company that combines capital and strategic services to help form, launch and scale startup companies. Rev 1 Ventures works directly with entrepreneurs on site and through broad community outreach via entrepreneur-focused education programs across the Columbus community. Rev 1 Ventures is a partner with One Columbus, formerly known as Columbus 2020, the economic development organization for the 11 county Columbus Region, and is on target to generate up to $2 billion in economic impact in Central Ohio through 2019 via cumulative revenues and investments in tech-enabled, high-growth startup businesses.
Columbus City Council on July 25, 2018, per Ordinance Number 1987-2018, authorized the Director of the Department of Development to enter into contract with Rev 1 Ventures for the support of the new City of Columbus Small Business and Entrepreneurship Support Pilot Program. As an Entrepreneurial Support Organization (ESO) for the program, Rev 1 Ventures provides small business advice, guidance and industry best practices.
An amendment is needed to extend the contract period to June 15, 2020 to allow Rev 1 Ventures as an Entrepreneurial Support Organization (ESO) to continue to provide support to the City of Columbus Small Business and Entrepreneur Support Pilot Program.
Emergency action is requested in order to extend the contract prior to the contract end date.
Fiscal Impact: This legislation does not have a fiscal impact.
Title
To authorize the Director of the Department of Development to amend the contract with Rev 1 Ventures by extending the contract period to June 15, 2020 for the purpose of allowing Rev 1 Ventures to continue serving as an Entrepreneurial Support Organization and providing support to the City o...
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