Explanation
Background: This legislation authorizes the Director of the Department of Development to modify a contract with Rev 1 Ventures by extending the contract period to June 15, 2021, and to add an additional $45,000.00 to the existing contract, and to authorize the expenditure of $45,000.00.
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 2020 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. Columbus City Council, on December 9, 2019, per Ordinance Number 3122-2019, authorized the Director of the Department of Development to amend the contract with Rev 1 Ventures for the purpose of extending the contract period to June 15, 2020.
Modification number 2 is needed to extend the contract period to June 15, 2021, and add $45,000.00 to the existing contract 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.
Original contract $50,000.00 Ord. 1987-2018 PO149663
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