Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to enter into a grant agreement with Rev1 Ventures in an amount up to $250,000.00 for the purpose of supporting efforts to attract and grow technology businesses through the Entrepreneurial Signature Program. Rev1 Ventures, formerly known as TechColumbus, is a not for profit seed stage venture development organization that combines investment capital and strategic services to help entrepreneurs build products that people want and companies that succeed. Rev1 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 $188,000.00 in 2007, 2008, 2009 and 2010 as their portion of the match. In 2011, 2012, 2013 and 2014, the City of Columbus provided $500,000.00, respectively, towards this initiative in the form of administrative costs associated with the program. In 2015, 2016, and 2017, the City of Columbus contributed $450,000.00 to the program. In 2018, 2019, 2020, and 2021, the City of Columbus contributed $250,000.00 to the program. The City wishes to contribute $250,000.00 in 2022.
Emergency action is requested to continue to support the administration of the Entrepreneurial Support Program without interruption.
FISCAL IMPACT: Funding of $250,000.00 for this agreement is included in the Department of Development’s Economic Development 2022 General Fund Budget.
CONTRACT COMPLIANCE: Rev1 Ventures’ vendor number is 011852 and renewal is pending.
Title
To authorize the Director of the Department of Development to enter into a grant agreement with Rev1 Ventures for the...
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