(The Center Square) – The state of Ohio plans to spend more than $100 million to attract private tech-based companies to the state.
The Ohio Early Stage Focus Fund and Ohio Venture Fund plan to increase the amount of early-stage money in the state’s technology-based companies. The funds also want to speed up the growth of companies the state believes have high potential and support tech companies’ development, retention and attraction to the state.
“These programs will address gaps in early-stage capital as companies mature and new startups emerge, as well as for underserved communities that face barriers to accessing capital,” Gov. Mike DeWine said in a statement. “By increasing access to funds, we are ensuring that technology companies have the support they need to thrive in the heart of innovation.”
Both programs are competitive, and proposals will be scored based on responsiveness to the requirements of the request for proposals.
The Ohio Venture Fund gives money to professionally managed investment funds to support Ohio technology companies with early-stage capital. Organizations and private investment firms can apply for $5-10 million of the $75 million available.
The Ohio Early Stage Focus Fund gives money to professionally managed investment funds to support early-stage technology companies that are woman- or minority-owned or based in an area that has been underserved by venture capital.
Those groups can apply for $1 million -5 million of the more than $36 million available.
Both programs work from a pool of $111 million.
“Venture capital isn’t just an investment; it’s a catalyst for innovation and a testament to the power of bold ideas here in Ohio,” Lt. Gov. Jon Husted said. “Venture capital fuels the dreams that redefine industries, empowering pioneers to shape the future we envision today. This will help pave the way for sustained technological advancement and further reinforce Ohio’s position as the silicon heartland.”
