Building the Ohio Innovation Economy Summary of a Symposium (2013) / Chapter Skim
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Panel IX: Early-Stage Finance and Entrepreneurship in Ohio
Panel IX: Early-Stage Finance and Entrepreneurship in Ohio
Pages 128-136
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From page 128... ...
The ESP programs are designed to help entrepreneurs by offering support packaging them for later stage investment activities, and help preparing them to be growth-oriented organizations that bring high value, high quality jobs, and remain focused in their communities. This all helps to keep jobs in the state and helps build supply chains -- a "continual, aggressive, concentrated effort to make Ohio a good place to launch, build, and grow your business," Ms.
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From page 129... ...
STIMULATING ENTREPRENEURSHIP: THE LORAIN COUNTY MODEL Roy Church Lorain County Community College Dr. Church said that one reason for Lorain County Community College's deep involvement in economic development was that "Lorain County for the last 30 years has had the highest percentage of its work force directly involved in manufacturing of any county in northern Ohio." In 1980, 43 percent of the work force was in manufacturing, but today that figure has shrunk to about 14 percent.
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From page 130... ...
The first was the University of Akron. The two institutions began to raise funds together to provide matching dollars and bring eligibility for the Ohio Third Frontier preseed funds.
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From page 131... ...
"So this is a good indication that these companies are going to be successful, launch, and move forward. The whole notion behind the Innovation Fund was to help reinvent and rejuvenate the entrepreneurial spirit of northeast Ohio." ANGEL INVESTING: THE ARCHANGEL EXPERIENCE Barry Rosenbaum The University of Akron Research Foundation Dr.
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From page 132... ...
This concept includes fostering innovation and entrepreneurship, engaging in regional economic development, and providing leadership and assistance in technology commercialization.
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From page 133... ...
So the network substitutes invaluable service, mentorship, and support for just financial aid." The network is also strongly allied with the Lorain County Innovation Program. Most of the companies presented at the regular meetings are technology-based companies in the area which are supported by the Ohio Third Frontier; those companies, in turn, tend to advance to the Lorain County Innovation Fund and often to "pre-Jumpstart." A Strong Interest From Students An interesting development of ARCHAngel is the strong interest it has drawn from students.
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From page 134... ...
In philanthropy, the private sector, higher education -- everyone was organized and had the same sense that economic development was an urgent need." And the Third Frontier was beginning to focus on not just providing resources for services, but also resources for capital, assisting pre-seed and seed stage companies that typically would not be able to raise private sector capital for another six to 24 months. So I had the good fortune of great timing." The Commitment and Talent of the Intermediaries In 2002, Mr.
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From page 135... ...
Of those 79, 68 percent received capital and services from one of the four funds in the ESP: Glengarry Ventures, North Coast Angel Fund, the Ohio Innovation Fund, and JumpStart's Evergreen Fund. "We anticipate, for pre-seed and seed stage, that this percentage will exceed 85 percent starting next year.
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From page 136... ...
In the aggregate, all these needs total some $3.5 billion, principally in private sector capital. "I am on the board of the National Venture Capital Association," he concluded, "and one reason my work there is a priority is that we have to do a much better job connecting to large amounts of risk capital, which is likely to be even more highly concentrated on the coasts over the next 10 years." DISCUSSION A questioner closed the discussion on capital needs by urging a more ambitious target of $5 billion and greater participation of Ohio pension funds.
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