Intwine Honored for Opportunity Zone Fund Use in Pandemic
WARREN, Ohio – Intwine Connect, a portfolio company at Brite Energy Innovators, was among the businesses recognized for their use of Opportunity Zone funds in the nation’s capitol earlier this week.
While in Washington, D.C., founder and CEO Dave Martin joined Ben Carson, secretary of Housing and Urban Development, and other business leaders. The companies were recognized for using Opportunity Zone funds to hire and develop critical products during the COVID-19 pandemic.
Intwine manufactures its own Internet of Things devices and writes its own management software, which can be integrated into larger systems.
In May, Intwine was one of two Brite companies to be awarded Opportunity Zone funds, along with Akron-based GeneratorWorks. Intwine used the funds to increase its workforce and increase the speed it could deliver products to market.
“All of our clients, from mom and pop shops, restaurants, light industrials and now even school district, want to connect and protect their teams,” Martin said in a statement. “So, we pivoted our hardware and software to do just that.”
Another example of the technology solutions developed by the federal opportunity zone funding is the expansion of subscription services available with Intwine’s existing SmartHub gateway, attractive to both customers and investors for its versatility and integrations into real-time systems. Intwine’s service offerings includes a smart, connected thermometer linked to the SmartHub to provide real-time alerts and reporting to health leaders.
The Opportunity Zone program, run by the U.S. Economic Development Administration” designates “economically distressed communities” where private investments can be eligible for certain capital gain tax incentives.
Martin was joined by Brite Energy Innovators President and CEO Rick Stockburger for the trip.
“Intwine is yet another example of a best practice coming out of northeast Ohio and the Mahoning Valley,” he said. “This region is setting a national standard for investments and innovations that create jobs and spur economic development.”
In addition to meeting with Carson, Martin took part in an event at the Eisenhower Executive Building, home to the Executive Office of the President and the Office of the Vice President. He was interviewed for the Kelly Wright Show on the Black News Channel.
Pictured: Intwine Connect founder and CEO Dave Martin, left, and Brite Energy Innovators President and CEO Rick Stockburger, second from left, were among the business leaders that met with HUD Secretary Ben Carson, third from right.
Published by The Business Journal, Youngstown, Ohio.