Proposals Sought from Ohio Tech Innovators for Startup Funds
COLUMBUS, Ohio – The state is looking for entrepreneurs to bring innovative technology products from development to the marketplace.
Ohio Third Frontier, an office within the Ohio Department of Development, is seeking proposals from companies aiming to advance their products from the idea stage to the market. Through the Technology Validation and Start-up Fund program, companies can apply for grants that can make a difference in commercializing their products.
“Ohio’s innovators are what makes Ohio the Silicon Heartland,” said Lydia Mihalik, director of the Ohio Department of Development and chair of the Ohio Third Frontier Commission. “These entrepreneurs have created cutting-edge technologies and life-saving products, and we want to support them in getting those projects to the next step.”
Since 2012, Ohio Third Frontier has awarded more than 300 TVSF awards, totaling more than $45 million. Companies receiving funding have gone on to have commercial success based on the TVSF-supported technologies and often receive additional investments from Ohio Third Frontier’s Pre-Seed Funds.
Program awards are focused on technology and tech-enabled products in advanced manufacturing; advanced materials; biomedical and life sciences; energy; sensors; and software and information technology.
Ohio Third Frontier is seeking proposals for phase 1 and phase 2 of the program.
Phase 1 is intended to fund activities that will demonstrate the commercial viability of a technology and help prepare a proof-of-concept for commercialization. Grants range from $200,000 to $1 million and require the institution to match the grant amount. Another funding option is for $100,000 requests that require the institution to hire an intern as part of the project in lieu of the cost share match.
Phase 2 targets companies ready to move from Ohio research institutions to the marketplace. Grants are available up to $100,000 for each project. Because biomedical technologies are a priority for Ohio and typically require greater resources, grants relating to the support of biomedical technology can be up to $150,000.
Proposals are due by 2 p.m. Aug. 4. Awards in this funding round are expected to be made in October. More information, including how to apply, is available HERE.
Published by The Business Journal, Youngstown, Ohio.