Jan 31, 2011
From staff reports
Ohio University today announced that its Third Frontier initiative, TechGROWTH Ohio, was awarded a new round of funding in a competitive state-wide process.
Founded in 2007 by Ohio University and Ohio’s Third Frontier program, TechGROWTH provides business advisory services, competitive grant support and seed-stage investment capital to technology companies and entrepreneurs in Southeast Ohio.
The new awards total $3 million and will be matched with private dollars allowing TechGROWTH to continue and expand these services through 2012.
“These new awards from the Ohio Third Frontier validate and support our significant efforts to grow the economy in Southeast Ohio by creating more technology companies and, most importantly, jobs in our region,” said Roderick J. McDavis, president of Ohio University.
TechGROWTH recently expanded its investment portfolio with new investments in E3 Technologies, an Ohio University spin-out company in the advanced energy sector and in Marietta Sensors, a Marietta-based start-up providing information technology solutions to help clients monitor and manage heavy storage and manufacturing equipment.
Lynn Gellermann, TechGROWTH’s executive director added, “TechGROWTH has become the footprint of the Third Frontier program in Southeast Ohio.”
TechGROWTH has developed an expansive network of strategic partners and clients throughout the region to identify and assist aspiring new companies and entrepreneurs. It also established the region’s first angel investment network, the East Central Ohio Tech Angel Fund (ECOTAF).
“TechGROWTH’s capacity to guide inventors and entrepreneurs through the early stages of company formation creates viable investment opportunities for our angel fund and individual members,” said Athens ECOTAF member Chris Gerig.
TechGROWTH was originally initiated by Ohio University’s Voinovich School of Leadership and Public Affairs in partnership with the Edison Biotechnology Institute, Adena Ventures, and Ohio State University South Centers.
Additional partners from throughout the region and the University have joined the TechGROWTH network including the Muskingum County Business Incubator, WesBanco, Ohio University’s Innovation Center and a number of professionals working for TechGROWTH as executives-in-residence.
“The professional guidance, grant support and investment capital that TechGROWTH provided to our firm really propelled us from the laboratory to the marketplace,” said Kent Shields, chief executive officer of E3 Technologies.
TechGROWTH Ohio (TGO) has invested nearly $1.5 million in 5 companies to-date and has assisted over 320 technology companies with $8.4 million in grants and services, including over $3 million in direct grants to companies. These investments have helped area companies generate over $60 million in additional economic activity, including co-investments, loans, grants and sales.
TGO targets seed-stage technology companies in sectors including, but not limited to: advanced energy, biomedical, information technology, advanced materials and electronics.
TechGROWTH Ohio partners include:
Entrepreneurs in Southeastern Ohio can visit www.techgrowthohio.com for more information about investment and operational assistance resources.