Dec 14, 2012
From staff reports
Ohio University today announced that its Third Frontier initiative, TechGROWTH Ohio, was awarded new investment capital funding in a competitive state-wide process. The new award totals $1.875 million and will be matched with private dollars to capitalize TechGROWTH’s third investment fund with a total of $3.75 million under management.
“This new award from the Ohio Third Frontier provides needed investment capital for our region,” said Roderick J. McDavis, president of Ohio University. “It will greatly assist us in our ongoing efforts to grow the economy in Southeast Ohio by creating more technology companies and, most importantly, jobs in our region.”
Lynn Gellermann, TechGROWTH’s executive director, said, “With this award, TechGROWTH becomes a $30 million program, doubling in size since its inception five years ago.”
Founded in 2007 by Ohio University and Ohio’s nationally recognized Third Frontier program, TechGROWTH provides business advisory services, competitive grant support and seed-stage investment capital to technology companies and entrepreneurs in Southeast Ohio. Its investment portfolio now numbers ten companies, including one student start-up in digital media, three Ohio University faculty-led start-ups and multiple regional start-ups from Athens and around TechGROWTH’s 20-county service region.
TechGROWTH has developed an expansive network of executives- and entrepreneurs-in-residence (EIRs) and has developed strong fund management capacity similar to that of venture capital firms. The new fund, TechGROWTH Fund III, will make investment in new tech start-ups that fall in the $250,000 to $500,000 range.
Ohio University’s Voinovich School of Leadership and Public Affairs is the founder and managing partner for TechGROWTH Ohio. Original partners included the Edison Biotechnology Institute, Adena Ventures, and Ohio State University South Centers. Additional partners from throughout the region and the University have since joined the TechGROWTH network.
For more information about TechGROWTH Ohio, visit http://www.techgrowthohio.com/.