News Room

FOR IMMEDIATE RELEASE
April 26, 2007

Columbus, OH -- Lt. Governor Lee Fisher today announced that $5 million in Third Frontier Project grants from the Pre-Seed Initiative have been awarded to three Ohio-based early-stage capital organizations. The funding, approved late Wednesday by the Third Frontier Commission, will be used by the early stage capital organizations to help start-up technology companies develop new products and technologies.

"Grants to pre-seed funds are one of the most important investments made by the Third Frontier, because they invest in the state’s next generation of innovation: our people and our products," said Lt. Governor Lee Fisher, Director of the Ohio Department of Development and Chair of the Third Frontier Commission. "The Pre-Seed Initiative supports the most promising Ohio start-up technology companies from the imagination stage through commercialization success."

The Third Frontier Commission awarded Pre-Seed Initiative grants to the following:

Jumpstart Inc., located in Cleveland (Cuyahoga County), was awarded $2 million for its 2007 JumpStart Pre-Seed Fund, which will provide pre-seed stage investment capital in 10 to 12 imagining and/or incubating phase companies in Northeast Ohio. JumpStart is matching the State grant with an additional $1 million. Collaborators on this project include BioEnterprise Corporation; Ohio Fuel Cell Coalition; Ohio Agricultural Research & Development Center; and the Ohio Polymer Strategy Council

Children's Hospital Medical Center, located in Cincinnati (Hamilton County), was awarded $1 million for its TOMORROW Fund, which will identify and develop opportunities from its internal deal flow into new companies. Collaborators include: Union Springs, LLC; Triathlon Medical Ventures; Lovenberg Associates; U.S. Bank; Thompson Hine, LLP; CincyTechUSA; and Meridian Bioscience.

The North Coast Angel Fund, located in Cleveland (Cuyahoga County), was awarded $2 million for its new Angel fund, which will invest in pre-revenue technology start-up companies with novel, enabling and potentially useful ideas across all high technology areas. Collaborators include: The Tom Barratt Companies, LLC; NorTech Enlight Advisors, LLC; TechColumbus on behalf of Ohio TechAngel Fund; JumpStart, Inc.; Case Western Reserve University; University of Akron Research Foundation; Akron Regional Change Angels; Jones Day; SalesForce4Hire; BioEnterprise Corporation; Cleveland Clinic Foundation; and Dix & Eaton.

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Media Contacts: Nikki Jaworski (614) 466-9161 or Maria Smith (614) 466-2382