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Ohio Supports Technology Entrepreneurs - Third Frontier Funds Network to Grow Innovative Companies

For Immediate Release: Date: July 19, 2022
Contact:   Todd Walker  Todd.Walker@development.ohio.gov

 

Today, the Ohio Third Frontier Commission approved $83.2 million in grants to help entrepreneurs develop innovative products and to grow technology startup companies.

“Ohio’s future is rooted in technology and innovation,” said Governor Mike DeWine. “We are investing in opportunities that will support our work to be the most innovative, creative, and entrepreneurial state in the Midwest.”

“By supporting our entrepreneurs and their innovative ideas, we are strengthening Ohio’s economy,” said Lydia Mihalik, director of the Ohio Department of Development and chair of the Ohio Third Frontier Commission. “These technology startups are building the companies and jobs of tomorrow.”

Entrepreneurial Services Provider Program Awards

The Ohio Third Frontier Entrepreneurial Services Provider Program (ESP) supports six regional partners around the state and their networks, which provide a variety of resources to help entrepreneurs get their ideas to the marketplace. The following resources are available to help Ohio’s startup and early-stage technology companies:

• Mentorship by seasoned entrepreneurs and industry professionals.
• Access to investors and capital.
• Business support, including legal, tax, and accounting services.
• Assistance developing intellectual property and marketing/sales strategies.
• Recruiting talent.
• Incubators providing state-of-the-art workspaces.
• Accelerators guiding entrepreneur teams through business “boot camp.”

The following partners were awarded grants to provide these resources to Ohio’s entrepreneurs beginning Jan. 1, 2023, through June 30, 2025:

CincyTech, located in the city of Cincinnati (Hamilton County), was awarded $13.2 million.

JumpStart-NEO, located in the city of Cleveland (Cuyahoga County), was awarded $33.8 million.

JumpStart-NWO, located in the city of Toledo (Lucas County), was awarded $5.05 million.

Rev1 Ventures, located in the city of Columbus (Franklin County), was awarded $11.7 million.

TechGROWTH Ohio, located in the city of Athens (Athens County), was awarded $3.67 million.

The Entrepreneurs Center, located in the city of Dayton (Montgomery County), was awarded $14.9 million.

Technology Validation and Start-up Fund Awards

The Ohio Third Frontier Technology Validation and Start-up Fund provides grants to Ohio companies aiming to license institution-owned technologies to accelerate commercialization through activities such as market research and further prototyping. This helps companies raise funds and get the licensed technology to the marketplace faster.

DNA Nanobots, located in the city of Columbus (Franklin County), was awarded $150,000 for the development and commercialization of a biosensor nanodevice that detects nucleic acid of bacterial and viral diseases in a rapid, specific, and sensitive manner.

MIC Monitor LLC, located in the city of Cleveland (Cuyahoga County), was awarded $100,000 for the development and commercialization of an electrochemical test kit to enable corrosion engineers and asset integrity managers to determine when microbial growth is leading to corrosion.

Myoptech Inc., located in the city of Columbus (Franklin County), was awarded $150,000 for the development and commercialization of a contact lens that has a unique optical zone that provides a superior stop signal that is directly related to slowing eye growth and, in turn, the risks associated with uncontrolled myopia.

Neural Ear, located in the city of Ostrander (Delaware County), was awarded $100,000 for the development and commercialization of a mobile application product that will provide conversation enhancement/speech intelligibility technology to solve the problem of hearing in noisy environments for hearing aid and hearable users.

Ulevo Health Inc., located in the city of Columbus (Franklin County), was awarded $150,000 for the development and commercialization of a lightweight, personalized device, worn on the ankle or above the knee, to automatically detect and reduce muscle spasms with vibration for patients with neurological disease, brain, or spinal cord injuries, allowing for an improved quality of life without side effects.

VisGate Technologies Inc., located in the city of Columbus (Franklin County), was awarded $100,000 for the development and commercialization of a technology that offers a three-step short circuit protection of Wide Band Gap (WBG) devices. This technology limits power loss of the device and addresses current limitations in overcurrent and short circuit protection.

ScreenU LLC, DBA Screen To Action, located in the city of Columbus (Franklin County), was awarded $100,000 for the development and commercialization of a web-based software platform to serve the university student population and the needs of their student life, health, and wellness programs to better educate students about substance misuse and its effects and how to identify situations and make behavior changes. Users can identify their level of risk of developing dependence to alcohol or other drugs and then receive feedback and actionable resources specific to their risk level.

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