JobsOhio is launching an innovation strategy in order to attract and retain companies in the fastest growing sectors and improve vitality in urban settings. Through smart, calculated initiatives and investments, Ohio’s competitiveness will improve across the entire innovation continuum — from the amount of research, to company formation, capital attraction and deliberate placemaking.
These efforts will take form in three main initiatives:
- Develop Innovation Districts: Establish nationally competitive Innovation Districts in dense urban settings where large-scale, mixed-use development is adjacent to major academic and medical research anchor institutions, related firms, entrepreneurs and spin-off companies. Read more about the Cincinnati Innovation District™.
- Assemble Expert Advisors: Form an advisory group composed of anchor institutions, venture capitalists and entrepreneurs to inform and catalyze Ohio’s competitive offerings. This group will benchmark Ohio’s offerings and make recommendations that will improve innovation outcomes.
The JobsOhio Innovation Fund
Totaling up to $50 million, the JobsOhio Innovation Fund will make loans available to eligible businesses during the COVID-19 crisis. We will use convertible loans, side by side with cash co-invested from existing investors, toward Ohio’s most promising and innovative companies. Our primary objectives are of this program are:
- Bridge funds for businesses until their next independent funding event
- Help these businesses sustain their in-demand employees through the current crisis
- Keep innovative businesses in position to grow and create jobs in Ohio’s innovation economy on the other side
Company Eligibility and Parameters:
- Ohio-based, venture backed private business
- Series ‘A+’ stage business, (combined funds keeps your company on track during crisis)
- Targeted loan per deal is between $250K - $2.5M (matched by at least 1:1)