The Ohio Third Frontier Commission on Wednesday awarded $760,000 from the Ohio’s New Entrepreneurs Fund to four recipients, including The Ohio State University.
OSU’s 10-xelerator was given $200,000 to support 10 teams of entrepreneurs during summer 2012. 10x focuses on information technology with a broad base of applications, including web 2.0, social, mobile, software development, and data services.
“Building a strong economy is more than attracting and expanding current businesses; it’s about building your own businesses here at home,” says Christiane Schmenk, director of the Ohio Department of Development and chair of the Ohio Third Frontier Commission.
“We look forward to seeing the innovative ideas and businesses that will come from the talented young professionals participating in these accelerators,” she adds. “We want them to know what it takes to start a business in Ohio and be successful in the process.”
Through the ONE Fund, Ohio Third Frontier supports Ohio business accelerators that have the potential to become world class by providing funding to teams of entrepreneurs participating in them. The accelerators attract and retain entrepreneurial talent in Ohio, assist young companies in attracting follow-on investment, and foster a culture of entrepreneurship, raising visibility and excitement about entrepreneurship in Ohio.
A pilot program was launched in summer 2011 in partnership with OSU’s Center for Entrepreneurship through the Fisher College of Business. The 10-xelerator received national attention, spurring interest from various accelerators looking to launch similar entrepreneurship boot camps.
Since participating in the 10x summer session, teams have received nearly $3 million in additional investment. For instance, Acceptd, an online platform for college applications, received $600,000 in additional Ohio investments and has clients from several colleges.
The other three ONE Fund recipients are: Innov8 LLC in Cincinnati (awarded $160,000); Main Street Ventures in Cincinnati (awarded $200,000); and Shaker LaunchHouse in Shaker Heights (awarded $200,000).