Ohio Third Frontier approves $200K for Founders Factory

The Ohio Third Frontier Commission yesterday approved $3.6 million for several projects, including funding for the Founders Factory.

Upon Controlling Board approval, Columbus-based Founders Factory will be awarded $200,000 from Ohio’s New Entrepreneurs Fund to support 10 teams of entrepreneurs in Fall 2013 through 10-xelerator. The program focuses on information technology with a broad base of applications, including web 2.0, social, mobile, software development, and data services.

“Ohio Third Frontier continues to see great results as we work to support innovation, commercialization and the attraction of capital and talent, which will have a direct impact on the success and prosperity of our economy,” said Christiane Schmenk, director of the Ohio Development Services Agency and chair of the Ohio Third Frontier Commission, in a statement.

“Today’s investments further strengthen Ohio’s tech-based economy and the development of promising technologies and business ventures,” she added. 

ONE Fund is a mentorship-driven program that focuses on the professional development of new entrepreneurs with the ambition to launch scalable technology ventures. The program seeks to attract and retain top entrepreneurial talent in Ohio, assist young companies in securing follow-on investment and raise visibility and excitement about entrepreneurship in Ohio.

The objective is to support Ohio business accelerators that have the potential to become world-class by providing funding to participating teams of entrepreneurs.