15-07 ResolutionRECORD OF RESOLUTIONS
Dayton Legal Blank, Inc ,Form No 30045
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15-07 (Amended)
Resolution No. Passed 20,
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
ENTER INTO AN AGREEMENT WITH TECHCOLUMBUS
WHEREAS, Dublin's dynamic local economy is the direct result of an entrepreneurial spirit;
and
WHEREAS, the City of Dublin recognizes that in addition to its efforts to retain, expand and
attract business, the City must also set the conditions for job creation; and
WHEREAS, the City of Dublin must facilitate entrepreneurship in order to increase the level
of entrepreneurial activity and improve the chances of establishing successful technology
enterprises by honing their skills and providing access to necessary tools, technical and
financial resources, and by working proactively to enhance the local entrepreneurial
environment; and
WHERAS, it is the goal of the City of Dublin to accelerate the successful development of
start-up and fledgling companies by providing entrepreneurs with an array of targeted
resources and services in order to produce successful companies that will be financially viable,
freestanding and create quality jobs for the region; and
WHEREAS, the City of Dublin and TechColumbus have jointly pursued an Entrepreneurial
Signature Program (ESP) grant from the State of Ohio to increase and assist technology-based
entrepreneurial commercialization initiatives by providing a funding match of two dollars to
every one dollar set aside by the City of Dublin over a three year period; and
WHEREAS, TechColumbus is a membership led, non-profit organization of technology
based companies in the Central Ohio region and is the only organization that fully qualifies as
an applicant for ESP in the Central Ohio region and is the "Lead Applicant" for the 15 county
region; and
WHEREAS, TechColumbus is uniquely qualified and staffed to provide those services
needed to support technology-based entrepreneurial initiatives and support services; and
WHEREAS, the City of Dublin and TechColumbus desire to enter into an Agreement
memorializing the responsibilities and commitments of each party to efficiently and
effectively execute the successful grant of ESP monies.
NOW, HEREFORE, BE IT RESOLVED by the Council of the City of Dublin, State of
Ohi of the elected members concurring:
Section 1. That the City Manager is hereby authorized to enter into an Agreement with
TechColumbus, attached hereto as Exhibit "A."
Section 2. That this Resolution shall take effect and be in force on the earliest date permitted
by law.
Passed this day of ~~it/v+--4i , 2007.
F
Mayor- Presiding Officer
ATTEST:
~i~~ ~`
Clerk of Council
Office of the City Manager
5200 Emerald Parkway • Dublin, OH 43017-1006
CTfY OF DUBLIN_ Phone: 614-410-4400 • Fax: 614-410-4490
TO: Members of City Council
FROM: Jane S. Brautigam, City Manager
DATE: May 31, 2007
Memo
INITIATED BY: Dana L. McDaniel, Deputy City Manager/Director of Economic Development
RE: Resolution 15-07(Amended) -TechColumbus Agreement
Summary
Attached for your consideration is Resolution 15-07(Amended), authorizing the City Manager to enter
into an agreement with TechColumbus. As discussed at Council's May 16th Work Session, this
agreement (Exhibit "A"), if authorized, will allow the City of Dublin and TechColumbus to memorialize
their partnership for the purpose of developing "deal flow," providing entrepreneurial assistance
programs and access to funding/capital. By approving Resolution 66-06, Dublin City Council
demonstrated a commitment and unique understanding to assist technology-based commercialization
initiatives and entrepreneurial start-up companies. As a result of several cities, agencies and
organizations, like Dublin, who committed matching funds in order to secure this grant for the region,
the State of Ohio in April awarded TechColumbus a $6.2 million Entrepreneurial Signature Program
(ESP) grant as Central Ohio's lead agency. Dublin may have access to as much as $22 million available
to the 15-county area. The City of Dublin's $250,000 for the first year of the three-year agreement is
reflected in the 2007 budget.
This program is intended to implement Council's goal to CREATE high-tech and knowledge-based jobs.
Background
Staff has continued to work with TechColumbus to modify the agreement presented to Council in
March.
Council is aware these grant dollars cannot be used for capital purchases or leases that would have
subsidized or enabled the establishment of a business incubator in Dublin. Staff proposes NOT to pursue
an incubator at this time. "Deal flow" should first be generated to justify the need for an incubator.
Should a track record of success be established to justify an incubator, the City could work with other
communities and the State to modify the rules governing the ESP grant or seek additional state funds to
assist with incubator costs; seek corporate sponsorship; receive rent from new start-up companies and/or
the City could choose to provide additional funding to establish such an incubator.
Staff recommends that the combination of the City's matching dollars, the ESP grant dollars and
TechColumbus services be focused on:
• TechColumbus providing one experienced staff member focused on Dublin (more staffing will
be provided if deal flow is significant)
Memo to Council re Resolution 15-07(Amended) -TechColumbus Agreement
May 31, 2007
Page 2 of 2
• Network to locate new and potential technology ideas and start-up companies.
• Create networks among them
• Assess their potential and legitimacy
• Market and communicate to promote services and funding
• Provide access to funding/capital (Tech Angel, VC, ESP funds & Small Business Loans)
• Provide access to "entrepreneur(s)-in-residence"
• Provide access to entrepreneurial training
• Generate "deal flow" as a result of the resources and activities listed above
ESP grant dollars will allow TechColumbus to significantly expand its services and make grant dollars
available throughout the 15 counties for which they have been designated as the lead agency.
TechColumbus' services and ESP grant dollars will follow the deal flow. The City of Dublin should
benefit from this as a result of a TechColumbus staff person focused primarily, if not entirely, on
Dublin. Also, Dublin should experience success in producing deal flow due to its demographics. In fact,
there are already start-up companies in Dublin who could benefit from TechColumbus' services and
ESP grant dollars.
A termination clause (Section 6(i)) has been defined and is now provided herein.
Please contact Dana McDaniel with any questions you may have at 410-4619.
Recommendation
Legal staff has reviewed the agreement and approved as to form. Staff recommends Council approve
Resolution 15-07(Amended) on June 4, 2007 authorizing the City Manager to enter into the agreement
with TechColumbus.
EXHIBIT "A"
AGREEMENT BETWEEN THE CITY OF DUBLIN, OHIO
AND TECHCOLUMBUS
This AGREEMENT (the "Agreement') is made and entered into this day of
2007, by and between the CITY OF DUBLIN, OHIO (the
"City"), a municipal corporation duly organized and validly existing under the
Constitution and the laws of the State of Ohio (the "State") and its Charter, and
TechColumbus ("TechColumbus") an Ohio not-for-profit Ohio corporation, under the
circumstances summarized in the following recitals:
WHEREAS, Dublin's dynamic local economy is the direct result of an entrepreneurial
spirit; and
WHEREAS, the City of Dublin recognizes that in addition to its efforts to retain, expand
and attract business, the City must also "set the conditions" for "job creation"; and
WHEREAS, the City of Dublin seeks to provide the necessary "anchor(s)" to contribute
to the development of its technology park; and
WHEREAS, the City of Dublin must facilitate entrepreneurship in order to increase the
level of entrepreneurial activity and improve the chances of establishing successful
technology enterprises by honing their skills and providing access to necessary tools,
technical and financial resources, and by working proactively to enhance the local
entrepreneurial environment; and
WHEREAS, it is the goal of the City of Dublin to accelerate the successful development
of start-up and fledgling companies by providing entrepreneurs with an array of targeted
resources and services in order to produce successful companies that «~ill be financially
viable, freestanding and create quality jobs for the region; and
WHEREAS, the City of Dublin and TechColumbus have jointly pursued an
Entrepreneurial Signature Program (ESP) grant from the State of Ohio to increase and
assist technology-based entrepreneurial commercialization initiatives by providing a
funding match of two dollars to every one dollar set aside by the City of Dublin over a
three year period; and
WHEREAS, TechColumbus is anon-profit organization which advocates technology
advancement in the 15 county Central Ohio region and is the only organization that fully
qualifies as an applicant for ESP in the Central Ohio region and is the "Lead Applicant"
for the 15 county region; and
WHEREAS, TechColumbus is uniquely qualified and staffed to provide those services
needed to support technology-based entrepreneurial initiatives and support services; and
Agreement As of: May 24, 2007
TechColumbus and the City of Dublin, Ohio
WHEREAS, the City of Dublin and TechColumbus desire to enter into an Agreement
memorializing the responsibilities and commitments of each party to efficiently and
effectively execute the successful grant of ESP monies.
NOW, therefore, the City of Dublin and TechColumbus covenant agree and obligate
themselves as follows:
Section 1. TechColumbus' Agreement to Provide Services. TechColumbus agrees that it
will provide the following: service territory, staffing, stimulate "deal flow"; access to
entrepreneurial assistance programs and TechColumbus relationships; access to
funding/capital and budget.
(a) Service Territory. As a result of receiving the ESP grant,
TechColumbus has been designated as the lead applicant/agency for a
15-county area.
(b) Staffing. TechColumbus agrees to establish a physical presence in
Dublin to include AT LEAST one full-time employee who will serve
as "Business Development Representative (BDR)". TechColumbus
will be responsible for hiring, retaining, firing, salary, benefits,
resources and supervision of this and/or any additional employees. The
City of Dublin will be included in the hiring process for the "BDR"of
the Dublin-based services and will be given the opportunity for input to
the hiring decision. The final hiring decision will rest with
TechColumbus. Any additional employee hired to be subordinate to the
BDR will be hired at the sole discretion of TechColumbus.
TechColumbus agrees to meet quarterly with the City in order to
consider the City's input regarding the performance of the "BDR".
(c) Physical Presence. TechColumbus will establish and provide at its
expense no less than 500 square feet of office space for its employee.
Said office space shall be established within the City's Central Ohio
Innovation Center, unless otherwise agreed to by the City. Said office
space shall be maintained in the City for life of this Agreement.
(d) Deal Flow. TechColumbus agrees that maximizing "deal flow" is
essential to the success of achieving job creation and is committed to
do so. TechColumbus will have the primary responsibility to develop
"deal flow" within the City of Dublin. TechColumbus will identify
prospective entrepreneurial start-up companies or individuals
representing pre-company opportunities best suited for capital
investment and high-growth. At a minimum, TechColumbus will
coordinate activities to stimulate deal flow. Such activities will include,
but not be limited to: networking/social events to promote
collaboration, experience sharing and access to potential deal flow;
comprehensive marketing plan to include branding, marketing
materials and promotions to include connective links among and
between the TechColumbus and Dublin websites; and interviewing and
assessing/screening potential "deals". Aweb-based directory will be
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Agreement As of: May 24, 2007
TechColumbus and the City of Dublin, Ohio
established/made available to provide an inventory of services,
announce networking/social and training opportunities and provide
links to other related services and organizations, to be determined by
TechColumbus and the City. TechColumbus will bring to bear all
designated and available resources to maximize "deal flow".
(e) Entrepreneurial assistance programs and TechColumbus relationships.
a. TechColumbus agrees to extend and make available its entrepreneurial
assistance programs to actual and potential entrepreneurial
individuals/companies from within Dublin at all its facilities and in
Dublin itself. Such programs will include, but not be limited to:
training workshops and seminars; access to experienced and successful
mentors, seasonal/serial entrepreneurs and entrepreneurs-in-residence,
technology commercialization specialists, and new startup coaches;
and access to TechColumbus' relationships such as
universities/colleges, attorneys, consultants, research institutes,
government, etc.
b. TechColumbus agrees to assist in the City's collaboration with area
schools, colleges/ universities, public agencies and Cities to promote
entrepreneurship and technology to students of all ages. The goal is to
invest long term in our youth to promote technology, entrepreneurship
and potentially workforce development.
(f) Eligibility. TechColumbus agrees to work with the City to establish
eligibility criteria to screen and determine "qualified leads".
(g) Access to Funding/Capital. TechColumbus agrees to provide
individuals/ companies from the service territory access to funding to
include:
a. TechGenesis Fund ($2,000,000). Imagining stage, pre-company grants
($10,000-$90,000) to validate early tech ideas, build prototypes,
complete marketing studies, etc for the most promising opportunities.
b. Regional Commercialization Fund ($2,250,000). Startup convertible
debt funding for the most promising opportunities. With each
investment, TechColumbus will install an Entrepreneur in Residence
in the portfolio cornpany to assist it in reaching the goal of follow-on,
institutional or angel funding.
c. Ohio TechAngel Funds I and Fund II ($2,500,000 and $4,800,000).
Local angel funds managed by TechColumbus which make equity
investments in Ohio tech startups.
d. CoInvestment Fund ($2,500,000). Startup fund which co-invests with
other TechColurbus funds and includes signif°icant pro Bono support
from Nationwide.
e. TechColumbus rags nt pro~ams for state and federal grant proposal
writing assistance.
f. TechColumbus and SBDC expertise and access to SBA loans for small
businesses.
Agreement As of: May 24, 2007
TechColumbus and the City of Dublin, Ohio
g. Access to any and all other funding programs that may now be
available but not listed above or that may become available at a later
date.
h. Access to funding shall be until such a time the ESP grant funds made
available as a result of the City's contribution are exhausted.
(h) Minimum Performance Metrics. TechColumbus agrees to the
following performance metrics as minimum targets:
a. Year 1. Five (5) new/start-up companies will be established in Dublin.
b. Year 2. Five (5) additional new/start-up companies will be established
in Dublin for a total often (10).
c. Year 3. Five additional new/start-up companies will be established in
Dublin (for a total of 15).
(i) Reporting. TechColumbus will provide the City a QucrrterlyActivity
Report summarizing the type and amount of activity in all areas listed
above. The format and specifics of the content to be included in the
report will be mutually agreed upon between the City and
TechColumbus.
(j) Acknowled eg ment. TechColumbus agrees to acknowledge the City of
Dublin as a "Stakeholder" and will include the City of Dublin in its
sponsorship opportunities, website and other opportunities for
acknowledgement as key stakeholder and partner.
Section 2. The City Agrees to Provide Services.
(a) Service territory. The City of Dublin agrees to the concept of the "service
territory" as defined in Section 1 (a). The City also agrees to promote the ESP
Dublin office and its services through its contacts.
(b) Staffing. The City of Dublin agrees to provide input to the hiring of the
"BDR" in accordance with Section 1 (b). The City of Dublin will participate
in such a manner as to ensure the timely hiring of the employee. The City
agrees to provide timely input to TechColumbus regarding the performance of
the BDR. The City Manager will designate one person to represent the City in
the hiring and performance review processes.
(c) Deal Flow. The City agrees that maximizing "deal flow" is essential to the
success of achieving job creation and is committed to do so. The City will
help to identify prospective entrepreneurial start-up companies best suited for
a capital investment and high-growth and refer those to TechColumbus. The
City will assist with promoting the Dublin ESP by using its own
communication tools such as the Community Bulletin Board Channel, local
newspapers and its communication venue with the Dublin Chamber. The City
will assist with providing information on the City's economic development
website and a link on that website to TechColumbus.
(d) Entrepreneurial assistance programs and TechColumbus relationships. The
City agrees to assist with the promotion of entrepreneurial assistance
programs and activities by using its own communication tools such as the
Community Bulletin Board Channel, local newspapers and its communication
venue with the Dublin Chamber. The City will assist with providing
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Agreement As of: May 24, 2007
TechColumbus and the City of Dublin, Ohio
information on the City's economic development website and a link on that
website to TechColumbus.
(e) Minimum Performance Metrics. The City agrees to the minimum
performance metrics established in Section 1 (g).
Section 3. Incubator/Accelerator.
(a) Definition. An incubator/accelerator for purposes of this Agreement is defined
as physical spaces/office(s) located in the City of Dublin for the purpose of
incubating and/or accelerating the successful development of start-up and
fledgling companies by providing entrepreneurs with an array of targeted
resources, services and physical space.
(b) Asssessment of need. TechColumbus and the City agree to assess the need for
an incubator/accelerator on an ongoing basis. TechColumbus and the City
agree to work together to pursue funding for such facility(ies).
(c) Establishing an Incubator/Accelerator . An Incubator/Accelerator may be
established in the City of Dublin upon mutual written agreement between
TechColumbus and the City.
(d) Use of ESP Grant Funds for Incubator/Accelerator. TechColumbus will advise
the City of Dublin immediately upon any change to ESP governing rules that
would allow ESP grant dollars to be used for purchase and/or leasing of
facilities for an incubator/accelerator.
Section 4. Governance. TechColumbus and the City agree to the following governance
requirements:
(a) City Representation. TechColumbus agrees that the City will be given a seat
on the Entrepreneurial Advisory Committee of the ESP program/
TechColumbus.
Section 5. Budget.
{a) Minimum Budget. TechColumbus and the City agree that the budget, as
presented in Exhibit "A", shall serve as the "minimum budget" representing
the estimated revenues and operational expenditures. This budget shall not be
reduced unless by mutual written agreement between the TechColumbus and
the City.
{b) Additional Funds. TechColumbus and the City acknowledge that mare funds
may be made available to the budget as a result of ESP grant funds "following
the deal flow" (ie the more deal flow the more grant money allocated) within
the greater 15 county service territory. TechColumbus and the City agree to
jointly pursue additional funding to maximize the effectiveness and success of
their joint efforts. The City may agree to contribute additional funds for the
purpose of attracting additional grant funding or as additional local
contribution to achieve certain objectives or to provide incentive(s) to a
company. The addition of these funds will be provided upon mutual written
agreement between TechColumbus and the City. Additional funds may be
provided by others (Cities, corporations and investors in the "service
territory"). Such funds will be provided to TechColumbus and managed by
TechColumbus.
(c) Distribution of Funds. The City of Dublin will pay TechColumbus its
$250,000 matching funds per year in four equal installments of $62,500. The
Agreement As of: May 24, 2407
TechColumbus and the City of Dublin, Ohio
first payment will be made within 30 days of the execution of this Agreement,
with the remaining payments being made every 90 days thereafter.
TechColumbus will have responsibility to administer the budget as mutually
agreed upon and make all payments as required in a timely and responsible
manner and in accordance with its obligations and applicable laws, rules and
codes.
(d) Audit. The City of Dublin reserves the right to audit this program by its own
means or by a third party hired by the City at the City's expense and at a
time(s) determined by the City for the purpose of auditing the use of the City
and State provided funds.
Section 6. Miscellaneous.
(a) Notices. Except as otherwise specifically set forth in this Agreement, all
notices, demands, requests, consents or approvals given, required or permitted
to be given hereunder shall be in writing and shall be deemed sufficiently
given if actually received or if hand-delivered or sent by recognized, overnight
delivery service or by certified mail, postage prepaid and return receipt
requested, addressed to the other party at the address set forth in this
Agreement or any addendum to or counterpart of this Agreement, or to such
other address as the recipient shall have previously notified the sender of in
writing, and shall be deemed received upon actual receipt, unless sent by
certified mail, in which event such notice shall be deemed to have been
received when the return receipt is signed or refused. For purposes of this
agreement, notices shall be addressed to:
a. the City at: City of Dublin, Economic Development
5800 Shier Rings Road
Dublin, Ohio 43016-7295
b. TechColumbus at: TechColumbus, Steve Clark/Will Indest
1275 Kinnear Road
Columbus, Ohio 43212
The parties, by notice given hereunder, may designate any further or different
addresses to which subsequent notices; certificates, requests or other
communications shall be sent.
(b) Extent of Provisions; No Personal Liability. All rights, remedies,
representations, warranties, covenants, agreements and obligations of the City
under this Agreement shall be ef~'ective to the extent authorized and permitted
by applicable law. No representation, warranty, covenant, agreement,
obligation or stipulation contained in this Agreement shall be deemed to
constitute a representation, warranty, covenant, agreement, obligation or
stipulation of any present or future trustee, member, officer, agent or
employee of the City or TechColumbus in other than his or her of~"icial
capacity. No official executing or approving the City's or TechColumbus'
participation in this Agreement shall be liable personally under this
Agreement or be subject to any personal liability or accountability by reason
of the issuance thereof.
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Agreement As of: May 24, 2007
TechColumbus and the City of Dublin, Ohio
(c) Most Favorite Nation. The City of Dublin shall be afforded the same
opportunity to use ESP Grant dollars in the same manner TechColumbus may
allow grant dollars to be used in other communities provided such use is not
covered elsewhere or otherwise permitted or governed by this Agreement.
(d) Successors. This Agreement shall be binding upon and inure to the benefit of
TechColumbus and its successors and assigns.
(e) Recitals. The City and TechColumbus acknowledge and agree that the facts
and circumstances as described in the Recitals hereto are in an integral part of
this Agreement and as such are incorporated herein by reference.
(f) Amendments. This Agreement may only be amended by written instrument
executed by the City and TechColumbus.
(g) Executed Counterparts. This Agreement may be executed in several
counterparts, each of which shall be regarded as an original and all of which
shall constitute but one and the same agreement. It shall not be necessary in
proving this Agreement to produce or account for more than one of those
counterparts.
(h) Severability. In case any section or provision of this Agreement, or any
covenant, agreement, obligation or action, or part thereof, made, assumed,
entered into or taken, or any application thereof, is held to be illegal or invalid
for any reason,
a. That illegality or invalidity shall not affect the remainder hereof or
thereof, any other section or provision hereof, or any other covenant,
agreement, obligation or action, or part thereof, made, assumed,
entered into or taken, all of which shall be construed and enforced asa
if the illegal or invalid portion were not contained herein or therein.
b. The illegality or invalidity of any application hereof or thereof shall
not affect any legal and valid application hereof or thereof, and
c. Each section, provision, covenant, agreement, obligation or action, or
part thereof, shall be deemed to be effective, operative, made,
assumed, entered into or taken in the manner and to the full extent
permitted by law.
(i) Termination. The City of Dublin or TechColumbus may terminate this
Agreement. Termination can only be done on an annual basis. The terminating
party must provide notice to the other party at least b0 days prior to the annual
anniversary of the effective date of this Agreement. Should the City terminate
it will pay in full its annual obligation for the period prior to termination.
Should the City terminate its participation prior to its three year commitment
of $250,000 per year for three years for a total of $750,000, it does not forfeit
Dublin companies' ability to continue to access ESP grant dollars and they
shall be given equal access as companies in other communities which
provided no matching dollars. The City of Dublin understands that should it
terminate prior to the end of its three year commitment and not pay the full
$750,000, that the State of Ohio may reduce the overall amount of ESP grant
dollars it makes available to the 15 county service area unless other sources of
match are identified. Should TechColumbus terminate, TechColumbus will
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Agreement As of: May 24, 2407
TechColumbus and the City of Dublin, Ohio
serve the City for the full year upon anniversary of this Agreement and
provide those services outlined herein.
(j) Captions. The captions and headings in this Agreement are for convenience
only and in no way define, limit or describe the scope or intent of any
provisions or section of this Agreement.
(k) Governing Law and Choice of Forum. This Agreement shall be governed by
and construed in accordance with the laws of the State of Ohio or applicable
federal law. All claims, counterclaims, disputes and other matters in question
between the City, its agents and employees, and TechColumbus, its
employees and agents, arising out of or relating to this Agreement or its
breach will be decided in a court of competent jurisdiction within Franklin,
County, Ohio.
(1) Survival of Representation and Warranties. All representations and warranties
of TechColumbus and the City in this Agreement shall survive the execution
and delivery of this Agreement.
(m) Indemnification. Provider agrees to indemnify, protect, defend and hold
harmless Dublin and its elected officials, officers, employees, agents and
volunteers from and against any claims, costs (including reasonable attorney's
fees and court costs), expenses, damages, liabilities, obligations, losses or
judgments to the extent arising out of , or in connection with, any claim,
demand or action made, if such claims, costs, expenses, damages, liabilities,
obligations, losses or judgments are directly or indirectly related to providers
furnishing or failing to furnish equipment and/or services as required herein.
Remainder of Page IntentionallyLeftBlank
Agreement As of: May 24, 2407
TechColumbus and the City of Dublin, Ohio
IN WITNESS WHEREOF, the City and TechColumbus have caused this Agreement to
be executed in their respective names by their duly authorized representatives, all as of
the date first written above.
CITY OF DUBLIN, OHIO
By:
Printed: Jane S. Brauti~am
Title: City Manager
Approved as to Form:
By:
Printed: Stephen J. Smith
Title: Director of Law
TECHCOLUMBUS
By:
Printed: Ted Ford
Title: President & CEO
9
Exhibit "A"
Revenues
City of Dublin &TechColumbus Budget
Note Year 1 Year 2 Year 3 Total
City of Dublin -matching grant $ 250,000 $ 250,000 $ 250,000 $ 750,000
TechColumbus -ESP Grant (a) $ 500,000 $ 500,000 $ 500,000 $ 1,500,000
Total Revenues $ 750, 000 $ 750, 000 $ 750, 000 $ 2, 250, 000
Operational Expenditures
Incubator Personnel -salary/benefits (b) $ 125,000 $ 125,000 $ 125,000 $ 375,000
Lease space (c) $ 10,000 $ 10,000 $ 10,000 $ 30,000
Operating (phone/copier/internet/etc.) $ 25,000 $ 25,000 $ 25,000 $ 75,000
Insurance & other admin $ 15,000 $ 15,000 $ 15,000 $ 45,000
Deal Flow Generation $ 25,000 $ 25,000 $ 25,000 $ 75,000
Entrepreneurial Assistance Programs (d) $ 50,000 $ 50,000 $ 50,000 $ 150,000
Total Expenditures $ 250, 000 $ 250, 000 $ 250, 000 $ 750, 000
Matching $s for pre-seed Capital funding (e) $ 500,000 $ 500,000 $ 500,000 $ 1,500,000
Total regional funds available from ESP
Note (a): Reflects 2:1 matching grant
Note (b): Assumes one staff member located in Dublin
Note (c ): Assumes 500 sq ft at $17.00/sp ft
Note (d): Staffing and programming available at Tec Columbus and Dublin
Note (e): This represents matching $s
available to region for pre-seed capital funding.
Funding follows "deal flow."
$6,200,000