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Resolution 018-20RECORD OF RESOLUTIONS Dayton Legal Blank, Inc., Form No. 30045 Resolution No. — 18-20 Passed. 920, A RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO AN AGREEMENT WITH REV1 VENTURES WHEREAS, the City's dynamic economy is the result of an entrepreneurial spirit; and WHEREAS, the City recognizes that in addition to its efforts to retain, expand and attract business, the City must set the conditions for new business and job creation; and WHEREAS, Rev1 Ventures is a catalyst for high-growth companies, accelerating business growth, job creation and prosperity for the Central Ohio region with a focus on providing strategic services and funding to grow technology start-up companies that will provide the jobs of the future, and WHEREAS, the City and Rev1 Venture; 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 both the City and Rev1 Ventures 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, Rev1 Ventures is designated as the lead agency in the Central Ohio region responsible for the administration of the Entrepreneurial Signature Program (ESP) grant funding consisting of funds from the Ohio 3rd Frontier and local matching funds; and WHEREAS, the City intends to continue its support of the regional effort to create and grow new companies, technologies and jobs by providing $200,000 in 2020; and WHEREAS, the City has previously supported the Entrepreneurial Signature Grant Program, and the Regional Capitalization Program since 2007 in partnership with Rev1 Ventures providing a 35:1 investment capital leverage into Dublin -based companies; and WHEREAS, the City and Rev1 Ventures desire to enter into an Agreement memorializing the responsibilities and commitments of each party to efficiently and effectively support tech -enabled entrepreneurs as well as the ESP program. NOW, THEREFORE, BE IT RESOLVEID by the Council of the City of Dublin, State of Ohio, `7 of the elected members concurring: Section 1. That City Council hereby authorizes the City Manager to execute the Agreement with Revd. Ventures, in the same or substantially the same form as attached hereto. Section 2. That the City commits to a total of $200,000 to be paid to Rev1 Ventures in Fiscal Year 2019 as its local match towards grant programming and in exchange for the services outlined in the Agreement to be executed by the City Manager. Section 3. That this Resolution shall take effect and be in force on the earliest date permitted by law. RECORD OF RESOLUTIONS liavtnn 1 anal Rlank Inr Fnrm Nn ZnOAR Resolution No. 18-20 Passed Page 2 , 20 Passed this day of ✓/ Y (Gt,kc*-- 12020. mayor- vresiaing Utticer Office of the City Manager 5200 Emerald Parkway • Dublin, OH 43017-1090 City of Dublin Phone: 614-410-4400 • Fax: 614-410-4490 To: Members of Dublin City Council From: Dana McDaniel, City Manager Date: March 10, 2020 Initiated By: Colleen Gilger, Director of Economic Development Re: Resolution No. 18-20 — Revl Ventures Agreement Background Memo Resolution No. 18-20 authorizes the City Manager to enter into an Agreement with Revl Ventures. This Agreement represents a continuation of services provided by Revl focused on new company, technology and job creation in exchange for the City providing matching funds for the Third Frontier grant -funding program. The State of Ohio's Third Frontier grant program is the primary funding mechanism to support this effort. Revl is designated as the lead agency in the Central Ohio Region responsible for the administration of the grant program. This program is funded by a combination of the State of Ohio and local (private and public) matching funds. City Council has budgeted $200,000 in the City's 2020 Operating Budget as its local match. Business creation is one of several key economic development strategies employed by the City of Dublin. The centerpiece of this effort is the Dublin Entrepreneurial Center (DEC), its programs, associated activities and companies located in and interacting with the DEC and Revl. Businesses do not have to be located in the DEC to receive assistance or access to Revl mentoring, coaching and programming. In fact, most Dublin companies receiving funds and Revl support have not been located in the DEC. However, those located in and participating in programs at the DEC receive on-site advising services provided by Revl. The proposed agreement is consistent with previous Agreements approved by Dublin City Council and provides for the continuation of services to include the following: • Facilitate and promote networks among Dublin entrepreneurial/technology start-ups. • Assess the potential and legitimacy of start-up companies/ideas. • Market and communicate to promote services and funding. • Provide assistance to compete for funding/capital. • Identify high potential entrepreneur candidates within the community. • Provide access to entrepreneurial training and mentoring. • Provide and support training programs at the DEC and in Dublin. • Generate deal flow and provide tenant referrals to the DEC. Recommendation Staff recommends passage of Resolution No. 18-20 as a continuation of the economic development strategy to support innovation and entrepreneurship. Please address any questions to Colleen Gilger. J'cUif Dun OHIO, USA PROFESSIONAL SERVICES AGREEMENT Catalyzing High -Growth Potential Startups: Revl Ventures Support This Professional Services Agreement ("Agreement") is made and entered into and effective on this day of 2020 ("Effective Date") by and between the City of Dublin, Ohio ("Dublin"), an Ohio Municipal Corporation, with offices located at 5200 Emerald Parkway, Dublin, Ohio 43017 and Revl Ventures ("Service Provider"), with an office and principal place of business located at 1275 Kinnear Road, Columbus Ohio 43212. Recitals WHEREAS, Dublin desires to engage Service Provider to perform the services as more fully described in the attached Exhibit A (the "Services"); and WHEREAS, Service Provider desires to perform the Services and desires to be so engaged. NOW, THEREFORE, in consideration of the foregoing and of the covenants and agreements herein contained, the parties, intending to be legally bound, agree as follows: Provisions Performance of the Services. Service Provider shall: A. Perform the Services as set forth in Exhibit A. B. Complete, sign and return the Ohio Public Employees Retirement System ("OPERS') Independent Contractor Acknowledgement form. C. Give prompt notice to Dublin should the Service Provider observe or otherwise become aware of any fault or deficit in the project or any nonconformance with the Agreement. D. Remit to Dublin after the termination of this Agreement, all files and documents pertaining to the project that have been obtained or produced including, but not limited to, permits, licenses, applications, codes, drawings, site plans, photographs and similar materials. Service Provider shall be entitled to retain copies for the Service Provider's files. II. Obligations of Dublin. Dublin shall: A. Assist the Service Provider by placing at its disposal all available information pertinent to the Services for the project. DEPARTMENT OF DEVELOPMENT 5800 Shier Rings Rd Dublin, Ohio 43016 phone 614.410.4600 dublinohiousa.gov B. Use its best efforts to secure release of other data applicable to the project held by others. C. Make all necessary provisions to enter upon public and private property as required to perform the Services. D. Give prompt notice to the Service Provider should Dublin observe or otherwise become aware of any fault or deficit in the project or any nonconformance with the Agreement. III. Term and Termination. The Agreement shall commence on the 1st of January 2020 and shall terminate on the 31st day of December, 2020. IV. Payment. A. Service Provider shall be compensated a total of Two Hundred Thousand Dollars and No Cents ($200,000.00), paid in quarterly amounts not to exceed Fifty Thousand Dollars and No Cents ($50,000.00). B. The Service Provider shall invoice Dublin quarterly and Dublin agrees to pay within thirty (30) days of receipt of a valid invoice. All invoices must include the contract number and the purchase order number of this contract which is located in the upper right-hand corner of the first page of this document. V. Relationship of the Parties. The parties acknowledge and agree that Service Provider is an independent contractor and is not an agent or employee of Dublin. Nothing in this Agreement shall be construed to create a relationship between Service Provider and Dublin of a partnership, association, or joint venture. Further, the parties acknowledge that Service Provider is paid a fee, retainer or other payment as per Section IV of this Agreement; is not eligible for workers' compensation or unemployment compensation; is not eligible for employee fringe benefits such as vacation or sick leave; does not appear on Dublin's payroll; is required to provide his or her own supplies and equipment; and is not controlled or supervised by Dublin personnel as to the manner of work. VI. Indemnification. A. Professional Liability. Relative to any and all claims, losses, damages, liability and cost, the Service Provider agrees to indemnify and save Dublin, its officers, officials, and employees harmless from and against any and all suits, actions or claims for property losses, damages or personal injury arising from the negligent acts, errors or omissions by the Service Provider or its employees. B. Non -Professional Liability (General Liability). To the fullest extent permitted by law, the Service Provider shall indemnify, defend and hold harmless Dublin, its officers, officials, employees or any combination thereof, from and against claims, damages, losses and expenses, including but not limited to attorneys' fees, arising out of the acts or omissions of the Service Provider, provided that 0127206.0607934 4849-7758-4192v1 such claim, damage, loss or expenses is attributable to bodily injury, sickness, disease or death, or to injury to or destruction of property (other than the work itself) including loss of use resulting therefrom, but only to the extent caused by the negligent acts or omissions of the Service Provider, any sub- consultant(s) of the Service Provider, its agents, or anyone directly or indirectly employed by them or anyone for whose acts they may be liable. Such obligations shall not be construed to negate, abridge, or reduce other rights or obligations of indemnity which would otherwise exist as to a party or person described in this paragraph. VII. Insurance. A. The Service Provider shall secure and maintain, at his/her/its own expense, errors and omissions insurance in an amount not less than One Million Dollars ($1,000,000.00) per claim/annual aggregate to protect himself from any claim arising out of the performance of professional services and caused by negligent acts, omissions or negligent acts for which the Service Provider may be legally negligent. The Service Provider shall maintain said coverage for the entire contract period and for a minimum of one year after completion of the work under the contract. B. In addition to errors and omissions insurance, the Service Provider shall also secure and maintain, at his/her own expense, insurance for protection from claims under Worker's Compensation acts, claims for damages because of bodily injury including personal injury, sickness or disease or death of any and all employees or of any person other than such employees, and from claims or damages because of injury to or destruction of property including loss of use resulting therefrom, and any other insurance prescribed by laws, rules, regulations, ordinances, codes or orders. C. The Service Provider shall secure and maintain, at his/her own expense, General Liability insurance in an amount not less than One Million Dollars ($1,000,000.00) per occurrence. D. The Service Provider shall secure and maintain, at his/her/its own expense, Property insurance for protection from claims or damages because of damage to or destruction of property including loss of use resulting therefrom in an amount not less than Five Hundred Thousand Dollars ($500,000.00). E. Dublin shall be held harmless for any damage to the Service Provider's property and/or equipment during the course of performance under the Contract. The above referenced insurance shall be maintained in full force and effect during the life of this Contract and for one year beyond, where specified. Certificates showing that the Service Provider is carrying the above referenced insurance in at least the above specified minimum amounts shall be furnished to, and approved by, Dublin prior to the start of work on the project and before Dublin is obligated to make any payments to the Service Provider for the work 0127206.0607934 4849-7758-4192v1 performed under the provision of this contract. All such Certificates, with the exception of those for Worker's Compensation and Errors & Omissions coverage, shall clearly reflect that the City of Dublin is an "Additional Insured". VIII. Employee Documentation A. Service Provider guarantees that the individuals employed by the Service working on this project are authorized to work in the United States. The Service Provider will upon demand provide Dublin with appropriate documentation (Form I-9) for any Service Provider employee performing services for Dublin. B. The Service Provider agrees to indemnify Dublin in accordance with Section VI of the Agreement for any issue arising out of the Service Provider's hiring or retention of any individual who is not authorized to work in the United States. IX. Taxes. Service Provider has the following identification number for income tax purposes is: 31-1658220. A. Service Provider is subject to and responsible for all applicable federal, state, and local taxes. B. Dublin represents that it is a tax-exempt entity and evidence of this tax-exempt status shall be provided to Service Provider upon written request. Service Provider hereby further agrees to withhold all municipal income taxes due or payable under the provisions of Chapter 35 of the Codified Ordinances of Dublin, Ohio, for wages, salaries and commissions paid to its employees and further agrees that any of its subcontractors shall be required to agree to withhold any such municipal income taxes due under such chapter for Services performed under this Agreement. D. The Service Provider shall receive Internal Revenue Service form 1099 from Dublin for income tax reporting purposes. X. Assignment. Neither party may assign this Agreement without obtaining express, written consent from the other party prior to assignment. XI. Entire Agreement / Amendment. This Agreement constitutes the entire understanding of the parties hereto with respect to the subject matter hereof and supersedes all prior negotiations, discussions, undertakings and agreements between the parties. This Agreement may be amended or modified only by a writing executed by the duly authorized officers of the parties hereto. It is understood and agreed that this Agreement may not be changed, modified, or altered except by an instrument, in writing, signed by both parties in accordance with the laws of the State of Ohio. 0127206.0607934 4849-7758-4192v1 XII. Discrimination. A. No discrimination for reason of race, color, national origin, religion, sex, genetic information, pregnancy, age, ancestry, military status, sexual orientation, gender identity, marital status, veteran's status, or disability shall be permitted or authorized by Dublin and/or Service Provider in connection with the Services. B. Nothing in this Agreement shall require the commission of any act contrary to any law or any rules or regulations of any union, guild, or similar body having jurisdiction over the Services of Service Provider. XIII. Governing Law/Venue. Any controversy or claim, whether based upon contract, statute, tort, fraud, misrepresentation or other legal theory, related directly or indirectly to this Agreement, whether between the parties, or of any of the parties' employees, agents or affiliated businesses, will be resolved under the laws of the State of Ohio, in any court of competent jurisdiction in Franklin County, Ohio. XIV. Severability. If any provision of this Agreement is held invalid or unenforceable, such provision shall be deemed deleted from this Agreement and shall be replaced by a valid, mutually agreeable and enforceable provision which so far as possible achieves the same objectives as the severed provision was intended to achieve, and the remaining provisions of this Agreement shall continue in full force and effect. XV. Paragraph Headings. Paragraph headings are inserted in this Agreement for convenience only and are not to be used in interpreting this Agreement. [Signatures appear on following page.] 0127206.0607934 4849-7758-4192v1 5 BY SIGNING THIS AGREEMENT, YOU HEREBY ACKNOWLEDGE THAT YOU HAVE BEEN INFORMED THAT THE CITY OF DUBLIN, OHIO HAS CLASSIFIED YOU AS AN INDEPENDENT CONTRACTOR AND THAT YOU HAVE BEEN ADVISED THAT CONTRIBUTIONS TO OPERS WILL NOT BE MADE ON YOUR BEHALF FOR THESE SERVICES. FURTHER, BY SIGNING THIS AGREEMENT, YOU HEREBY ACKNOWLEDGE THAT THE CITY OF DUBLIN, OHIO HAS IN NO WAY LIMITED OR RESTRICTED YOUR RIGHT TO PROVIDE THE AGREED -TO SERVICES TO THE GENERAL PUBLIC AND THAT YOU REGULARLY PROVIDE SUCH SERVICES TO THE GENERAL PUBLIC. IN WITNESS WHEREOF, the parties have executed this Agreement as of the day of March 2020. CITY OF DUBLIN, OHIO ji ji Colleen Gilger Director of Economic Development Dana McDaniel City Manager REV1 VENTURES BY: Date Tom Walker ITS: President & CEO Approved as to Form: Jennifer D. Readler, Law Director Date Date 0127206.0607934 4849-7758-4192v1 6 CERTIFICATION OF FUNDS I hereby certify that the funds required to meet the City's obligation, payment, or expenditure under this Agreement have been lawfully appropriated or authorized for such purpose and are free from any obligation now outstanding Director of Finance 0127206.0607934 4849-7758-4192v1 Date EXHIBIT A SCOPE OF SERVICES Between City of Dublin, Ohio and Revl Ventures I. The primary purpose of the program is to provide consistent, coordinated, effective and accessible assistance to technology entrepreneurs to catalyze the launch of new technology based businesses with an ultimate goal of creating high quality jobs in Central Ohio. The program will provide services to identify and mentor early stage organizations to create a sustainable technology based business cluster and a culture that provides future opportunities to thrive. Periodic program reviews will determine the amount and type of resources needed to achieve the agreed-upon goals. Revl Ventures is required to remain flexible in the deployment of the resources across the region to insure that successful programs are funded based on the achievement of the desired metrics. Revl Ventures will be required to report metrics to the State to justify future investments. II. Revl Ventures, as a catalyst for high-growth companies and the manager of the Central Ohio Third Frontier Network program will, in a partnership with the City, provide the following services: a. Dedicated Lead. Revl Ventures will provide a designated lead contact from the Revl Ventures team who is responsible for coordinating Revl Ventures services and team members in support of entrepreneurs within the Dublin community. Revl Ventures will be responsible for the cost of its expenses related to traveling to and from Dublin and the Dublin Entrepreneur Center (DEC). b. Designated Lead's responsibilities. The designated lead will have responsibility for thefollowing: Provide entrepreneurial development and outreach in Dublin and the counties of Delaware, Morrow, Marion, Logan and Union and serve as Revl Ventures' "gateway" to the Northern and Western Central Ohio region. • Coordinate support and guidance for the City's efforts to develop and build innovation strategies, aligned with the City's recent strategic plan. • Identify prospective entrepreneurial start-up companies best suited for Revl's program and capital assistance, with support from the broader Revl Ventures team • Coordinate and communicate with both City Economic Development staff and its associated consulting team regarding Dublin -focused support and programming. • Attend, at a minimum, a monthly staff and consultant meeting, unless otherwise determined by the parties. • Provide input to, and when possible and appropriate, provide resources in support of regional Entrepreneurial Educational programming, as determined by Revl Ventures. 0127206.0607934 4849-7758-4192v1 Provide the City a Quarterly Activity Report summarizing the type and amount of activity in Dublin. The format and specifics of the content to be included in the report will be mutually agreed upon between the City and Revl Ventures. c. Deal flow. Revl Ventures and City will coordinate marketing, outreach and programming activities to stimulate deal flow. Revl Ventures agrees to provide and/or support, as mutually agreed upon, entrepreneurial training (i.e. workshops, guest speakers and/or seminars by Revl Ventures), leveraging existing events/organizations when possible, to ensure program awareness and engage/entice potential entrepreneurs. Revl Ventures agrees to invite to City and the City agrees to participate in the quarterly review of relevant deal flow and partner programming. Advising and Mentoring. Revl Ventures will provide promising entrepreneurs and high- growth companies access to its experienced and successful team of in-house advisors, including: a team of venture professionals, CFO in residence, CMO in residence, Customer Acquisition expert, technology commercialization experts and startup coaches in order to create high -return commercialization ventures and take promising ideas to market. e. Revl Partner Network. Revl will provide access to its industry-leading network of vetted partners to support our regions' high-growth startups in building capacity in these critical areas: • Service Partners: Hand-picked industry experts in legal, accounting, HR, marketing, product development and more will provide pro-bono or reduced cost services to startups. • Mentors: More than 100 of the most experienced advisors/mentors who have been there and done that: founding and growing successful companies. • Corporate Customers: More than 50 companies in our region have agreed to provide startups access to C -level executives to pitch their companies, seek input on products, and access members' connections. • Talent: Revl offers strategic talent and hiring services, as well as access to our jobs board to promote openings across high-growth companies. In addition, Revl Ventures will also work to recruit Dublin companies and individuals to provide services as part of the First Connect Network. Educational Support. Revl may, as deemed mutually beneficial by Revl the City of Dublin, support and coordinate up to 6 educational events in the City of Dublin — three to be held at the Dublin Entrepreneurial Center — to engage the entrepreneurial, investor, or corporate community for the purposes of advancing the City of Dublin and Revl's mission in the community. g. Marketing & Promotion. Revl will leverage its marketing resources and audience to 0127206.0607934 4849-7758-4192v1 promote Dublin's entrepreneur -focused events as well as profile qualified City of Dublin entrepreneurs and startups. Access to Capital. Through its coaching and mentoring services, which are the entry point to all Revl Ventures funding sources, the City and regional companies will have local access to: Catalyst Fund II: Seed stage convertible debt funding for the most promising opportunities. With each investment, Revl Ventures will assistthe companyto reach the goals of growth and follow-on, institutional or angel funding. Revl Fund I: Seed and Seed Plus stage capital for promising high-growth potential companies in Central Ohio via a corporate -backed fund supported by top Columbus corporations, The Ohio Third Frontier, and Revl Ventures. Local angel funds managed by Revl Ventures which make equity investments in Ohio tech startups. Revl Ventures and SBDC expertise and access to SBA loan opportunities for small businesses. i. Acknowledgement. Revl Ventures agrees to acknowledge the City in its sponsorship opportunities, website and other opportunities. 0127206.0607934 4849-7758-4192v1 10 Upox ying the businessof FEATURED STARTUP Updox is the industry leader for care coordination and healthcare customer relationship management (CRM) solutions. Utilizing its extensive Direct messaging network and platform of apps, Updox connects various healthcare providers, including physicians, patients, payers, pharmacies, labs and healthcare partners. Updox suite of applications includes secure messaging, patient portal, appointment scheduling & reminders, credit card payments, and health alerts. Dublin ROI $2,6MM Investment from Dublin $89,75MM Investments in Columbus Region 345 Jobs Created by Columbus Region Startups $106,5MM Revenue Generated by Columbus Region Startups 166:1 Total Investment Leverage 5039 Referrals to Community Partners STARTUP SUCCESS STORIES HEALTHY ROSTER Powering Sports Medicine with a modern, mobile -first platform, Healthy Roster supports Athletic Trainers in Healthcare Systems, Hospitals, Colleges, High Schools and Industrial settings. Healthy Roster delivers a dramatically better mobile documentation and communication platform, which improves athletic trainers' ability to provide better care to their athletes and prove value for sports medicine departments. Built on a HIPAA compliant infrastructure, Healthy Roster enables patients to easily communicate with providers, reducing misunderstandings, phone tag, and delays in care to reduce reinjuries. PORTAL GREEN Portal Green helps restaurants and hotels navigate pre- employment testing by providing a cloud -based pre- employment integrity test. Portal Green's cloud -based test, which has been validated by researchers at Michigan State University and additional authorities in the field, is a low- cost solution tailored to applicants and hiring managers in the hospitality industry advocate for them, ensuring their PBMs are honoring their contracts. OFF THE BEATEN PATH COFFEE Off the Beaten Path coffee and tea are cold -brewed. The flavor is preserved and so is the caffeine content. OTFB products have more zest because it hasn't been boiled out of them, so they retain all the subtle flavors and just taste better. Available at the coffee bar at one of our retails partners or microwave them at home or on the go. The cold brewing process seals in all the gusto. @RevlVentures O ©® Columbus Region Impacts are All-time www.revlventures.com 0 DUBLIN PARTNERSHIP REPORT Q4 2019 (October - December) rev ventures d for COLUMBUS OVERVIEW Rev1 Ventures is the investor startup studio that combines capital and strategic services to help startups scale and corporates innovate. Based in the Midwest, and in a top city for scaling startups, Rev1 aligns innovators and founders with corporate and research partners to access customers and markets, helping entrepreneurs build great companies. With a proven track record of investing in high potential startups, Rev1 helps companies solve real problems for markets in need of real solutions. Rev1 has $100MM in capital under management, providing a capital continuum from corporate and community partners, as well as the Ohio Third Frontier. Rev1 has been named Most Active Seed Investor in Ohio six years in a row, according to Pitch Book. GENERAL DEAL FLOW JANUARY 1, 2019 -DECEMBER 31, 2019 REGION DEAL FLOW INCLUSION* QUALIFIED LEADS 386 210 FIRST MEETINGS 195 110 COMPANIES ENGAGED 29 19 POSITIONED FOR FUNDING 36 24 FUNDED 25 15 QUALIFIED LEADS BY INDUSTRY Venture Capital ADVANCED MATERIALS 35 ADVANCED/ALTERNATIVE ENERGY 8 AGRIBUSINESS & FOOD PROCESSING 14 BIOSCIENCES 157 IT 154 SENSORS & SENSOR SYSTEMS 2 POWER & PROPULSION 4 OTHER 1 INVESTMENTS January 1, 2019 - December 31, 2019 Rev1 Investment Total $9,701,593 External Investors Angel - Group $900,000 Angel - Individual $10,388,033 Strategic Partner/Private $225,627,000 Founder Capital $310,000 Friends/Family $131,107 OTAF Member $1,208,868 State/Federal $8,989,972 Venture Capital $71,755,804 Total External $319,10,785 TOTAL INVESTMENT $329,012,378 DUBLIN JANUARY 1, 2019 - DECEMBER 31, 2019 DEAL FLOW INCLUSION QUALIFIED LEADS 28 14 FIRST MEETINGS 19 8 COMPANIES ENGAGED 2 1 POSITIONED FOR FUNDING 4 1 FUNDED 4 1 QUALIFIED LEADS BY INDUSTRY ADVANCED MATERIALS 2 ADVANCED/ALTERNATIVE ENERGY 1 AGRIBUSINESS & FOOD PROCESSING 1 BIOSCIENCES 5 IT 19 INVESTMENTS January 1, 2019 - December 31, 2019 Rev1 Investment Total $1,647,990 External Investors Angel - Individual $2,101,761 OTAF Member $55,176 Private Sources $250,000 Strategic Partner $162,000 Venture Capital $5,188,314 Total External $7,757,251 TOTAL INVESTMENT $9,405,241 *Inclusion: Rev1 defines diversity as a company with a minority, woman, or veteran -led inventor, founder, 2 or leader. DUBLIN PARTNERSHIP REPORT Q4 2019 (October - December) rev ventures d for COLUMBUS REGION DUBLIN RETURN ON INVESTMENT RETURN ON INVESTMENT Investments Made Over All Time Investments Made Over All Time Investment by Regional Partners in Rev1 Investment by Dublin in Rev1 Total I $12,305,000 Total I $2,600,000 Investments in Companies Investments in Dublin Companies Rev1 Ventures $42,693,767 Rev1 Ventures $4,444,032 OTAF $12,997,496 OTAF $1,448,006 Other Investments $1,201,472,385 Other Investments $78,350,458 Other Grant or Debt $96,252,183 Other Grant or Debt $5,514,355 Total $1,353,415,830 Total $89,756,851 Companies Performance Dublin Companies Performance Revenue Generated $746,804,757 Revenue Generated $106,580,259 Jobs 3,036 Jobs 345 TOTAL INVESTMENT + REVENUE $2,100,220,587 TOTAL INVESTMENT + REVENUE $196,337,110 TOTALLEVERAGE 171:1 TOTALLEVERAGE 76:1 INVESTMENT CAPITAL LEVERAGE 110:1 INVESTMENT CAPITAL LEVERAGE 35:1 04 2019 PROGRAM UPDATES PROGRAMS Rev1's stage -based investor startup studio helps entrepreneurs solve for - and accelerate through - each of the "knowable unknowns" they'll encounter as they build a high-growth business. Supported by peer-to-peer learning, dedicated industry mentors, and connections to customers, the startup studio focuses on five key pillars: Product: Delivering a differentiated product that fits a market need and can evolve with the customer. Market: Identifying the correct first market and creating a repeatable sales cycle; getting the startup revenue engine up and running. Business: Forming a viable, high-growth business and ensuring the financials and governance to support it. Team: Building effective teams that can execute and scale the business. Capital: Guiding entrepreneurs to build a long-term capital access plan and connecting them to investors now and in the future. At Rev1 Learning Labs, entrepreneurs dig deep into the big topics that founding teams must master to build successful companies. Learning Labs are led by subject matter experts who break it all down into strategic and actionable learning experiences with a focus on reducing risk. In Q4, we held Learning Labs in the following areas: Product: o Customer Learning Lab - 21 companies attended. Market: o Growth Multiplier - 2 companies attended. Business: o New Client Orientation - 7 companies attended. o Corporate Governance - 5 companies attended. 3 DUBLIN PARTNERSHIP REPORT Q4 2019 (October - December) Team services delivered in Q4: Mentors 67 hours Service Providers $180,615 in discounted or donated services Talent 58 jobs posted MOMENTUM PORTFOLIO BUZZ 10/2/19 CB Insights: Digital Health 150: The Digital Health Startups Redefining The Healthcare Industry 10/23/19 Digital Insurance (Flyreel): State Auto launching AI -guided self-service inspections 10/23/19 The Columbus Dispatch (Spritz Sparkling Tea): In flavor and market research sparkling tea startup scores highly 10/31/19 Columbus Business First (SafeChain): Here's what the Columbus startups in Steve Case's Rise of the Rest portfolio have been up to 11/5/19 MedCityNews (Deep Lens): Digital pathology startup PathAl closes $75M Series B round with investments from BMS Merck 11/26/19 Columbus CEO (Surelmpact): Surelmpact measuring nonprofits' success 11/26/19 Columbus CEO: Bill Baumel brings Silicon Valley cred to Ohio universities' VC drive 12/17/19 Venture Beat (Teraki): Teraki raises $11 million to speed up computing on resource -constrained devices 12/17/19 NewsDio (Teraki): Teraki raises $11 million to accelerate computing on devices with limited resources 12/18/19 Finsmes (Teraki): Teraki Secures $11M in Series A Funding 12/18/19 Yahoo! Finance (Teraki): Teraki Raises $11 Million in Series A Funding to Meet Exploding Data Challenges in Automotive and IoT Markets 12/18/19 Fortune Termsheet: Exclusive: Tusk Venture Partners Raises $70 Million For Its Second Venture Fund 12/19/19 Pitchbook (Teraki): German auto data startup Teraki raises $11M 12/19/19 Deal Street Asia (Teraki): China Digest: Horizons Ventures backs Teraki; Hillhouse picks stake in Zerun 12/23/19 IoT Evolution (Teraki): Teraki Raises $11 Million for Growth in Automotive and IoT Markets DUBLIN PARTNERSHIP REPORT Q4 2019 (October - December) ENTREPRENEUR OUTREACH & INCLUSION Rev1 is committed to providing outreach, access, and education across the 15 -county Columbus region to support and identify the best and brightest ideas, entrepreneurs and companies. Below is a snapshot of major outreach and engagement initiatives in Q4 2019: Rev1 kicked off its role as an Ecosystem Builder for the City of Columbus in support of the Small Business Agenda, which was formally released to the community on December 18, 2019. Kristy Campbell is leading the Capital Provision working group, and Alicia Oddi is leading the group focused on building Entrepreneur Support Organization capacity. Franklin County Forward Cities Accelerator: Driving inclusive innovation at neighborhood level. The organization is testing a Side Hustle Academy and Sales Growth Accelerator in the Whitehall and King Lincoln neighborhoods. Rev1 is serving as a fiscal agent for Venture Combine, a 12 -week pre -accelerator for underrepresented founders developing companies with potential for high-growth and economic impact. This initiative supports our goal of creating a more diverse entrepreneur pipeline. We applied for a grant from JP Morgan Chase in Q4. .1 AMIATA =1ZY&1 Event: November Founder's Story: Erika Boll, CEO, The Toasted Oat Date I Location: November 20, 2019 I Rev1 Labs Attendees: 80 Description: Attendees heard from Erika Boll, the Founder and CEO of The Toasted Oat, a growing national brand of gluten-free granola. Erika discussed what she has learned on the journey to building her company, keeping on track, and focusing on her goals. People don't like to talk about overcoming their fears and the challenges of entrepreneurship, but Erika discussed these issues candidly. Revi's Founder's Story series featuresfirst-hand insights into the triumphs, trials, and tribulations of Revi company founding teams. Each luncheon features a founding story and tips on a topic, plus delicious food from a local eatery and optional guided tours of the Revi Labs facility. DUBLIN PARTNERSHIP REPORT Q4 2019 (October - December) SIX NEW COMPANIES ENTERED REVI INVESTOR STARTUP STUDIO Basking Biosciences: Developing a first -in -class reversible anti -platelet approach to treating thrombosis (formation of blood clots) in the acute phase of ischemic stroke. Timely restoration of cerebral blood flow is the only proven intervention to improve long-term outcome in stroke. NeuroTemp: By designing a new type of antenna, NeuroTemp, a very early stage medical device company, is aiming to monitor brain temperature non -invasively using radio frequency remote sensing. The goal is to detect accurate core body temperature wirelessly and non -invasively. QC -EYE: QC -EYE is developing a portable, cost-effective, handheld learning tool to identify a chemical or compound. The technology, based on neural networks, could replace time -intensive sampling methods. Hilo Nutrition: In the business of performance nutrition, attention to the athlete is in Hilo Nutrition's DNA. The company provides a comprehensive gummy performance line with products that have been co -developed with the best trainers and professional athletes. From pre -workout to game time, Hilo Nutrition offers gummies to bring out the pro in you. Lucky Mobility: With a location -based advertising API for the mobile industry, Lucky Mobility brings personalized brand engagement and marketing to the growing location -based market. Mobility partners and brands can increase user engagement, brand awareness, and revenue opportunities per user. Consumers can connect with new brands and nearby stores. Protein Science Capture: PCS specializes in the development of protein purification platforms for basic and applied research and biopharmaceutical production in the United States, with plans for worldwide expansion. PCS's solution is designed to streamline the protein purification process, benefiting researchers, inventors, and manufacturers in biopharmaceuticals. CnMonNv UPDATES Healthy Roster provides patient engagement, care coordination, telemedicine, and outreach tools for sports medicine, physicians, and rehabilitation. On November 20, 2019, Healthy Roster announced how it provides healthcare engagement tools and partners with crisis counselors to provide questions to ask students when they are home for the holidays. Portal Green is an employment testing platform that gives the Green Light to hire right and a portal to resources to manage and mitigate employment risk. The company grew to 30 locations using its product represented by three pilot customers. They initiated a hiring process for a new sale person. Updox iallows healthcare personnel to manage all patient engagement and provider communication. Mike Morgan, CEO of Updox, wrote a piece published on December 27, 2019 entitled "Time's Running Out: Why Providers Must Adopt Telehealth in 2020." The piece highlighted the use of telehealth services as an emerging and convenient alternative to traditional in-person office visits. 6 DUBLIN PARTNERSHIP REPORT Q4 2019 (October - December) COMMUNITY OUTREACH Event: Workshop: Hiring Your First Employee Date I Location: November 14, 2019 I Dublin Entrepreneurial Center Attendees: 18 Speaker: Denise Kestner, ClearPath HR Description: Hiring your first employee is more than welcoming a helping hand. You have a small company, but you should be taking the same steps as a company with 100 employees. Denise Kestner, President of ClearPath HR helped attendees identify what is essential in hiring your first employee and how to set yourself up for success in hiring for your company. DUBLIN PARTNERSHIP REPORT 14)] 0 Q4 2019 (October - December) DEAL FLOW TERMS DEAL FLOW: all new business ventures that are submitted to Rev1 Ventures. QUALIFIED LEADS: opportunities that come through deal flow that align with our commitment to serve companies that are within our region, scalable, and tech enabled. FIRST MEETINGS: the initial meeting held with entrepreneurs for Rev1 Ventures to vet out the business model. The main topics covered in the first meeting generally revolve around the problem and solution a business is addressing, the market, revenue potential, competitors, milestones/goals and needs moving forward. COMPANIES ENGAGED: startup ventures with a signed engagement letter with Rev1 Ventures and using Rev1 Ventures resources. INVESTMENT TERMS ANGEL INVESTORS: a high net -worth individual who invests his or her own money in startup companies in exchange for an equity share of the businesses. Rev1 Ventures recommends that entrepreneurs work with investors who are accredited investors (who meet requirements of the Securities and Exchange Commission) and who can add value to the company via high quality mentoring and advice. Other important things to know about angels include: many angels are former entrepreneurs themselves, and they make investments in order to gain a return on their money, to participate in the entrepreneurial process, and often to give back to their communities by catalyzing economic growth. Angels make a return on their investment when the entrepreneur successfully grows the business and exits it, generally through a sale or merger. ANGEL FUNDS: a type of private equity investment fund that manages the money of individual angel investors who seek private equity stakes in startup and small - to medium-sized enterprises with strong growth potential. These investments are generally characterized as high-risk/high-return opportunities. Angel funds typically engage their members in sourcing, screening, and completing due diligence on, and serving on the Boards of Directors of startup companies in which the fund invests. Many angel funds are members of the Angel Capital Association, a national network of angel funds, angel investors, and angel groups. VENTURE CAPITAL FUNDS: a type of private equity investment fund that invests in small, early-stage, emerging firms that are deemed to have high growth potential, or which have demonstrated high growth (in terms of number of employees, annual revenue, or both). Most venture capital funds invest in high growth and high technology industry sectors, such as information technology or life sciences. Investors in venture capital funds include pension funds, insurance companies, foundations, endowments, corporations, and other institutional investors. These investments are generally characterized as high-risk/high-return opportunities. Many venture capital funds are members of the National Venture Capital Association, the venture capital industry trade association.