Resolution 01-22
To: Members of Dublin City Council
From: Dana L. McDaniel, City Manager
Date: January 18, 2022
Initiated By: Megan D. O’Callaghan, Deputy City Manager/Chief Finance and Development Officer
Jenna Goehring, Economic Development Administrator
Re: Resolution 01-22, Rev1 Ventures Services Agreement for 2022
Background
Resolution No. 01-22 authorizes the City Manager to enter into an Agreement with Rev1 Ventures.
Since 2007, Dublin has contracted with Rev1 (formerly TechColumbus), to pursue Council’s goal to
create high-tech and knowledge-based jobs. This Agreement represents a continuation of services
provided by Rev1 focused on new business, technology, and job creation.
The State of Ohio’s Third Frontier grant program is the primary funding mechanism to support this
effort. Rev1 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
2022 Operating Budget as its local match.
Business creation is one of several key economic development strategies employed by the City of
Dublin. A significant partner in this effort is Rev1 Ventures, our region incubator and investor
helping local start-ups scale and corporations innovate. As outlined in the 2019 Economic
Development Strategic Plan, fostering partnerships (Strategy 1), working with the start-up
ecosystem to access scaling firms (Action 9), and nurturing the growth of targeted industry
clusters (Strategy 4) are all furthered with our Rev1 partnership and annual contract.
A key initiative supported by this partnership is the Dublin Entrepreneurial Center (DEC), its
programs, associated activities and tenant companies. Businesses do not have to be located in the
DEC to receive assistance or access to Rev1 mentoring, coaching, and programming. In fact, most
Dublin companies receiving funds and Rev1 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 Rev1.
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.
Office of the City Manager
5555 Perimeter Drive • Dublin, OH 43017
Phone: 614.410.4400 Memo
Memo re. Rev1 Ventures PSA 2022
January 18, 2022
Page 2 of 2
Since 2013, Dublin has invested $2.95 Million while $239 Million has been invested back into
Dublin-based start-ups. The revenue generated by these Dublin start-ups is $137 Million, creating
356 jobs. The City’s total leverage is 128:1 (revenue generated and capital attracted) and
investment capital leverage is 81:1. (Data source: Rev1 3rd Quarter Report 2021).
Recommendation
Staff recommends passage of Resolution No. 01-22 as a continuation of the economic development
strategy to support innovation and entrepreneurship.
ECONOMIC DEVELOPMENT 5200 Emerald Parkway Dublin, Ohio 43017 phone 614.410.4618 dublinohiousa.gov
01
PSA ______________________
0127206.0607934 4849-7758-4192v1
PROFESSIONAL SERVICES AGREEMENT
Catalyzing High-Growth Potential Startups: Rev1 Ventures Support
This Services Agreement ("Agreement") is made and entered into and effective on this first
day of January, 2022 ("Effective Date") by and between the City of Dublin, Ohio ("Dublin"),
and Rev1 Ventures ("Service Provider"), with an office and principal place of business
located at 1275 Kinnear Road, Columbus Ohio 43212 an Ohio Municipal Corporation, with
offices located at 5555 Perimeter Drive, Dublin, Ohio 43017
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
I. 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.
0127206.0607934 4849-7758-4192v1 2
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.
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 2022
and shall terminate on the 31st day of December, 2022. Dublin shall also have the
option to extend the Agreement for up to two (2) additional one-year terms. Dublin
may terminate this Agreement at any time by giving Service Provider thirty (30) days
advance written notice. In the event this Agreement is terminated by Dublin prior to
its natural expiration, Service Provider shall be paid the amounts for work actually
performed in accordance with this Agreement to the date of this early termination.
IV. Payment.
A. Service Provider shall be compensated in an amount not to exceed 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)
each.
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
0127206.0607934 4849-7758-4192v1 3
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
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 subconsultant(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.
0127206.0607934 4849-7758-4192v1 4
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.
F. 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
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.
0127206.0607934 4849-7758-4192v1 5
IX. Taxes.
A. Service Provider has the following identification number for income tax
purposes: 31-1658220.
B. Service Provider is subject to and responsible for all applicable federal, state,
and local taxes.
C. 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.
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.
0127206.0607934 4849-7758-4192v1 6
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 7
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 ___________, 2022.
CITY OF DUBLIN, OHIO
BY: _______________________________ Date ________
Megan D. O’Callaghan
Deputy City Manager/Chief Finance and Development Officer
BY: _______________________________ Date ________
Dana McDaniel, City Manager
REV1 VENTURES
BY: _______________________________ Date ________
Tom Walker, President & CEO
Approved as to Form:
Jennifer D. Readler, Law Director
0127206.0607934 4849-7758-4192v1 8
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
Matthew L. Stiffler, Director of Finance Date
0127206.0607934 4849-7758-4192v1 9
EXHIBIT A
SCOPE OF SERVICES
Between City of Dublin, Ohio and Rev1 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. Rev1
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. Rev1 Ventures will be required to report metrics to the State to justify
future investments.
II. Rev1 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. Rev1 Ventures will provide a designated lead contact from the
Rev1 Ventures team who is responsible for coordinating Rev1 Ventures
services and team members in support of entrepreneurs within the Dublin
community. Rev1 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 the following:
• Provide entrepreneurial development and outreach in Dublin and the
counties of Delaware, Morrow, Marion, Logan and Union and serve as
Rev1 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.
0127206.0607934 4849-7758-4192v1
10
• Identify prospective entrepreneurial start-up companies best suited for
Rev1’s program and capital assistance, with support from the broader
Rev1 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 Rev1 Ventures.
• 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 Rev1 Ventures.
c. Deal flow. Rev1 Ventures and City will coordinate marketing, outreach and
programming activities to stimulate deal flow. Rev1 Ventures agrees to provide
and/or support, as mutually agreed upon, entrepreneurial training (i.e.
workshops, guest speakers and/or seminars by Rev1 Ventures), leveraging
existing events/organizations when possible, to ensure program awareness
and engage/entice potential entrepreneurs. Rev1 Ventures agrees to invite to
City and the City agrees to participate in the quarterly review of relevant deal
flow and partner programming.
d. Advising and Mentoring. Rev1 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.
0127206.0607934 4849-7758-4192v1
11
e. Rev1 Partner Network. Rev1 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: Handpicked 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: Rev1 offers strategic talent and hiring services, as well as
access to our jobs board to promote openings across high-growth
companies.
• In addition, Rev1 Ventures will also work to recruit Dublin companies
and individuals to provide services as part of the First Connect Network.
f. Educational Support. Rev1 may, as deemed mutually beneficial by Rev1 the
City of Dublin, support and coordinate up to 4 educational events in the City
of Dublin – two to be held in partnership with the Dublin Entrepreneurial Center
– to engage the entrepreneurial, investor, or corporate community for the
purposes of advancing the City of Dublin and Rev1’s mission in the community.
g. Marketing & Promotion. Rev1 will leverage its marketing resources and
audience to promote Dublin’s entrepreneur-focused events as well as profile
qualified City of Dublin entrepreneurs and startups.
h. Access to Capital. Through its coaching and mentoring services, which are the
entry point to all Rev1 Ventures funding sources, the City and regional
companies will have local access to:
0127206.0607934 4849-7758-4192v1
12
• Catalyst Fund II: Seed stage capital for the most promising life science
companies supported by The Ohio State University, Nationwide
Children’s Hospital and Rev1 Ventures.
• Future Value Fund 1: Pre-Seed stage capital for promising high-growth
potential companies in Central Ohio supported by The Ohio State
University, The Ohio Third Frontier and Rev1 Ventures.
• Rev1 Fund II: 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 and Rev1 Ventures.
• Rev1 Ventures and SBDC expertise and access to SBA loan
opportunities for small businesses.
i. Acknowledgement. Rev1 Ventures agrees to acknowledge the City in its
sponsorship opportunities, website and other opportunities.
City of Dublin
ROI
STARTUP SUCCESS STORIES
$2.95MM
Investment from
Dublin
356
Jobs Created by
Dublin Startups
367
Referrals to
Community
Partners
$137MM
Revenue Generated
by Dublin Startups
$239MM
Investments in
Dublin Startups
128:1
Total Leverage
$3.20B
Startup Impact Central Ohio
Capital • Revenue • Exits
Since 2013
Impacts are All-time
Community ReportIzabela Gierach, Co-Founder & CEOProtein Capture Science has developed a platform for protein
purification based on technology from Dr. David Wood’s lab.
Using a self-cleaving affinity tag and their proprietary capture
resin, iCapTag. The platform allows for reliable and highly
controlled cleavage and protein purification for R&D and
manufacturing applications.
FEATURED STARTUP
DASI's product provides predictive simulation based
solutions to individualize structural heart therapies such
as trans-catheter aortic valve replacement (TAVR). There
is a need to individualize therapy to avoid fatal surgical
complications as well as ensure long term optimal
outcomes. The company's simulation has shown
published proven benefits in the context of TAVR.
PointPro develops computational tools to support
systems prognostics and enable decision-making.
PointPro’s novel algorithm delivers trustworthy forecasts
of critical events that predict component failure,
enabling operators to reduce costs through optimized
maintenance schedules and reduced unplanned
breakdowns. The powerful simulation platform has
applications in jet engines, oil and gas, manufacturing,
and other industries that require accurate forecasts of
complex systems.
Healthy Roster provides patient engagement, care
coordination, secure communication, and outreach tools for
healthcare professionals. Healthy Roster was selected as
a finalist in the Outstanding Startup Business category of
the COMSPARK 3rd Annual Central Ohio Tech Power Player
Awards. Healthy Roster was represented by Co-Founders
Nathan Heerdt, Dan Fronczak, and Shawn Price.
DASI Simulations
PointPro
Healthy Roster
Rev1 Investment
Total $216,390
External Investors
Federal $50,000
Founder Capital $96,500
Strategic Partner $145,713,750
Total External $145,860,250
TOTAL INVESTMENT $146,076,640
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 success, Rev1 is the most active seed
investor in Ohio for the past seven years. For more information, visit www.rev1ventures.com.
QUALIFIED LEADS 18 11
FIRST MEETINGS 17 11
COMPANIES ENGAGED 3 2
POSITIONED FOR FUNDING 2 1
FUNDED 2 2
DEAL FLOW INCLUSION
DUBLIN
OCTOBER 1, 2020 - SEPTEMBER 30, 2021
INVESTMENTS
October 1, 2020 - September 30, 2021
DUBLIN PARTNERSHIP REPORT
Q3 2021 (July - September)
QUALIFIED LEADS BY INDUSTRY
QUALIFIED LEADS 332 199
FIRST MEETINGS 189 117
COMPANIES ENGAGED 34 20
POSITIONED FOR FUNDING 17 14
FUNDED 14 11
DEAL FLOW INCLUSION*
ADVANCED MATERIALS 20
ADVANCED/ALTERNATIVE ENERGY 12
AGRIBUSINESS & FOOD PROCESSING 12
BIOSCIENCES 98
IOT 2
IT 188
ADVANCED/ALTERNATIVE ENERGY 1
AGRIBUSINESS & FOOD PROCESSING 1
BIOSCIENCES 1
IT 15
GENERAL DEAL FLOW
OCTOBER 1, 2020 - SEPTEMBER 30, 2021
QUALIFIED LEADS BY INDUSTRY
REGION
INVESTMENTS
October 1, 2020 - September 30, 2021
Rev1 Investment
Total $4,279,638
External Investors
Angel - Group $2,701,882
Angel - Individual $12,527,157
Strategic Partner/Private $174,468,587
Friends & Family $100,000
Founder Capital $293,967
OTAF Member $175,000
State/Federal $5,174,001
Venture Capital $160,782,544
Total External $356,223,139
TOTAL INVESTMENT $360,502,777 1
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 Q3 we held Learning Labs in the following
areas:
• Product:
o Customer Learning Lab - 21 companies attended.
• Business:
o New Client Orientation - 15 companies attended.
o Introduction to Corporate Governance - 11 companies attended.
• Market
o Customer Validation Learning Lab - 8 companies attended.
o Growth Multiplier Learning Lab | 4 companies attended.
• Capital
o Capital Access Planning Learning Lab - 8 companies attended.
RETURN ON INVESTMENT
Investments Made Over All Time
RETURN ON INVESTMENT
Investments Made Over All Time
Investment by Dublin in Rev1
Total $2,950,000
Investments in Dublin Companies
Rev1 Ventures $4,950,422
OTAF $1,448,006
Other Investments $226,273,708
Other Grant or Debt $6,419,053
Total $239,091,189
Dublin Companies Performance
Revenue Generated $137,157,917
Jobs 356
TOTAL INVESTMENT + REVENUE $376,249,106
TOTAL LEVERAGE 128:1
INVESTMENT CAPITAL LEVERAGE 81:1
REGION DUBLIN
Q3 2021 PROGRAM UPDATES
DUBLIN PARTNERSHIP REPORT
Q3 2021 (July - September)
Investment by Regional Partners in Rev1
Total $14,290,000
Investments in Companies
Rev1 Ventures $51,276,242
OTAF $13,072,496
Other Investments $1,619,829,499
Other Grant or Debt $118,672,494
Total $1,802,850,731
Companies Performance
Revenue Generated $889,259,633
Jobs 3,272
TOTAL INVESTMENT + REVENUE $2,692,110,364
TOTAL LEVERAGE 188:1
INVESTMENT CAPITAL LEVERAGE 126:1
2
DUBLIN PARTNERSHIP REPORT
Q3 2021 (July - September)
Talent services delivered in Q3:
Interns & Fellows Placed 40 Interns & 4 Fellows
Strategic Talent 4 Execs/Leaders Placed | 269 Jobs Posted
Mentors 12 mentor connections facilitated
Service Providers $226,635 in discounted or donated services
Referrals - Total (regardless of region)1581
Referrals - On Behalf of Startups located in Region 638
COMPANY AND PROGRAM UPDATES3
MOMENTUM
PORTFOLIO BUZZ
Forbes: Matterport SPAC Merger Imminent
Columbus Business First: How Acceptd's founders chose an acquirer that would ensure growth
Clinical Trials Arena: Five AI-Enhanced Clinical Trial Start-ups to Watch in 2021
Columbus Business First: Contactless ordering app Refill lands $1M investment after pandemic sales boost
Columbus CEO: Hair Drop making stylists' life easier with one-hour delivery of beauty supplies
Columbus Dispatch: Color Coded Labs helping Black and brown talent transition to technology jobs
Columbus Inno: Valet oil-change, car detailing startup Vohnt up and running in downtown Columbus garages
Columbus Inno: CEO departs acquired Dublin tech company Updox, purchase price revealed in buyer's IPO
Fortune TermSheet: Venture capital firm Greylock gears up for mango seeds
Columbus Inno: Startup analyzing security and worker sentiment on Slack, Teams raises an additional $5 Toward
Clinical Trial Stage
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 significant outreach and engagement initiatives in Q3 2021:
• Rev1 was awarded a $1.5MM EDA Build to Scale Grant to diversify intern/fellow placements and to
build diverse advisory networks. Rev1 will provide the $1.4MM local match from returns on Rev1
investments in startups.
• Launched new initiatives to cultivate diverse pipeline and provided support for Zora’s House
programming introducing women entrepreneurs of color to technology-enabled solutions for
growing their businesses.
EIGHT NEW COMPANIES ENTERED REV1 STARTUP STUDIO
Accentus Health, Inc. provides the S.T.A.R. Support mobile app and platform to address mental
health and work-life balance disparities in company and individual wellness. A 100 percent
confidential mental wellness platform, S.T.A.R. is based on research out of The Ohio State University
to address stress and trauma in individuals and organizations. The dashboard-driven platform
includes wellness assessments, mood checks, self-support exercises, coursework, videos, and more.
www.accentushealth.com
AdmissionWiz is an education technology company that is empowering students from around the
world with better access to higher education in the United States. Its platform connects prospective
international students with small to mid-sized higher education institutions offering high-quality
education at an affordable cost. AdmissionWiz simplifies the U.S. admission and student visa
process for international students by giving them easy access to the platform and expert admission
counselors. www.admissionwiz.com
Clockwise Logic LLC. has developed a solution that enables software developers and organizations
to monetize their data processing scripts while protecting the developer’s intellectual property and
the end user’s proprietary or sensitive data.
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COMPANY UPDATES
DASI Simulation provides predictive simulation-based solutions to individualize structural heart
therapies such as trans-catheter aortic valve replacement (TAVR).
• The company has closed on a fully subscribed seed round and is hiring for two full time
positions.
Healthy Roster is a technology platform to help industrial companies prevent and triage injuries.
• The company launched its Virtual Injury Prevention Services offering to help safety
professionals reduce recordables, lost work time, and costly medical consultations.
• The company, exhibited at the PPSA conference in Orlando in October.
HyperDamping is creating a quieter and more comfortable world through innovations in advanced,
lightweight materials to stop shock, vibration, and sound.
• The company continues to work on their dampening materials for wide-spread industrial
applications.
Inmobly figures out the content that users are interested in, delivers it at the time that makes
sense and stores the video content in the device so that when you want it you have it.
• The company continues to work on their applications and technology for managing mobile
data traffic using sophisticated prediction and scheduling algorithms to shift network usage.
Nanofiber Solutions designs and manufactures novel three-dimensional (3D) nanofiber scaffolds.
Our platform technology mimics the extracellular matrix found within the body, providing a
realistic environment for all types of cells whether in the body or on a lab bench.
• The company is continuing work on their nanofiber scaffolding that promotes tissue
regeneration by giving the body a pathway to perform its natural healing function.
Equitek is addressing the healthcare staffing and scheduling challenges that face the industry
nationwide. Using proprietary artificial intelligence and machine learning technologies,
Equitek’s My Shift Health mobile application and technological infrastructure matches clinicians
and other healthcare professionals directly with facilities to reduce staffing costs for facilities
and improve work-life balance of healthcare professionals.
Hair Drop is a mobile e-commerce app where hair salons, stylists, and barbershops can buy
hair and beauty supplies online and on-demand and have them delivered in less than an hour.
Supplying top brands, including Alikay, Ampro, Aunt Jackie’s, Cantu, Cream of Nature, Kinky-
Curly Naturals, Wahl, and more. www.hairdrop.app
RedNOx, Inc. is developing a next-generation NOx (nitrogen oxides) sensors based on
intellectual property developed at The Ohio State University. Prototype sensors are in
evaluation for their ability to accurately monitor emissions of very low levels of NOx as mobile
source emissions are reduced to meet federal and state ambient air quality standards.
Reformul8 diverts plastic waste from landfills and the environment to recycle into eco-friendly
products. The company works with consumers and manufacturers to collect plastic waste to
recycle it into new products, including 3D printer filaments. www.reformul8.com
Vohnt, LLC. is creating a new operations model for immediate, convenient, and affordable
access to car care. Vohnt picks ups and services vehicles where they are typically idle—parked
at work or while owners sleep. The 24/7 operation redefines the car care industry with Cloud
Car Care, one-click car care that covers everything from filling the tank to overcoming owner
obstacles to delayed auto maintenance with cost-effective convenience. https://vohnt.com
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Off the Beaten Path Coffee Through its proprietary equipment, Off the Beaten Path cold-brews
coffee and teas serving them on-tap hot or cold, infused with nitrogen.
• The company has received a patent from the US Patent and Trademark Office for their Cold
Brewing System and Method.
• The company recently secured several new corporate customers and is in the process of
evaluating re-introducing retail beverage sales.
Portal Green provides employment risk mitigation for the service and hospitality industries.
• The company continues to build its employment testing platform for helping companies hire
right.
Protein Capture Science has developed a platform for protein purification based on technology
from Dr. David Wood’s lab. Using a self-cleaving affinity tag and their proprietary capture resin,
iCapTag. The platform allows for reliable and highly controlled cleavage and protein purification
for R&D and manufacturing applications.
• In July 2021, the company launched the iCapTag platform to potential customers. The team
is currently working with Rev1 to establish customer validation, explore hiring technical staff,
consider sources of non-dilutive funding and define capital needs for the future. Protein
Capture Science was granted the trademark “iCap tag” in September 2021.
PointPro is a predictive analytics platform that performs adaptive, closed-loop predictive
simulations to support the optimization of performance and maintenance of manufacturing
systems.
• The company was recently recommended by Ohio Third Frontier Commission for $100K of
TVSF Phase 2 funding.
ReAlpha is a predictive analytics platform that performs adaptive, closed-loop predictive
simulations to support the optimization of performance and maintenance of manufacturing
systems.
• The company was recently recommended by Ohio Third Frontier Commission for $100K of
TVSF Phase 2 funding.
COMMUNITY OUTREACH
Event: DEC How to Launch a Product with Portal Green
Date | Location: July 8, 2021 | Virtual Event
Speaker: Jody Schaffer, CEO Portal Green
Description: The last eighteen months have been quite a journey for CEO Jody Shaffer and the
team at Portal Green—and the last six of those months have been a sprint. Portal Green’s overall
vision is to help businesses mitigate risk. The company is a Columbus-based startup that provides
employment risk mitigation for the service and hospitality industries. The experts at Portal Green
stepped up quickly to adapt their online risk mitigation platform to meet challenges created by
the pandemic. In this session, Shaffer talks about how Portal Green built a product plan in April
and launched the platform in June.
Event: How to Get Positive Customer Feedback
Date | Location: August 12, 2021 | Virtual Event
Speaker: Matt Cynkar, Managing Director, Rev1 Ventures
Description: In this interactive session for founders, Matt Cynkar, Managing Director of Rev1
Ventures, will help you to gather customer insights. Learn how to survey your target customers
and get their feedback on your product. Get critical intel that will ensure you are on the right
path to delight your customers.Having a great mentor that can help you see around corners and
anticipate roadblocks can be life-changing. Join us for this session with Alison Lopriore, director
of entrepreneur programs at Rev1 Ventures to learn how to find and make the most of a mentor
relationship.
GLOSSARYDEAL 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.
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