Resolution 14-23
To: Members of Dublin City Council
From: Megan O’Callaghan, City Manager
Date: February 7, 2023
Initiated By: Jennifer Klus, Director of Economic Development
Kirby Dearth, Economic Development Administrator
Re: Resolution 14-23, Rev1 Ventures Services Agreement for 2023
Background
Resolution No. 14-23 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.
Summary
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
2023 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 regional 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.
Office of the City Manager
5555 Perimeter Drive • Dublin, OH 43017
Phone: 614.410.4400 Memo
Memo re. Rev1 Ventures PSA 2023
February 7, 2023
Page 2 of 2
• 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.
Since 2013, Dublin has invested $3.05 Million while $257 Million has been invested back into
Dublin-based start-ups. The revenue generated by these Dublin start-ups is $145 Million, creating
382 jobs. The City’s total leverage is 130:1 (revenue generated and capital attracted) and
investment capital leverage is 83:1. (Data source: Rev1 3rd Quarter Report 2022).
Recommendation
Staff recommends passage of Resolution No. 14-23 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 1st
day of January, 2023 ("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 2023
and shall terminate on the 31st day of December, 2023. 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 ___________, 2023.
CITY OF DUBLIN, OHIO
BY: _______________________________ Date ________
Jennifer L. Klus, Director of Economic Development
BY: _______________________________ Date ________
Megan D. O’Callaghan, City Manager
REV1 VENTURES
BY: _______________________________ Date ________
Tom Walker, President & CEO
Approved as to Form:
Jennifer D. Readler, Law Director
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 8
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 9
• 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
10
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
11
• 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
$3.05MM
Investment from
Dublin
382
Jobs Created by Dublin
Startups
422
Referrals to
Community Partners
$145MM
Revenue Generated
by Dublin Startups
$257MM
Investments in Dublin
Startups
130:1
Total Leverage
Impacts are All-time
Community ReportSteve Johnson, CEOOff the Beaten Path -- Cold Brewed Coffee & Tea
A Company that started with a focus on taking
the best ingredients – superior coffee beans, teas,
herbs — and finding the processes to deliver them to
consumer connoisseurs with the best possible taste.
FEATURED STARTUP
DASI Simulations provides predictive simulation-based
solutions to individualize structural heart therapies such
as transcatheter aortic valve replacement (TAVR).
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.
Healthy Roster, a technology platform to help industrial
companies prevent and triage injuries, launched its
Virtual Injury Prevention Services offering to help safety
professionals reduce recordables, lost work time, and
costly medical consultations.
DASI Simulations
Protein Capture Science
Healthy Roster
$4.51B
Startup Impact
Capital • Revenue • Exits
Since 2013
Rev1 Investment
Total $200,000
External Investors
Angel - Group $500,000
Angel - Individual $1,045,876
Friends and Family $110,000
OTAF Member $80,000
Private Sources $290,000
State/Federal $1,441,851
Venture Capital $513,701
Total External $3,981,428
TOTAL INVESTMENT $4,181,428
ABOUT REV1 VENTURES
Rev1 Ventures accelerates innovation with connections and capital that help entrepreneurs build high-
growth tech companies in software, healthcare and more. Its flexible startup studio platform serves
entrepreneurs at their earliest stages, while aligning with corporate and research partners to validate
customers, build teams and access funding. Rev1 is changing the equation for startup success and putting
Central Ohio on the map as one of the fastest-growing innovation ecosystems in the country.
QUALIFIED LEADS 19 8
FIRST MEETINGS 13 9
COMPANIES ENGAGED 4 3
POSITIONED FOR FUNDING 2 2
FUNDED 1 0
DEAL FLOW INCLUSION
DUBLIN
OCTOBER 1, 2021 - SEPTEMBER 30, 2022
INVESTMENTS
October 1, 2021 - September 30, 2022
DUBLIN PARTNERSHIP REPORT
Q3 2022 (July - September)
QUALIFIED LEADS BY INDUSTRY
ADVANCED MATERIALS 2
ADVANCED/ALTERNATIVE ENERGY 1
BIOSCIENCES 1
IT 15
2
QUALIFIED LEADS 244 149
FIRST MEETINGS 142 94
COMPANIES ENGAGED 22 14
POSITIONED FOR FUNDING 17 13
FUNDED 23 17
DEAL FLOW INCLUSION*
ADVANCED MATERIALS 14
ADVANCED/ALTERNATIVE ENERGY 9
AGRIBUSINESS & FOOD PROCESSING 9
BIOSCIENCES 60
IOT 4
IT 147
SENSORS & SENSOR SYSTEMS 1
GENERAL DEAL FLOW
OCTOBER 1, 2021 - SEPTEMBER 30, 2022
QUALIFIED LEADS BY INDUSTRY
REGION
INVESTMENTS
October 1, 2021 - September 30, 2022
Rev1 Investment
Total $7,444,983
External Investors
Angel - Group $2,576,577
Angel - Individual $7,556,797
Strategic Partner/Private $129,947,141
Founder Capital $1,442,488
OTAF Member $80,000
State/Federal $8,951,505
Venture Capital $156,304,444
Total External $306,968,951
TOTAL INVESTMENT $314,413,934
RETURN ON INVESTMENT
Investments Made Over All Time
RETURN ON INVESTMENT
Investments Made Over All Time
Investment by Dublin in Rev1
Total $3,100,000
Investments in Dublin Companies
Rev1 Ventures $5,707,854
OTAF $1,448,006
Other Investments $236,386,360
Other Grant or Debt $13,849,387
Total $257,391,607
Dublin Companies Performance
Revenue Generated $145,928,912
Jobs 382
TOTAL INVESTMENT + REVENUE $403,320,519
TOTAL LEVERAGE 130:1
INVESTMENT CAPITAL LEVERAGE 83:1
REGION DUBLIN
DUBLIN PARTNERSHIP REPORT
Q3 2022 (July - September)
3
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 - 19 companies attended.
Business:
o New Client Orientation - 7 companies attended.
o Introduction to Corporate Governance - 6 companies attended.
Market:
o Growth Multiplier - 5 companies attended.
Capital:
o Capital Access Planning Learning Lab - 7 companies attended.
Q3 2022 PROGRAM UPDATES
Investment by Regional Partners in Rev1
Total $2,012,500
Investments in Companies
Rev1 Ventures $57,531,671
OTAF $13,072,496
Other Investments $1,845,604,056
Other Grant or Debt $129,309,818
Total $2,045,458,041
Companies Performance
Revenue Generated $997,333,366
Jobs 3,512
TOTAL INVESTMENT + REVENUE 3,042,851,407
TOTAL LEVERAGE 151:1
INVESTMENT CAPITAL LEVERAGE 102:1
DUBLIN PARTNERSHIP REPORT
Q3 2022 (July - September)
Talent services delivered in Q3:
Strategic Talent 4 placements
Service Providers $176,253 in discounted or donated services
Referrals - Total (regardless of region)914
Referrals - On Behalf of Startups located in Region 540
COMPANY AND PROGRAM UPDATES4
MOMENTUM
STARTUP BUZZ
Crunchbase: Why Central Ohio Has Sparked Startup Success in the Midwest
Medium: Tom Walker of Rev1 Ventures: Five Things You Need to Create a Highly Successful Startup
Midwest Startups: 2022 Best of Midwest: Startup Cities Rankings
Columbus Inno: Worthington Industries to invest up to $10M each in startups from Rev1-managed VC Fund
Rev1 Ventures Blog: Procardian Conducts Preclinical Trials for Novel Solution for Heart Disease Patients
Mass Transit: OH: Cleveland Transit Partnership to Address Workers' Last-Mile Gap
The Sports Forward: Global Robust Patient Portal Softward Market 2022 by Top Companies
Columbus Business First: Rev1 makes first $100K grants from new pool for minority-owned tech startups
Columbus Inno: Columbus chronic disease startup lands distribution deal with labcorp
Vator News TV: Even as telehealth usage drops, physicians are increaingly adopting digital tools
Cleveland.com: Solving a transportation problem-Tech startup will offer last-mile rides in Solon, Bedfort Heights
Automotive World: TERAKI selects InfineonAURIX TC4x for ML-based radar
Digital Journal: Artifical Intelligence (AI)-based Clinical Trials market with Tremendous Growth by 2029
Xaralite News: 3d Cell Culture Market Forecast By Industry Outlook 2022-2026
Healthcare Tech: Scriptdrop and Roadie Collaborate to Enhance and Extend Medication Access
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 2022:
DE&I Grant Fund Launch: In an effort to help women and entrepreneurs of color build tech-enabled,
high-growth businesses in Central Ohio, Rev1 Ventures is committed to providing early-stage funding
to diverse founders in the form of grants.
•Founders applying for the Rev1 DEI Grant must operate or plan to launch high-tech, high-growth
enterprises in Central Ohio while experiencing a relatively high need for funding to hire early
talent.
Continued our work to build diverse talent pipelines through our Innovation Internship Program:
• Placed 46 fall internships with 16 startups, at least 5 more interns expected to be enrolled, 79%
diversity, two interns were hired as full-time employees.
• Made connections with 3 potential partners to access more diverse students for internship
opportunities.
Worked with Aventi Enterprises on diverse pipeline building initiatives:
• Held the first of four Business Planning Accelerators, attended by 11 Black women-led companies.
Launched new Grow to Scale mentor program for entrepreneurs:
• 8 Entrepreneurs matched with 13 mentors.
• Spent 100 hours together working toward business milestones.
COMPANY AND PROGRAM UPDATESDUBLIN PARTNERSHIP REPORT
Q3 2022 (July - September)
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SEVEN NEW STARTUPS JOIN REV1'S STARTUP STUDIO
HyperPath Solutions provides a value chain of innovative products and services in digital
pathology, whole slide imaging, cold chain logistics/biorepository services, and specialized
kitting services.
Lucy is an AI-powered knowledge management platform providing employees simple access
to all enterprise knowledge stored across different files, systems, and tools. Simply ask Lucy a
question, and she instantly finds the specific answer needed from presentations, documents,
videos, text, or audio. With Lucy, organizations democratize knowledge, increase productivity,
create efficiency, and save time and money to gain a market advantage.
ProMentor provides a virtual platform accessible from anywhere and year-round to help
develop the next generation of athletes both mentally and physically through mentorship,
collaboration, and technology. Individuals and organizations can collaborate seamlessly
with measurable content, assessments, training programs, and live sessions while leveraging
ProMentor professionals and experts within their respective groups. Proprietary data analytics
will provide insights into individual and group progression coupled with external data sources
in a single dashboard identifying trends and predictive analytics.
RevQuest provides an AI-based platform that recovers revenue for hospitals from denied or
underpaid claims and from healthcare payers. The proprietary artificial intelligence technology
creates customized databases and analytic algorithms to map payer patterns and identify all
rebilling opportunities, focusing on every claim to recapture lost revenue for all transactions.
StormImpact harnesses machine-learning technology and data analytics software to provide
storm damage and customer outage predictions to utility companies. StormImpact currently
serves utilities across the United States, driving down repair costs and minimizing outage times.
They provide predictive analytics to electrical utilities to forecast weather-related damage and
service disruptions. They combine case management and impact management into a single
platform for connecting non-profits and their funding orgs.
Tura2 is a concept stage biotechnology company developing therapeutics for traumatic
brain injury from accidents, falls and ischemia due to stroke or cardiac arrest. In addition, the
technology targets cognitive dysfunction in neurodegenerative diseases, such as Alzheimer’s
and Parkinson’s. The therapies are based on research at The Ohio State University.
Vivus Solutions provides AI-based solutions for simultaneously processing ultrasound and
x-ray data during percutaneous coronary intervention surgeries. These sorts of data, which are
widely used by cardiologists, are currently analyzed manually or semi-manually. Fully automatic
and accurate AI-based analysis can improve patient healthcare by helping decrease stent
failure rates. The software is in prototype phase with non-human data at Nationwide Children’s
Hospital.
COMPANY AND PROGRAM UPDATESDUBLIN PARTNERSHIP REPORT
Q3 2022 (July - September)
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COMMUNITY ENGAGEMENT
Event: DEC x Rev1 featuring Off the Beaten Path Coffee
Location: In person / Livestream / Dublin Entrepreneurial Center
Date: 09/22/2022
Description: A Company that started with a focus on taking the best ingredients – superior coffee
beans, teas, herbs — and finding the processes to deliver them to consumer connoisseurs with the
best possible taste.
Over lunch, we heard about the history and the work of the inventor Steve Johnson, founder,
and owner. He discussed the successes and tribulations of a startup, including how to work the
patent process, how he built his business, partnerships, and the importance of working with local
resources as the Dublin Entrepreneurial Center and Rev1 Ventures, to name a few.
COMPANY UPDATES
DASI Simulations: provides predictive simulation-based solutions to individualize structural heart
therapies such as transcatheter aortic valve replacement (TAVR).
•Focused on gaining regulatory clearance and initial market launch of first product TAVI.
Healthy Roster: a technology platform to help industrial companies prevent and triage injuries,
launched its Virtual Injury Prevention Services offering to help safety professionals reduce
recordables, lost work time, and costly medical consultations.
•Healthy Roster recently launched a new website emphasizing its capabilities around its sports
medicine electronic medical records and patient engagement.
•They continue to focus on worksite safety through channel partnerships and launched a
campaign focused on colleges that could become EMR customers.
•Healthy Roster has over 1000 hospitals, healthcare groups, colleges, and amateur and
professional sports leagues using its platform.
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 are infused with nitrogen.
•Company has relocated its production and packaging operations to Rev1 Labs.
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.
DUBLIN PARTNERSHIP REPORT
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