$50m in investment capital coming to Northeast Ohio
Yesterday, the Ohio Third Frontier Commission approved $72.7 million in statewide funding that will provide capital to innovative startup companies, advance medical technology and foster young talent through a new High School Tech Internship Pilot Program.
The High School Tech Internship Pilot Program will help develop and retain tech talent in Ohio by providing up to 100 high school-age students an opportunity to secure a paid summer internship at Ohio companies in the emerging fields of cybersecurity, data, software and cloud/IT infrastructure, according to a press release from the Ohio Development Services Agency.
This statewide collaborative effort includes local education and private business partners, traditional and career technical schools, Ohio Third Frontier, the Governor’s Office of Workforce Transformation, the Lt. Governor’s Office and the Ohio Department of Education.
In order to receive the funding, the receiving organization will have to match the funding one-to-one, according to Vicki McDonald, communications manager at Jumpstart Inc. So, if Cleveland organizations were awarded $50 million in funds, they will have to raise $50 million, resulting in $100 million in investment capital available to startups and health tech in the region.
“We are investing in technology that will attract private capital from across the state and beyond,” said Lydia Mihalik, director of the Ohio Development Services Agency and chair of the Ohio Third Frontier Commission, in the press release. “Supporting innovation, building companies, and developing talent will provide new opportunities in Ohio’s growing tech economy.”
The Ohio Third Frontier Pre-Seed/Seed Plus Fund Capitalization Program supports Ohio-based angel and seed-stage funds that provide capital to startup and early-stage Ohio-based technology companies. The Ohio Third Frontier money leverages matching private investment.
The goal of the program is to encourage private investment and create a strong public/private partnership that accelerates the growth of technology companies in Ohio and creates well-paying jobs. These companies in turn have the potential to attract further investment from both inside and outside of the state.
This article originally appeared on TheLand.org on March 11, 2021.