Lisa Delp Nasvf Presentation 9 15 09

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Presentation at the 2009 National Association of Seed and Venture Funds Conference

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Lisa Delp Nasvf Presentation 9 15 09

  1. 1. Encouraging Entrepreneurs in Difficult Times Ohio’s Entrepreneurial Assistance and Capital Formation Programs Lisa Delp Ohio Department of Development Technology & Innovation Division
  2. 2. Our Mission <ul><li>To facilitate the introduction of innovative technologies, products and processes into the marketplace; </li></ul><ul><li>To maximize the economic return of State investments through targeted Programs and Project Grants; </li></ul><ul><li>To grow investment worthy companies with a higher likelihood of success and greater potential for return on investment; and </li></ul><ul><li>To reduce the risk of early-stage investment by providing capital and tax benefits to professionally managed seed and venture funds. </li></ul>
  3. 3. Technology Commercialization Continuum IMAGINING the Commercial Opportunity INCUBATING to Define Commercializability DEMONSTRATING Products & Processes in Commercial Context MARKET ENTRY to Prove Commercial Viability GROWTH & SUSTAINABILITY to Generate Financial Returns Mobilizing Resources for Incubating Mobilizing Resources for Demonstrating Mobilizing Resources for Market Entry Mobilizing Resources for Growth & Sustainability Entrepreneurial Signature Program Technology Investment Tax Credit Ohio Venture Capital Authority
  4. 4. Entrepreneurial Assistance & Capital Formation Programs <ul><li>Entrepreneurial Signature Program (ESP) </li></ul><ul><ul><li>$84M awarded to advance tech-based entrepreneurial ventures. </li></ul></ul><ul><li>Pre-Seed Fund Initiative (PSFI) </li></ul><ul><ul><li>$35M awarded to expand the number of Ohio pre-seed/seed funds. </li></ul></ul><ul><li>Ohio Venture Capital Authority (OVCA) </li></ul><ul><ul><li>$150M fund of funds created to increase VC access and activity. </li></ul></ul><ul><li>Ohio Technology Investment Tax Credit (OTITC) program </li></ul><ul><ul><li>$45M tax credits available to encourage investment in tech companies. </li></ul></ul>
  5. 5. Entrepreneurial Assistance <ul><li>Six regional Entrepreneurial Signature Programs (ESPs) provide business support to help emerging companies understand their market, improve their management and business structure, and prepare for growth and equity investment opportunities. </li></ul><ul><li>ESP programs and events facilitate connectivity between emerging companies and Angel and Venture Capital funds that benefit from increased deal flow, reduced risk, improved opportunities and a higher quality of early-stage companies in which to invest. </li></ul>
  6. 6. ESP Quick Facts <ul><li>Since 2007 the six regional ESPs have helped to create or attract 81 companies and 786 new jobs; </li></ul><ul><li>Over $35M has been expended by the ESPs for direct business assistance and pre-seed capital funding; </li></ul><ul><li>Through December 2008, ESP companies received follow-on equity investments and funding totaling more than $150M; and </li></ul><ul><li>The Ohio Third Frontier Entrepreneurial Signature Program generated $4 of leverage for every $1 invested. </li></ul>
  7. 7. Capital Formation <ul><li>Ohio Third Frontier has helped establish 46 new Pre-Seed funds since 2001 to support promising Ohio start-up technology companies at the earliest stages; </li></ul><ul><li>In 2003 the state established the Ohio Capital Fund / Ohio Venture Capital Authority, a “fund-of-funds” intended to stimulate Venture Capital activity and attract Venture Capital funds to the state; and </li></ul><ul><li>The Technology Investment Tax Credit program was created in 1996 to provide incentives to encourage Angel, Venture and Private investment in Ohio technology companies. </li></ul>
  8. 8. Capital Formation Quick Facts <ul><li>Since 2001 Ohio Pre-Seed / Seed funds have invested in 208 companies and helped create or retain over 2,100 jobs; </li></ul><ul><li>Over $25M has been invested into emerging Ohio technology companies; </li></ul><ul><li>Through December 2008, Pre-Seed / Seed portfolio companies received follow-on equity investments and funding totaling more than $1.2B; and </li></ul><ul><li>Ohio Pre-Seed / Seed Grants have generated over $50 of leverage for every $1 invested. </li></ul>
  9. 9. Ohio Quick Facts <ul><li>Ohio’s total venture capital investment in 2008 was $446M in nearly 200 companies; </li></ul><ul><li>Ohio’s early-stage investment activity increased to $238M in 2008, a 67% increase, while national levels decreased by more than 20%; </li></ul><ul><li>Ohio companies receiving first-time investments increased by nearly 15% over 2007. Nationally this number was down 10% for the same period; and </li></ul><ul><li>Ohio early-stage technology companies attracted $445 million in new venture capital investment in 2008. </li></ul>Data from the 2008 Ohio Venture Capital Report, a coordinated effort between the Ohio State University Center for Entrepreneurship, the Ohio Capital Fund, and the Ohio Third Frontier Entrepreneurial Signature Program.
  10. 10. Contact Information Lisa Delp Technology and Innovation Division (614) 644-9337 [email_address]

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