Give us the 30-second rundown on what CIFT does.

We’re the Edison Technology Center that’s responsible for technology-based economic development within food processing and agriculture and agribusiness, and we tend to define that rather loosely. (more…)

From our first humble days with only one employee, through a very quick ramp up to a fully staffed office, and ending in third quarter 2009, Rocket Venture’s clients have received almost $28M in investment, grants, sales, licensing agreements, and joint development efforts.  That’s not just a couple of “lucky” entrepreneurs – that number represents the success of twenty-six different early-stage companies!  That doesn’t count any money from the State of Ohio, either, such as grants from the Alternative Energy Program.  We only measure how much “New” money comes into these Ohio businesses.  It also doesn’t include other deals in the works, which we expect will dramatically increase that total.

Why is this important and what should it mean to you?  Well, if you are an entrepreneur with a technology idea, it means that we have a proven track record of success and you should talk to us to see if we can help you.  If you are looking to relocate a business, it means that Northwest Ohio is on the upswing and will continue to be a great place to be based.  If you are a tax-payer, it means that we have taken $5.5M of a Third Frontier bond issuance and leveraged a 5.1 return.

Even though these are great numbers, some of the impact on Northwest Ohio is a little tougher to see.  We are accustomed to hearing about “new jobs” and large existing companies moving here from out of the area.  We don’t often hear about or think about how companies get started and what needs to happen before an entrepreneur can even hire the first person.  But that is what Ohio’s Third Frontier Entrepreneurial Signature Program is designed to do – help position companies for that initial step and continued growth.  We are taking the lessons from the start of the glass industry in Toledo, the auto industry in Michigan, and more recently personal computer industry in Seattle in order to apply them here today.  We are creating industries from small groups of related technologies.  Those industries will take hold, grow, expand, and grow some more.  It will take some time to see the full effects of our efforts today, but the point is that these numbers indicate we are on the right track. 

Craig Ortega
Program Manager

Tags: Add new tag, Economic Development, Money, ODOD, Ohio, Starting a business, Strategy, Technology, Third Frontier Posted in Current Ventures, News, Ohio, Technology | Comments Off

Drew Carey is from Cleveland, Ohio and has always been proud of his heritage. In fact, his sitcom, aptly titled, “The Drew Carey Show,” was set in Cleveland. Because this show was a favorite of my husband’s, I can still remember how the theme song ended…it was a Drew saying a the word Ohio very loudly.

The Internet age has made many of us see the supposed greener grass of other parts of the country, while the sexy allure of the bigger cities and states has always made being from Ohio or a Midwestern state seem negative in some way. In a culture of “mine is better than yours,” how do we clearly identify our home cities and state and get back to the Drew Carey’s mindset of “Heck yeah I’m from Ohio and really proud of it?”

For the past few months, it has been my privilege to be on an editorial team for a new ezine called hiVelocity. This new publication’s only focus is the important changes that are happening in Ohio. The new Ohio economy, the creation of technology and the innovative “thinkers” located all across the state are detailed in this bi-monthly publication.

I’ll admit I’m biased because I’ve always loved my home state and my home city of Toledo. However, after listening to the story pitches being tossed out by my counterparts across the state, my enthusiasm for Ohio has become even greater. When the ezine was launched on September 24, I read it with awe. Even though I had seen some of the stories before, part of me read it with new eyes and I couldn’t help thinking, “All of this is really happening in Ohio?” It makes me excited for the future and the Ohio economy and glad I chose to stay here and raise my family.

I encourage all of you to read hiVelocity every two weeks. There is so much to learn about our great state…and maybe you’ll end up hearing the end of the Drew Carey theme song in your head too…”OHIO!”

Julie Myers
Marketing Manager

At Rocket Ventures, we focus on technology, entrepreneurs, growth and opportunity.  But we also offer some intangibles that we can’t take credit for, but we sure do leverage.  Our location is arguably the top of that list.  Ohio is known as the State of Perfect Balance.  As the Ohio Business Development Coalition states on their website ohiomeansbusiness.com, it is the place “where world class companies and those who aspire to be don’t have to compromise professional or personal satisfaction in pursuit of their ambitions. The same goes for their families and the employees whom they lead. The Great State of Ohio offers business and industry many unique qualities that contribute to better balance and, ultimately, optimal business performance.”  What about Northwest Ohio specifically?  What makes us so special?

The largest city in NW Ohio is Toledo, with a population of about 400,000 in the metro area.  Owens-Corning, Dana, Pilkington-North America and Owens-Illinois are headquartered and Fifth Third, Huntington, Key, and National City banks have major operations in the Toledo Metro area.  This critical mass supports a minor league baseball team and has enabled a new sports arena to be built (officially opening in just one month) that will house an East Coast Hockey League team and an Arena Football 2 team as well as countless music, sports, and entertainment events.  The ballpark and the arena combined with the Seagate Convention Center and the Valentine Theatre anchor an entertainment district in the heart of downtown.  Toledo also boasts about its Art Museum, thought of as one of the top five in the country, and its Zoo, one of the world’s most complete with over 760 species.  Even with this draw, we don’t experience some of the problems that larger cities do, such as traffic and crime.  Our highways and surface streets allow for such good flow that it is often joked we don’t have a rush hour; we have a rush “half-hour.”

Findlay and Lima, each with a population around 40,000, are tremendous assets for the region.  Findlay and Hancock County offer one of the more comprehensive community planning and economic development efforts available.  In fact, more than fifteen high-profile companies such Marathon, Whirlpool, and Cooper Tire are present because of it.  Lima has been home to many manufacturing companies, serving the locomotive, automotive, and home appliance industries among others.  Both offer cultural and entertainment outlets, from the Arts Partnership of Greater Hancock County to the Lima Warriors semi-pro football team to Findlay’s Riverside Park band shell.

Despite our size and corporate history, we haven’t lost our honest, straightforward nature or our traditional values such as generosity and strong work ethic.  We still appreciate a job well done and will honor a commitment.  In fact, Lima was once named among the Top 10 places to raise a family in the U.S. by Reader’s Digest due to the area’s strong sense of community, great business and entertainment opportunities, and a rewarding quality of life that’s easy on the pocketbook.  America’s Promise Alliance and Capital One announced Findlay as one of the 100 Best Communities for Young People in 2007.

I would be remiss if I didn’t mention the Lake Erie shoreline and islands of Ottawa County or the city of Defiance, which was recognized for the seventh consecutive year by Site Selection Magazine as one of the Top 100 small towns in the US.  As the midpoint between Fort Wayne, Indiana and Toledo, it is experiencing growth and investment due to the “Fort to Port” project.

So, if you are an entrepreneur, and you have an idea, we would love to talk to you.  We can offer advice, coaching, management expertise, and maybe grants or investments.  But we can also help you build a business in one of the best possible places – Northwest Ohio.

Craig Ortega
Program Manager

Ignite! Development Fund