Dublin will give TechColumbus $400,000 over the next two years.

Dublin City Council last week approved the expenditure that will give TechColumbus' TechStart program funds that will be matched by state grants to support new technology and business creation.

Dublin has supported the TechStart program since 2007, contributing $250,000 each year until 2009. For the contribution, TechColumbus agreed to give "services supportive to new technology and business creation," a staff report to council said.

According to the agreement with TechColumbus, the company must have one staff member focused on Dublin and housed at the Dublin Entrepreneurial Center, market services and funding, providing access to funding to new businesses, providing and supporting training programs for new businesses in Dublin, assessing the potential and legitimacy of technology business start-ups and other duties.

According to information from TechColumbus, 68 Dublin-based companies have received assistance from TechColumbus since the agreement began.

Dublin recommitted to the program and pledged $50,000 each year from 2009 through 2011.

State dollars for the program are provided through the Ohio Department of Development's Third Frontier program, which snagged approval from Ohio voters with a renewal in May.

Deputy city manager and development director Dana McDaniel told council members Dublin already planned to give the TechStart program money next year.

"We already committed to $50,000," he said.

The $200,000 for 2011 and 2012 will help with job creation McDaniel said.

"According to Dr. Stephen Buser, professor emeritus of finance at OSU, Dublin's $900,000 investment in (TechStart) has resulted in $2.6-million of investment from (TechStart), and those companies have raised an additional $9.517-million of other capital," the staff report said. "Dr. Buser also concluded that funded companies have generated a 5 percent direct return to Dublin in the form of payroll tax receipts."

TechColumbus requested $500,000 per year for five years from Dublin, beginning in 2011, but staff recommended $200,000 for 2011 and 2012.

"The state will match dollar for dollar of local money with grant funds," McDaniel said.

Dublin is not the only municipality being solicited for funds.

"There are other communities in the region now beginning to invest in this," McDaniel said, adding that Gahanna, Westerville, Delaware, Marysville and Hilliard are all expected to get involved. "Dublin was a leader in this."