$200,000 matching funds approved
Dublin chips in to support TechColumbus
Dublin is investing $200,000 in TechColumbus this year.
Council members last week approved a new contract with the state group that focuses on new businesses and jobs, and provided a local match of $200,000.
Dublin's funds will be used along with funds from the Ohio Third Frontier to provide assistance to businesses.
"Without your funding, we would not be able to access matching funds from the state," Tom Walker, president and CEO of TechColumbus, told council members Jan. 28.
Since Dublin first executed an agreement with TechColumbus in 2007, the city has invested $1.1 million in the group, said Dana McDaniel, Dublin's director of economic development and deputy city manager. In turn, Dublin companies have received more than $35 million in investments, loans and other assistance.
The partnership with TechColumbus has provided assistance for 132 Dublin-based companies, a staff memo to council stated.
"This means the continuation of a very important program," McDaniel said of the new agreement.
The agreement with TechColumbus includes services such as assistance in finding capital for start-up companies, entrepreneurial training, assessments of the potential of a start-up company and a staff member who focuses on Dublin businesses.
Walker said finding funding and capital for a new business is difficult, but Dublin entrepreneurs have brought in more than $20 million in private equity.
TechColumbus also maintains a presence at the Dublin Entrepreneurial Center, per the contract. The DEC, which recently moved to a new location, has nearly 80 companies which provide about 130 jobs.
Walker is relatively new to TechColumbus and councilwoman Marilee Chinnici-Zuercher questioned him on long- and short-term goals for the group.
"We're going to refocus," Walker said. "One-hundred percent of our focus will be on entrepreneurs in the region. We really see the value of start-ups."