Funding Available for Technology Startups
(COLUMBUS, Ohio) — The Ohio Department of Development’s Ohio Third Frontier is seeking innovators with groundbreaking ideas to invest in as it advances technology commercialization throughout the state.
The Ohio Third Frontier is seeking Request for Proposals (RFP) for phase 1 and phase 2 projects of the Technology Validation and Start-up Fund (TVSF).
The program aims to boost the state’s economy through commercializing technologies invented by and developed at higher education institutions, nonprofit research institutions, and federal labs, and supporting startups with the licensing of their products.
“At the heart of economic growth lies innovation,” said Lydia Mihalik, director of the Department of Development and chair of the Ohio Third Frontier Commission. “Though these investments, we’re fueling the journey of technology products, from conception to reality, aiming to launch the next great idea, right here in Ohio.”
Phase 1 awards are intended for Ohio research institutions to help with the cost of viability testing and prototypes for new technologies. Awards can help demonstrate the commercial viability of a technology and help prepare a proof-of-concept for commercialization. Grants range from $200,000 to $1 million and require the institution to match the grant amount. Another funding option is for $100,000 requests that require the institution to hire an intern as part of the project instead of the cost share match.
Phase 2 Start-up Fund awards are up to $200,000 for each project. Phase 2 targets companies ready to move from Ohio research institutions to the marketplace. Awards support startups and young companies with the licensing and validation of products and technologies to help move them forward with the commercialization of their product.
Prospective applicants may submit written questions on the RFP through Friday, Feb. 2. Proposals are due by 2 p.m., Friday, Feb. 9, with awards likely to be announced April 2024.
Since 2012, Ohio Third Frontier has awarded more than 300 TVSF grants worth more than $46 million. Companies awarded have gone on to have commercial success based on the TVSF-supported technologies and often receive additional investments from Ohio Third Frontier’s Pre-Seed Funds.
Awards focus on technology and tech-enabled products in advanced manufacturing, materials, biomedical and life sciences, energy, sensors, and software and information technology. To learn more and apply, visit the program webpage at Development.Ohio.gov/TVSF.
Ohio Third Frontier works with innovative startup companies across the state, making Ohio the destination for technology entrepreneurs. The Ohio Department of Development empowers communities to succeed by investing in Ohio’s people, places, and businesses. Learn more about our work at development.ohio.gov
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