TGO Demonstrates Sustained Economic Impact for Ohio Third Frontier Commission
TechGrowth Ohio was well-received at the recent Ohio Third Frontier Commission meeting, where Lynn Gellermann, Associate Dean of Innovation Partnerships at Ohio University and Executive Director for TechGrowth Ohio, along with Neill Lane, former CEO of Stirling Ultracold and Co-Founder of the Athens Ohio Investment Alliance, and inventor Dr. Andrew Weems, showcased the enduring impact that TechGrowth Ohio has been making in Southeast Ohio. Their presentation shows how TechGrowth Ohio’s unique model has been a catalyst for exceptional technology, transformative innovation, and substantial, lasting economic growth in the region.
TechGrowth Ohio’s Unique Model:
TechGrowth Ohio stands out for its distinct approach to fostering tech innovation and economic growth. It is strategically located to serve the rural, Southeast Appalachian Ohio region, making it an integral part of Ohio University—the only university to sponsor a Regional Third Frontier Program.
Services, Capital, Talent:
One of the pillars of TechGrowth Ohio’s success is its comprehensive support ecosystem. They offer intensive venture development services to startups, provide seed-stage capital, and play a pivotal role in talent recruitment and development. This holistic approach ensures that entrepreneurs have the necessary resources to thrive.
Impact Results:
The numbers speak for themselves. TechGrowth Ohio has generated a staggering $1 billion in economic impact, engaged with over 2,000 entrepreneurs, and created or retained 850 jobs with an average salary of $55,000. These statistics underscore the significant contribution TechGrowth Ohio has made to the region’s prosperity.
Building, Growing & Partnering with Innovation Networks:
TechGrowth Ohio doesn’t operate in isolation. It collaborates with various innovation networks and organizations to amplify its impact. These partnerships include the OU Center for Entrepreneurship, I-Corps@Ohio, Ohio Innovation Fund, Ohio SBIR Technology Acceleration Program, Athens Ohio Investment Alliance, OU Apex Accelerator, SBDC, Innovation Center, and the Shawnee State Kricker Innovation Hub.
Investment Results:
TechGrowth Ohio’s investments in 17 startup tech companies have yielded impressive results. To date, they have seen exits from six companies, a testament to the soundness of their investment choices. Collaborating with co-investors such as angel funds, VC funds, venture banks, and third-party capital both within and outside Ohio has been instrumental in their success.
TechGrowth Ohio Fund Exits:
The successful exits of companies like Ghost Blind, Stirling Ultracold, Quickloadz, Ecolibrium Solar, and Jersey Watch have not only added value to the region but have also paved the way for new investments.
Looking Ahead:
Resilient Medical, a current TechGrowth company headed by CEO and inventor Dr. Andrew Weems, is developing a revolutionary medical device for women’s health. This device is manufactured using 3D printing technology from materials that allow it to simply dissolve in the patient’s body as it’s no longer needed.
TechGrowth Ohio’s influence goes beyond direct investments. The successful exit of stakeholders from TechGrowth company, Stirling Ultracold, has led to the formation of the Athens Ohio Investment Alliance. This initiative ensures that local investment continues to thrive, perpetuating the positive economic impact.
TechGrowth Ohio, with leadership and partnership of seasoned investors, has become a driving force in Southeast Ohio’s tech innovation and economic development landscape. Their unique model, impressive impact results, and strategic partnerships serve as an inspiring example for economic development teams and high-growth tech startups. As they continue to make waves, TechGrowth Ohio is a shining beacon of how innovation and strategic collaboration can transform regions for the better.
[Sources: [TechGrowth Ohio](https://www.techgrowthohio.com), [Ohio Third Frontier Commission](https://development.ohio.gov/bs_thirdfrontier/)]
