Regional Economic Development Partners
Rocket Ventures is a $22.5 million venture capital organization partially funded by the Ohio Department of Development, which identifies and invest in early stage companies that have strong potential in the marketplace, solid prospects for growth and are likely to qualify for later stage funding. Beyond investing and intensive business assistance, Rocket Ventures seeks to promote celebrate and continually grow Northwest Ohio’s position as a nationally significant center for entrepreneurship and innovation.
Rocket Ventures strives to:
- Identify early-stage, high-potential technology companies
- Deliver capital resources, business knowledge, and technical expertise
- Position client companies to receive other available financing
- Speed up the process of bringing new technology to the market
- Generate wealth for investors and northwest Ohio
Target Industries:
- Advanced Materials
- Agriculture or Bioscience
- Power and Propulsion Instruments
- Control Sensors and Electronics
- Information Technology or Computers
As part of Rocket Ventures, the Ignite Development Grant program provides essential funding to emerging, early stage technology companies and innovative manufactures in high-growth industries, allowing them to take the first steps toward commercialization. Rocket Ventures has a specialized review process, and every Ignite Grant is evaluated and approved by the technology and commercialization board of advisors.
Another component of Rocket Ventures is the Launch Program. This program provides a customized portfolio of business incubation services to technology based start-up companies to accelerate growth through the early stages of commercialization. Funded through the Thomas Edison Program at the Ohio Department of Development, Launch fosters the growth of new technology ventures through services such as business plan development, market analysis, financial planning and intellectual property management.
For more information on Rocket Ventures and development in Wyandot County contact
Greg Moon.
Blanchard Valley Port Authority
Under Ohio law, the Port Authority can participate in activities that “enhance, foster, aid, provide, or promote transportation, economic development, housing, recreation, education, governmental operations, culture, or research.” The Port Authority can finance, own, or lease land, buildings, and equipment.
The Port Authority can help:
- Small and medium sized companies gain access to the national capital market to finance new construction, expanding current facilities, or acquiring and renovating existing buildings. Competitive interest rates for such projects are comparable to BBB+ investment grade rated companies. This long-term, fixed interest rate financing through the issuance of revenue bonds provides favorable terms when compared with traditional financing.
- Large sized companies through financing, operating, or synthetic leases which can help the company reduce its overall costs of occupancy. These types of financings require the Port Authority to own the building and lease it to the company. The land can be acquired and owned by the Port Authority or leased from the company. All materials used in construction or renovation of such a building are exempt from state sales taxes.
- Governments for projects such as office or service buildings, public parking garages, tax increment and special assessment projects.
- Non-profit organizations including elementary and high schools, colleges and universities, cultural organizations, and any other IRS-approved 501( c ) 3 entities.
The Port Authority is considered a “friendly borrower” and may receive favorable terms for difficult to accomplish structures or incentive-driven transactions. Combining all available funding sources such as the grants and loans, private market funds, and financial assistance from other Port Authorities as appropriate are drawn upon to provide the borrower with the lowest cost of financing. Involving the Port Authority could be a “tie-breaker” for any project of $1.5 million or higher.
Please Contact
Greg Moon for details about how the Blanchard Valley Port Authority can work for you in Wyandot County.
- An introduction of the potential investment opportunity is made to a MAC member and or our Development Director.
- Our Development Directors will take the due diligence that has been done by the potential investment opportunity (PIO) and scrub it against what MAC requires as its initial level of due diligence. (see MAC due diligence)
- After it has been determined that the initial level of due diligence is compete. Our Development Director will then forward that information to one of the MAC Board of Directors for their review.
- A MAC Director will review the potential investment opportunity (PIO):
Executive Summary
Business Plan
Gantt chart/ Work Plan
Articles of Incorporation or Organization
Historical Financial Statements
Financial Projections
Sales Plan
Manufacturing Plan (if applicable)
- After, the MAC Director determines that the information provided by the potential investment opportunity (PIO) warrants further review a meeting will be arranged by our Development Director with the PIO and Lead MAC Director. (an invitation will be extended to all MAC Directors to attend meeting with PIO)
- After, the meeting with the potential investment opportunity (PIO) the PIO will be discussed at the next MAC Board of Directors meeting. The MAC Board of Directors will determine if the PIO warrants the opportunity to present to the full MAC membership.
- If the potential investment opportunity (PIO) is granted the opportunity to present to the full membership they will then be placed on the agenda of the next available full membership meeting.
Motivation:
Groups of local investors have been investing in small companies with high potential to both generate attractive returns for several years and to support business growth and job creation in the Hancock County Area. More importantly is that this action has led to our investors sharing their experience in business and lending time and expertise to discovering, evaluation and participating in business ventures. These interests coupled with an economic climate that is unlike any other that we’ve seen which features small companies and start ups that are starved for financing and are facing great difficulty raising capital is the impetus behind the formation of the Millstream Angel Club.
Future Opportunity:
In addition, we will use Millstream Angel Club as a foundation for a Pre-Seed Application to the State of Ohio Third Frontier Program. The goal is to provide capital to eligible Pre-Seed Funds to enable them to build on their proven successes in applying investment capital to companies in the Imagining, Incubating or Demonstrating phases of commercialization by catalyzing their ability to raise new private monies so that either additional investment can be made to existing portfolio companies to extend their “runway” or investment can be made in new companies to expand the investment portfolio.