Rev1 Ventures Awarded $11.7MM Grant from Ohio Third Frontier
Rev1 Ventures Awarded $11.7MM Grant from Ohio Third Frontier to Continue Accelerating Startups and Spinouts into High Growth Businesses
It is with excitement and deep appreciation for our state’s commitment to innovation and entrepreneurship, that we announce that Rev1 Ventures has been approved for more than $11MM in grant funding through the Ohio Third Frontier program. This funding, between 2023 and 2025, will be used to support Rev1’s best-in-breed startup studio, which provides startups and spinouts with one-on-one advisory services, connections to customers, and startup space via Rev1 Labs innovation center.
Significantly, more than 60 corporate and community partners have committed to providing local matching funds. Nearly ten years ago, we coined a name for this extraordinary collaboration that exists in this region, The Backyard Effect—a pattern of connections that sustainingly draws entrepreneurs and investors to our region. Our partners in matching this grant include The Ohio State University, Nationwide Insurance, Cardinal Health, AEP, State Auto, Worthington Industries, Nationwide Children’s Hospital, community organizations, business assistance centers, and local governments.
The Impact of The Backyard Effect
This award and all these company-building relationships enable Rev1 to support more than 250 companies per year as intrepid founders and innovators start and build their businesses. With a singular focus on providing full-spectrum support, Rev1 pairs educational programming and advisory services to help de-risk and prepare new companies to seek early investment capital (from our funds and others).
Our client companies solve big problems, create family-wage jobs, and attract significant investment capital to Ohio. Since 2013, Rev1 clients have generated more than $4B impact to the Ohio economy. We are building a pipeline of innovation and talent. Our Innovation Internship Program has placed more than 330 college students in startups, just since 2021. With the support of this grant, we will begin to team these college interns with high-school students interested in the technology and entrepreneurial career pathways, further extending The Backyard Effect.
Rev1 believes—and research shows—that companies with diverse leadership are more successful. As we continue to cultivate a strong pipeline of diverse entrepreneurs, Rev1 will expand its structured collaborations with community partners to include Aventi Enterprises, a culturally competent organization delivering a structured pathway for qualified tech-based/tech-enables startups to access Rev1 resources to continue their journey.
The Impact of the Rev1 Team
Great results happen through the efforts of outstanding and committed people. Collectively, the Rev1 team has more than 100 years’ experience as startup founders, advisors, and investors. We know how to build successful companies and raise funds, and we truly enjoying working with entrepreneurs.
We have supported great entrepreneurs in our community who have built terrific companies, including Aware, MentorcliQ, Updox and many more. In addition, we have supported more than 75 spinouts, including companies such as Myonexus (Sarepta) and Deep Lens. Match that with our temperament and desire to work with nascent startups and founders and the know-how to validate product/market fit, and we are a powerful engine for technology commercialization in Central Ohio.
The region’s vision for a vibrant, sustainable entrepreneurial community is a connected ecosystem of capital and services that allows entrepreneurs and inventors from all backgrounds to fully pursue their dream. In the last several years, we have identified key opportunities and learned lessons that influenced our strategy moving forward. This grant from Ohio Third Frontier supports our continued initiatives to shorten the time to market and the path to profitability for hundreds of high-growth companies.