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JumpStart, Braintree, 9 others share $26.5 million award for NE Ohio entrepreneurship support

November 21, 2019
by Kim Palmer, Crain's Cleveland Business

The Ohio Third Frontier Commission approved $76.85 million to startup and early-stage technology companies statewide to help accelerate the commercialization of institution-owned technologies, according to a statement from the Ohio Development Service Agency.Under the Ohio Third Frontier Entrepreneurial Services Provider Program (ESP), $26.5 million in grants were awarded to JumpStart Inc. to help entrepreneurs in Northeast Ohio.Another program, the Ohio Third Frontier Technology Validation and Start-up Fund (TVSF), provides grants to Ohio institutions of higher education and other nonprofit research institutions. The goal is to capitalize technology that is commercially viable with the goal of eventually licensing that technology. TVSF awarded nearly $1 million on Nov. 21, including the following in Northeast Ohio: Akron PolyEnergy Inc. of Akron received $100,000 for the development and commercialization of a polymer electrolyte that can be used in lithium-ion batteries for electric vehicles.Exotome LLC of Shaker Heights was awarded $150,000 for development and commercialization of therapeutics to improve image-guided surgery for prostate cancer.NeuroTherapia Inc. in Cleveland received $150,000 for development and commercialization of a new drug to target and prevent inflammation in the brain often found in patients with Alzheimer's and other neurological diseases.RooSense LLC in Akron was awarded $100,000 for development and commercialization of a wearable fabric that monitors hydration levels during exercise or training.

Source: JumpStart, Braintree, 9 others share $26.5 million award for NE Ohio entrepreneurship support URL: https://www.crainscleveland.com/government/third-frontier-awards-nearly-77-million-tech-funds-statewide?utm_source=morning-roundup&utm_medium=email&utm_campaign=20191122&utm_content=article5-readmore