The Ohio Third Frontier Commission approved the distribution of $72.7 million this week to provide capital to innovative start-up companies, advance medical technology, and foster young talent through a new “High School Tech Internship Pilot Program.”
“We are investing in technology that will attract private capital from across the state and beyond,” said Lydia Mihalik, Director of the Ohio Development Services Agency and Chair of the Ohio Third Frontier Commission, in this news release. “Supporting innovation, building companies, and developing talent will provide new opportunities in Ohio’s growing tech economy.”
The awards were divided into categories that included: (1) pre-seed and seed plus awards; (2) technology validation and start-up awards; and the high school initiative.
One of the recipients was Queen City Angels (QCA), founded by Tony Shipley, a University of Tennessee alum. As noted in this release (QCA Announces 2021 Third Frontier award), QCA will use its $3.5 million in state matching funds to bring the total available to invest in Ohio-based companies in First Fund VI to about $15,000.