Last week, the Ohio Third Frontier Commission approved $3.25 million to commercialize new technologies and provide internships at early-stage technology companies.
“Technology is the future, and we are helping companies get their innovative products to market,” said David Goodman, director of the Ohio Development Services Agency and chair of the Ohio Third Frontier Commission. “We are also growing the technology workforce of Ohio.”
Commercial Acceleration Award
The Commercial Acceleration Loan Fund bridges the gap between an entrepreneur’s need for capital and the traditional sources of financing primarily reserved for established businesses. The program supports companies showing potential to grow substantially in size and value over a relatively short period of time. It provides financing alternatives to help early-stage companies commercialize their products and get them to the marketplace.
Blue Water Satellite, Inc., located in the city of Toledo (Lucas County), was awarded a $1 million loan to accelerate the growth and development of its image and data analysis products. The technology uses satellite imagery to identify contaminants in water and on land.
SafeWhite, Inc., located in the cities of Columbus and Dublin (Franklin County), was awarded a $1.25 million loan to accelerate the development and commercialization of a dental product to whiten teeth naturally without the harmful effects of peroxide. It uses proteins similar to what sea mussels use to attach to rocks.
Ohio Third Frontier Internship Program
The Ohio Third Frontier Commission authorized $1 million for the Ohio Development Services Agency to administer the Ohio Third Frontier internship program. The post-secondary program is consistent with the overall strategy to aid entrepreneurial businesses in their growth and to outreach to minority, rural and underserved populations for inclusion in technology innovation. Applications will be accepted starting in October.
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