After agreeing in 2012 to withhold 2014 funding for the Toledo-based venture capital firm Rocket Ventures LLC, the Ohio Controlling Board recently unanimously approved the Ohio Third Frontier Commission's request to release the taxpayer-guaranteed bond money for the entity, The Blade reports. An independent evaluation in 2012 criticized the firm's "success rate in nurturing start-up companies, a perceived inexperience in product commercialization, and a lack of regional collaborators," which led the board to provide $1 million for 2013, but withhold 2014 funding until improvement was demonstrated. Since that time, the Ohio Development Services Agency (DSA) has expressed satisfaction with the entity's direction. In addition to severing its ties with the University of Toledo, Rocket Ventures has also "solidified its partnership with the Regional Growth Partnership as it seeks to demonstrate more of an 18-county northwest Ohio approach," the article said. For more, read the full story.
Seeing demonstrated progress, Ohio Controlling Board votes to release funding to Rocket Ventures
