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Toledo Business Journal recently interviewed Daniel Slifko, president of Rocket Ventures, LLC. He shared the following thoughts.
Toledo Business Journal: Can you discuss the vision and mission of Rocket Ventures and describe the type of companies the organization focuses on for investments?
Daniel Slifko: Understanding that in 2007 there was little or no organized commercialization expertise or sustainable funding activities in our region to help early-stage technology based companies commercialize their ideas, Ohio Development Services Agency (ODSA) - Third Frontier Program - took the lead and partnered with other public, private, and academic Institutions in northwest Ohio, creating the resources to start Rocket Ventures in the fall of 2007. Rocket Ventures began with a singular mission to prepare high-tech based start-up companies for funding and sustainability by providing intensive business assistance, enhanced management services, and pre-seed investments. The vision was that this uniquely focused economic activity would create sustainable high-tech, high-wage jobs, enhance economic diversity, and generate wealth within northwest Ohio.
We are technology agnostic but our organization has developed a great depth of knowledge, expertise, and commercialization success in technologies such as; ad vanced materials, agribusiness and food processing, medical technology, software applications, digital media, automation technologies, and solar photovoltaics to name a few key industry sectors.
TBJ: What is the geography that Rocket Ventures covers?
Slifko: We cover an 18-county region that runs west to the Indiana line and includes counties from Williams to Mercer. In the middle of our region we cover from Lucas to Auglaize counties and in the east from Ottawa to Wyandot counties.
TBJ: Can you explain the size of the venture investments made by Rocket Ventures and other criteria for the companies in which funding is provided?
Slifko: Rocket Venture Fund typically invests between $250,000 and $750,000 per portfolio company. These start-ups or early stage companies need to be located in northwest Ohio with revenues under $5 million and under 30 employees. Funding is considered for technology-based businesses that demonstrate a desire and potential to grow rapidly. These companies must have Intellectual Property owned by, or licensed to, the company and a solid exit strategy with a three to five-year horizon.
TBJ: Can you provide a couple of alternative examples of the structuring of the funding for...