It may be news to some that Midwest-based innovators no longer have to fly to the coast in order to seek venture capital. There's a vibrant and growing capital infrastructure in Central Ohio for all kinds of start-ups. Here's one example:
NCT Ventures - a start-up funding firm located in Central Ohio – announced recently that they have closed a new venture fund at the $23 million mark (plus matching funds of $1.5 million from the Ohio Department of Development). The company believes that it will be able to fund at least nine start-ups over the next several years. While NCT Ventures is national in scope, leaders have a specific goal of developing and growing innovative companies in Ohio.
NCT Ventures is one of a number of Ohio-based private, public (and hybrid) sources of capital for innovators at almost any stage of development from napkin to exit strategy. NCT focuses on existing companies that need help taking their innovations to the next level. They invest in two start-up stages:
- Early-stage companies with at least $500,000 in annual revenue that need $100-250,000 in growth capital.
- Early-growth companies with $2-5 million in annual revenue that need innovation capital in the range of $1-5 million.
In addition to a focus on local companies, NCT investments center on their founder’s core competencies: marketing, logistics, and disruptive business models (defined as companies that use technology to make a marketplace more efficient).
NCT won’t make any new investments until the end of the year. But they are accepting proposals through the Angelsoft Network (a collaboration site for investors like NCT Ventures).
If you qualify, do some homework: visit the NCT Venture Website for more information, and consider spending some time on the Angelsoft site to learn about other sources of funding for existing and start-up companies. In fact, Angelsoft is the only way to deliver proposals to hundreds of angel funds and venture capital firms.