State Senator Scott Oelslager (R-North Canton) today announced that Impact Angel Fund, of Canton, will receive state funds to help attract and accelerate the growth of technology companies in northeast Ohio.

The Impact Angel Fund (IAF) will receive $1 million from the Ohio Development Services Agency’s Research & Development Fund to invest in emerging and expanding technology-based companies. Bond dollars from the Ohio Third Frontier Commission will allow IAF to target a variety of industries, including aero-propulsion, agribusiness and food processing, medical technology and solar photovoltaic, among others.

Certain criteria must be met before groups are eligible to receive funds, including:

  • Substantial presence, meaningful impact, or strategic connection to the economy of the nine-county targeted area, including Stark County, 
  • Proprietary technologies in the advanced materials sector, software applications, or the emerging shale gas technologies areas,
  • Potential to serve a sizeable and significant market,
  • Evidence-based, credible potential to attract investment and funding needed to advance the company to its next stages of commercialization.

Support from JumpStart, TechGROWTH Ohio, Innovation Forward and various other individual investors will provide an additional $1 million to match the state’s investment.

“I am excited to see this plan move forward,” said Oelslager. “The goal is to make state capital dollars more accessible, spur technology growth here in Stark County and the surrounding region, and benefit a growing and diverse workforce."

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