Tuesday, May 6, 2003

Tristate Summary

Governor pushes seed capital plan

In the midst of a fiscal crisis, Ohio Gov. Bob Taft met Monday with a group that sees eye-to-eye with him in resolving the state's economic woes: venture capitalists.

An estimated 400 people are attending the two-day Innovest venture capital convention in Columbus, and Taft seized the opportunity to promote his $1.6 billion, 10-year Third Frontier Project.

"I consistently hear from Ohio's business community that they need more early stage capital to help more Ohio entrepreneurs succeed," the governor said. "And that's why we are focused on making more early stage capital available for high-growth businesses."

Through several programs administered by the Ohio Department of Development, the state is putting up more than $200 million in grants and investments for startup high-tech companies in 2003.

The state's seed capital investments will grow with the passage of several Third Frontier measures and the creation of the Ohio Venture Capital Authority, which will bring an additional $200 million to the early-stage funding program.

Local company opens Va. office

Intelliseek, a Cincinnati-based technology company, has opened an office outside Washington.

The office in Vienna, Va., opened April 21 to do a better job of servicing the company's large customer base among government agencies and departments.

Clients include the Army, the Defense Information Systems Agency and In-Q-Tel, a private enterprise funded by the Central Intelligence Agency.

Intelliseek, whose headquarters is in Over-the-Rhine, develops technology to capture, track and analyze information from disparate sources for real-time business intelligence.

- From staff reports

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