Local venture capital firm aims to raise $1.5 million

Rocket Ventures LLC is trying to refuel its budget.

The Toledo venture-capital firm is trying to raise $1.5 million in community support, which then would be matched by a state grant.

The organization, which funds technological ideas and products that quickly can achieve commercialization, covers 18 counties in northwest Ohio. It has helped generate about 240 full-time jobs and more than $120 million in income and investment since it opened in 2007, according to figures it released.

Dan Slifko, Rocket Ventures director, said the initial $15 million in private and public money that funded the group is running out. He said the $3 million would extend the group's budget for fiscal years 2013 and 2014.

"I don't think there's any question of if the state is going through [with its financing]," Mr. Slifko said. "The bigger challenge is raising the $1.5 million."

Rocket Ventures must submit its community-pledged support to the state by Feb. 2, so Mr. Slifko aims to have at least $1.5 million by that date. Mr. Slifko would not say how much Rocket Ventures has raised so far, but he said he would release that number closer to the Feb. 2 deadline.

Lisa Delp, executive director of Ohio's Third Frontier in the Department of Development, said Rocket Ventures is one of six groups throughout in state essential to growing the technological sector. Rocket Ventures helps with patent issues, business plan development, and intellectual property discovery.

"We really take a comprehensive approach to this," Ms. Delp said. "We see other states that do not have the service component there to help these companies. Money really isn't enough."

Rocket Ventures was started by the Regional Growth Partnership, an economic development company funded by and focused on driving the private sector. After it was conceived in 2006, the company began stimulating job growth and product development the following year.

Rocket Ventures eventually joined forces with the University of Toledo. It aims to help businesses that "can achieve full-scale commercialization, scalable to $30-50 million in annual revenues in six to eight years," its Web site states.

"Our challenge is to make sure the community at large understands that job creation is not easy," Mr. Slifko said. "The ideas exist here and the opportunities are starting to come to fruition because of this particular program."

Contact Kris Turner at: kturner@theblade.com or 419-724-6103.