Two Wooster Technology Start-Ups Approved for Ohio Tax Investment Credit Program: Wayne County Economic Development Council

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January 15, 2010

Two Wooster Technology Start-Ups Approved for Ohio Tax Investment Credit Program
Opens door to additional Investor funding Two Wooster startup companies have been approved by the State of Ohio for investment tax credit and development funds. ABSMaterials, maker of nano-glass materials to clean up toxic waste and Confer, developer of on-line business collaboration tools, were two of the seven companies approved the Ohio State Technology Investment Tax Credit Committee. The Technology Investment Tax Credit program offers a variety of benefits to Ohio taxpayers who invest in small, research and development and technology-oriented firms. ABSMaterials Executive Stephen Spoonamore explained the program: "One of the key ways the State of Ohio helps Ohio technology startup companies is by creating investment tax credits. By approving our company and fellow technologists at Confer, the state makes investing in our companies very attractive to Ohio based investors. For every $1 they invest, they can take a $0.25 cent tax credit. It makes investing in Ohio based technology 25% more attractive than any other investment they may consider. That matters." President of Confer, Ed Buchholz, shared his thoughts on the process of getting approved. "The testing has two parts. First, a company applies to a local Ohio Edison Centers. You give a business plan, and a good deal of documentation validating early-stage technology, prove the company has a core management team in place, and show you have a market for your technology. If the Ohio Edison Center approves the application, you then go on to the Ohio Department of Development Technology Investment Board." The Board is made up of leading bankers, lawyers and technologists with experience in company growth. Their job is to evaluate if the company has intellectual property capable of being protected and likely to lead to innovative companies and jobs taking root in Ohio. It ends with the board inviting finalist companies to present at a meeting in Columbus, where the board votes on approval. "It was great to see another Wooster Company there," said Spoonamore, "and I will point out Wooster was the only city with two companies being considered. Tom Washburn is the acting chair of the commission seemed a little surprised, he asked me 'what's going on up in Wooster?' I told him: 'A lot of good things. It's a smart little city." “We’re Wooster natives. Our offices are located in downtown Wooster, and we are proud to be a part of North-East Ohio’s burgeoning technology corridor.” said Buchholz, “The Technology Investment Tax Credit program is a great first step to bringing technology jobs to the area.” Spoonamore concluded: "The State of Ohio has put together and excellent set of programs to support, develop and retain business. ABS has worked with NE Ohio organizations GLIDE and JumpStart which are excellent programs for the NEO area. Moving along the process and having the State of Ohio is very validating, and to share it with a fellow Wooster start-up makes it a very sweet day."
Posted by Rod Crider on January 15, 2010 at 10:18 AM in Economic Development News \| Permalink

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