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CincyTech leaders warn proposed cut would shrink early‑stage support; say city funding leverages state match
Summary
CincyTech executives and former interns told council the manager’s recommended budget would cut annual city support from $250,000 to $75,000, a 70 percent reduction they said would reduce programming that seeds early‑stage companies and matches state funds.
Leaders and beneficiaries of CincyTech told the committee that a proposed reduction in the city’s annual grant to the venture development organization would weaken local early‑stage investment and training programs.
Emma Off, president and CEO of CincyTech, said historically the city provided $250,000 annually to CincyTech and that the manager’s recommended budget reduces that support by roughly 70 percent to $75,000. Off and other speakers said each dollar of city support is matched by the state, amplifying the local dollar and supporting internships, seed projects and commercialization work with Cincinnati Children’s Hospital and the University of Cincinnati.
Former interns and local founders described specific outcomes tied to the city funds: an investments intern said the opportunity provided rare venture capital experience that helped secure a post‑graduate job, while company founders said CincyTech’s seed investments helped attract follow‑on capital and support local hiring. Efren Torres, co‑founder of NaviStone, said CincyTech led his seed round and that the firm now employs 38 people in Cincinnati and plans to add roughly 30 more over three years.
CincyTech asked council to restore the prior funding level in order to preserve the state match and the pipeline of local commercialization support.
Ending: Council will consider amendments in the coming week; CincyTech requested restoration of the prior funding level to maintain programming and the state match.
