VentureOhio’s board has decided to sunset the nonprofit trade association, which advocated for increased capital and greater collaboration. The board made the decision to wind down the organization following CEO Falon Donohue’s departure earlier this year, assessing the impact of COVID-19 and recognizing Ohio’s regional entrepreneurial support organizations are well-positioned to advance VentureOhio’s mission.
“The timing of this transition made sense to us,” VentureOhio Chair Mark Kvamme said, in a release. “VentureOhio has made a significant impact as Ohio venture investment is at an all-time high, its partner organizations are advocating on issues and challenges related to access to capital, and Ohio is much better positioned for success than before VentureOhio was formed in 2013.”
VentureOhio helped shape and connect Ohio’s VC community via its annual Venture Dinner — which attracted top investors, entrepreneurs, policy makers and innovators — as well as its Venture Report, which provided a detailed look at Ohio investment activity highlighting the people and companies elevating Ohio’s economy. VentureOhio’s regional partner organizations will now consider how best to continue these efforts in 2020 and beyond.
While VentureOhio is transitioning, its NextGen program will continue under the name VentureNext as a collaborative program of partner organizations in Cincinnati, Cleveland and Columbus, thorough CincyTech, JumpStart and Rev1 Ventures, respectively.
The program, which provides connections and mentorship opportunities to foster the next generation of investors to support startup activity in the Midwest, consists of more than 100 members representing 75 venture funds with more than $5 billion in assets under management.