Beyond Silicon Valley, surprising threats emerge: City, state governments funding disruptive start-ups

If you thought San Francisco (or New York) was home to every disruptive tech company, think again. Yes, the lion’s share of the world’s tech companies call Silicon Valley home, but as it turns out, plenty of innovative companies do thrive in the most unlikely places outside of that little region of California. The 2018 CNBC Disruptor 50 list proves just that, with nearly half of this year’s list coming from locations outside of California and New York…

Take Ohio, for example. With its declining manufacturing industry, the state earned a reputation as being the epicenter of the Rust Belt. About a decade ago, however, the State of Ohio decided to do something to address its failing economy. It created a $2.3 billion initiative called the Ohio Third Frontier to support commercialization and entrepreneurship. Importantly, the Ohio Third Frontier mandates that its funding be matched by private sector or philanthropy which provides critical market validation and additional leverage for its support. This initiative was truly a big bet on Ohio’s future. Not many state governments had taken such a bold approach.

One of the beneficiaries of the State of Ohio’s Third Frontier funds was LISNR, ranked No. 22 on the 2018 CNBC 50 Disruptor list…

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Story excerpt provided by CNBC.

Written by Michael E. Goldberg.

Originally published May 22, 2018.

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