The city "decided to use this big pot of money to do something that isn't typical for most cities -- to allow a VC firm to invest in companies with the hope of creating jobs locally and in creating long-term revenue through these investments," said Joey Briglio, Ventura's sustainable business developer.
So in 2007, the city created a $5 million Jobs and Investment Fund and partnered with a local venture capital firm, DFJ Frontier, to invest in area businesses. It allotted about $1.6 million to invest in companies in the city and $3 million to invest in firms in the surrounding area.
The remaining $400,000 was used to open a high-tech business incubator -- the Ventura Ventures Technology Center. The incubator has 16 companies in residence and expects to house three more in the coming months. Residents include Geodelic, maker of a location-based content app for smartphones, and Nueva Vista Media, a media and marketing firm. Companies headquartered at the incubator have created 40 jobs so far, Briglio said, and expect to create another 15 to 30 in the next year or two.
NEXT: Gahanna, Ohio
