COLUMBUS -- Republican Gov.-elect John Kasich is tapping his long-time friend Mark Kvamme, a Silicon Valley venture capitalist, tolead the Ohio Department of Development and begin shifting it to aprivate nonprofit entity focused on creating jobs.
Kvamme, a California native, will take a leave from his job as apartner in Sequoia Capital Management, fly into Ohio on Mondaymornings, fly home on Thursdays and telecommute the rest of thetime, Kasich said. He committed to doing the job for six months andfor $1 in pay.
Sequoia is involved in funding 10 percent of the company value onthe Nasdaq and the firm funded a laundry list of hot Internet-basedbusinesses including Google, PayPal and YouTube.
"He will lift our game. There is no question," Kasich said at apress conference held in a classroom at Ohio State University'sFisher College of Business.
Kasich said he charged Kvamme with assessing all the programs runby the Ohio Department of Development, analyze what incentiveprograms Ohio needs to attract and retain businesses, assess theThird Frontier bond program and create a transition plan toprivatize the department.
The department, which employs about 400, oversees job creationefforts and the Third Frontier. On the campaign trail, Kasichpromised to convert the department to a private group so that itcould be more nimble, focused and aggressive about creating jobs.Taking it private will require law changes.
Kvamme said he agreed to take the Ohio post because he believesin Kasich, one of his life goals is to help 1 million people, and hewant to help people in Ohio be passionate about their jobs similarto the enthusiasm he sees in the Silicon Valley.
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