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MAGNET Innovation Center
Update - January 2010
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Greetings!
Welcome to 2010! I was amused to come across this site over the holidays, debating whether it's "Two Thousand Ten" or "Twenty Ten". It didn't take long to find out this has become a hot Internet debate: it's the first topic on the 2010 Wikipedia page, there are at least a couple Facebook pages, and the Huffington Post considered it newsworthy enough to write about. All over what is essentially one syllable or five letters, depending on your point of view. Ah, the Internet...
With the New Year, I'm pleased to begin sharing some of the exciting changes happening here at the MAGNET Incubator that I hinted at in previous E-Mails: a speaker series and changes to our rent structure. Our rent structure change is quite significant and I've received very positive feedback from the entrepreneurs and support resources I've previewed it to. I'm glad since we crafted the new structure with those very entrepreneurs in mind. As you read the details below, I think you will agree.
I'm looking forward to sharing even more updates and changes with you over the coming months. For now - stay warm out there. Northeast Ohio finally figured out it was time to start snowing!
Dave Crain
dave.crain@magnetwork.org
216.432.5310
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Updated TITC schedule posted
First things first - an updated Ohio Technology Investment Tax Credit application schedule has been posted. This is an extremely popular State program and we are all glad to see this program renewed into 2010.
For any of you not familiar with the OTITC program, it offers a 25-30% credit to State of Ohio taxes for investments in small technology and R&D firms. Both the companies and their investor's
must meet several requirements specified by Ohio law in order to gain
access to the program. For a full overview of the program and more information on requirements, check out the program's informational site.
MAGNET is pleased to be an Edison Technology Representative authorized to accept and process OTITC applications. Don't hesitate to contact me to ask questions or submit an application.
UPDATE - I've just been notified by the program's Director that the January meeting has been rescheduled to the 14th from the 7th, and the location is changed to the Vern Riffe building in downtown Columbus.
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Speaker Series announced!
I'll be sending out details shortly, including links to register, but the MAGNET Incubator will be hosting a (mostly) monthly Speaker Series throughout 2010. Taking time off around the end of year holiday season and the summer, we're left with a nine event schedule for the year.
I can't announce all of the speakers yet, but here's a taste:
- How to build your business with your exit in mind.
- Capitalizing on Social Media tools to build brand and convert customers.
- An overview of medical device regulations and how to navigate the process.
- Challenges to starting and growing a hi-tech product company (presented by a real, live entrepreneur!)
The sessions will be open to the public, and I look forward to sharing details as soon as the last couple fall into place. Look for a special E-mail from me soon as the first event will be early February.
If you or your company would like to be considered as a speaker, please give me a call.
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Rent Structure Update
The MAGNET Incubator is focused on attracting and growing high-growth potential technology entrepreneurs in support of the State of Ohio's TBED objectives. Many times the entrepreneurs we work with have promising technology but are pre-revenue; often with only a small amount of self-funding. Technology-based entrepreneurs, particularly those with highly-engineered products, also tend to spend more time pre-revenue than say service or IT organizations, which can generally enter markets more quickly.
That said, most technology incubators throughout the region, NEOinc included, ultimately charge some sort of rent to take advantage of their facility and services. Generally that is after some "grace" period which varies from incubator to incubator. There's a fine line to walk here - subsidizing an entrepreneur's facilities certainly helps their balance sheet, but if an entrepreneur can't eventually generate investment or sales revenue to cover expenses, then are they really high growth?
With that balance in mind, I'm pleased to officially announce our new rent structure as follows:
- Rent is calculated as normal to determine a base monthly charge.
- The first three months in our incubator, the entrepreneur gets a 100% discount to the base rent.
- Months 4 - 6, a 75% discount is applied.
- Months 7 - 9, a 50% discount is applied.
- Months 10 - 12, a 25% discount is applied.
- At the end of the entrepreneur's first year, rent will be charged at full base rate.
We feel this structure gives the entrepreneur breathing room at the start of their time in our incubator, and plenty of "runway" for growth.
I hope you are as excited about this new approach as I am, and I'd love to hear your feedback. Please don't hesitate to call me with questions or comments - especially if you know of a technology entrepreneur who might be a fit for our program.
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Like what you read here? Please consider forwarding our update to a friend who might also be interested, or joining our mailing list if the E-mail was forwarded to you. Our monthly E-Mails are a great way to stay up to date with us.
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