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MAGNET Innovation Center
Update - May 2010
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Greetings!
May ended up being such a flurry of activity here at MAGNET and the incubator, that I'm only now getting around to my monthly update. I considered combining the May update in with June, but there are a couple of items I want to make sure you're aware of as soon as possible.
Most importantly, a new application round is open for the Cuyahoga County New Product Development Loan Fund. Applications are being accepted through July 6th, 2010, with more program details below.
There have also been a string of successes for the tenant companies in the incubator - some I can talk about some I can't (yet). Below, I'll share some details on one company that is continuing to string successes closer and closer together.
June's newsletter will be just around the corner and it's looking like I'll have even more exciting information to share with you, including some more positive changes here at the incubator.
Dave Crain
dave.crain@magnetwork.org
216.432.5310
As always, if you know someone that would be interested in what we're doing here, use the "Forward to a Friend" button at the bottom of this E-Mail.
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Cuyahoga County New Product Development Loan Fund
As mentioned above, MAGNET is currently accepting applications for this popular program. The program is competitive, and offers long-term, low interest loans to winning applications in the following amounts:
- Phase 1: up to $15,000, and intended for market research
- Phase 2: up to $40,000, and intended for detailed market research, or preliminary design and engineering
- Phase 3: up to $60,000, and intended for detailed design and prototyping
Full details on the program, along with FAQ and application submission options, can be found on the MAGNET website. Applications are due by July 6, 2010. This program is focused on product-oriented companies and you do not have to be a "high-growth" company to apply.
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Success Stories
VADXX Energy received a $75,000 grant from the State of Ohio Department of Natural Resources to turn old tires into synthetic crude oil at their research and development facility in Akron. The grant was matched by VADXX and will create three jobs in addition to critical equipment, supplies and laboratory tests.
VADXX Energy is kind of the poster child for regional entrepreneurial support. Their R&D offices are located in the Akron Global Business Accelerator, minutes from their pilot plant. Their head office is located here in the MAGNET Incubator. So far, VADXX has received funding from
- City of Akron
- Cuyahoga County
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GLIDE (Lorain County)
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State of Ohio
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Private Individuals
All this funding and support is working and the company is making great progress. Look for more success stories on VADXX in the future.
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Entrepreneurial Events
Have you ever wished there was a way to stay informed on all the great entrepreneurial events, speakers and workshops in the region? Have you ever wondered how to get maximum exposure for your event, targeted at entrepreneurs and similar support organizations?
NEOinc, the Northeast Ohio Incubator Collaborative, may have your answer. NEOinc's regional entrepreneurial calendar lists speakers, events, workshops, conferences and seminars throughout the region targeted at technology entrepreneurs and small businesses. You can even subscribe to the calendar to be notified when new events are added. I just took a quick look at the calendar and saw everything from Biomedical Funding Opportunities with the DoD to Using LinkedIn to Close Deals.
If you have an event of interest to entrepreneurs, getting on the calendar is free, and easy. The calendar is hosted by MAGNET and a quick E-Mail with event details sent to Lynne Brakeman will get your event included.
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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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