The Incubator at MAGNET
Update - July 2010
MAGNET Innovation Center
Greetings!

Many of you know I'm a runner, and just over the last week I've started experiencing the yin/yang of late summer.  While most of July saw blistering temperatures combined with soupy humidity levels, recent lower temperatures and humidity levels have made for much more enjoyable runs.  However, more and more leaves have started skittering over the trails; a harbinger of our colder seasons just around the corner.

Well, nothing was cold about entrepreneurial activity in Northeast Ohio last month.  A new funding program was announced with awards up to $50,000.  Under the New Product Development Fund program, Cuyahoga County in conjunction with MAGNET, also recently handed out $470,000 in low interest loan awards.  I've included details on both programs below.

Interest from entrepreneurs has also stayed hot throughout the summer as well, and I'm pleased to announce yet another technology entrepreneur who will be joining our program very soon: NuVention Solutions.

One other way I know our summer is drawing to a close is getting my invite to the Cuyahoga Valley National Park Association's annual clambake.  The CVNPA is a great organization that I'm proud to be associated with, and their annual clambake is always a fantastic event.  Our national park system is one of our region's greatest treasures - what better way to help support it's programs than a fall clambake.  I hope to see you there.  (Follow the link above then click on the "invitation" link for details).

Dave Crain
Director, Entrepreneurial Services, MAGNET
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. 
New Grant Program
EWI, on behalf of Ohio ODoD, is currently accepting applications for a new grant funding program called E-TAG (Edison Technology Assistance Grants).  The objectives of the program are to:
  1. Accelerate the introduction of new technology products or adopt new Ohio based technological processes
  2. Accelerate time to market or full adoption of technology
  3. Create new employment opportunities within Ohio companies
  4. Create wealth within Ohio
  5. Strengthen the supply chains for targeted industry sectors
Grants can range from $25-50K and must be used for technical assistance from one or more of Ohio's Edison Centers.  Examples of technical assistance, as contrasted with general business assistance, are activities such as:
  • product testing and certification
  • supply chain partner certification
  • product/process design & engineering
  • product demonstrations
  • other technical activities that help accelerate the company towards commercialization and market entry
With MAGNET's expertise in the area of product design and engineering, we are a prime partner for early stage start-ups in need of final engineering development to enter their markets.

Only a limited number of awards will be made over the next six months under the program, and the review process has been rigorous.  If you are a start-up and would like to discuss a potential submission, or a service provider who would like more information on the program, please contact me to discuss the E-TAG program in further detail.
New Product Loan Fund Awards
The Cuyahoga County New Product Development and Entrepreneurship Loan Fund, administered by MAGNET, recently announced 12 local awardees, selected from 40 eligible applicants. The awardees will receive $470,000 from the latest round of funding from the program.

The Loan Fund was created by the Cuyahoga County Board of Commissioners in partnership with MAGNET in 2005.  The goal is to encourage innovation, support entrepreneurs, diversify and grow small businesses, and create manufacturing jobs in Cuyahoga County.  Prior to this new round, the fund has provided almost $4 million to help 60 separate companies develop and market 65 unique products.

For a full list of awardees, along with a brief description of their product, check out this press release on our website.
New Tenant - NuVention Solutions
They won't be moving in until September, but I'm pleased to announce that just signed up our latest tenant, NuVention Solutions, Inc.

NuVention Solutions is  working to commercialize a new platform technology that utilizes livestock waste through a chemical reforming process yielding a multi-use biodegradable product known as Bio Resource Resin = BR2.

The most powerful feature of BR2 is that it provides a unique combination of being 100% renewable, biodegradable, nutrient bearing, and harmless to the environment. BR2 has an advantageous cost position, lower than every other raw material currently in use today for its targeted applications, in part because waste materials are the selected feedstock.

With broad, multi-supply chain applicability, prospects for NuVention are very promising and I'm happy to have them in the incubator and look forward to working with them.
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.

Join Our Mailing List
Forward to a Friend

You can also catch up on past updates via our E-Mail Archives page.

For regional events of interest, NEOinc's regional entrepreneurial calendar lists speakers, events, workshops, conferences and seminars throughout the region targeted at technology entrepreneurs and small businesses.  You can subscribe to the calendar to be notified when new events are added.
 
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.