Stages:

• Early

 

Industries:

Information Technology

Life Sciences & Healthcare

 

Description:

The Innovation Fund, founded by the Lorain County Community College Foundation (2007), is a regional fund focused on supporting technology-based entrepreneurial endeavors and emerging technology-based businesses. The Innovation Fund is supported and administered through a regional and state network of higher education, government and economic development partners to nurture a technology-based entrepreneurial environment for wealth creation and job growth in Northeast Ohio. The Innovation Fund fulfills its mission of promoting education and economic development by providing modest awards (up to $150,000) to promising technology-based start-ups located or willing to locate within the 21 counties of Northeast Ohio. Awards are made to help early-stage entrepreneurs progress through the business development continuum by providing resources to help validate the technology or prove the business model. In turn, recipients of Innovation Fund awards are required to provide an entrepreneurial educational opportunity or internship for students, faculty or staff of Lorain County Community College and/or one of the Innovation Fund's partnering higher education institutions. The $25,000 is a grant, so it never needs to be repaid. But it does need to be matched dollar for dollar. The $100,000 award does not need to be repaid if the company isn't successful. If the company is successful, it needs only to repay up to the award amount. This award also must be matched dollar for dollar.