LCCC Foundation Innovation Fund Announces Investments in Three Technology Start-Up Companies

{mosimage}The Lorain County Community College Foundation Innovation Fund will invest $225,000 in three technology start-up companies utilizing funds from Ohio’s Third Frontier Program combined with matching local support.

Lt. Governor Lee Fisher, who is also Director of the Ohio Department of Development, announced awards to NanoMimetics (Cleveland), Vasolux Microsystems (Elyria) and Wireless Environment (Pepper Pike), Friday, December 21 at Lorain County Community College’s Entrepreneurship Innovation Institute.

"When it comes to growing our economy the three R’s are important: recruitment, retention and reinventing. But the main ingredient is the creation of jobs," Fisher said. “Not a single large company, to my knowledge, was created that wasn’t a small company first.”

The awards, which are the first to be granted by the LCCC Foundation Innovation Fund, helps to fill the funding need for businesses that are at the earliest stage of development, the difficult point in a business’s growth before they are mature enough to attract angel investors and venture capitalists.


"I see a bright future for NanoMimetics. By developing this technology for multiple applications and commercialization, we will be able to grow our business and hire more people,” said Roger Marchant of NanoMimetics, $25,000 recipient of an LCCC Foundation Innovation Fund Grant.

Contributions to the Innovation Fund are fully tax deductible as a result of a landmark ruling by the IRS. Realizing the potential risks to a foundation’s tax exempt status for supporting incubator activities, the LCCC Foundation submitted a special request to the IRS seeking permission to accept charitable contributions that would be used for the purposes of the Innovation Fund. In January of 2006, the LCCC Foundation received the positive ruling, a groundbreaking decision applicable only to the LCCC Foundation and is the only one of its kind in the nation.

The idea is to create a fund where individuals, organizations and corporations can make tax deductible contributions to help early stage entrepreneurs be successful, while providing an educational experience for students in entrepreneurship. The Innovation Fund supports a ‘grow our own’ strategy for business and job creation,” said LCCC President Dr. Roy A. Church.

To date the Innovation Fund has received generous support from organizations like the Community Foundation of Lorain County and the Nord Family Foundation. The State of Ohio has also made a major investment through the Ohio Third Frontier Entrepreneurial Support Program with $400,000. The Third Frontier Project is the state’s largest-ever commitment to expanding Ohio’s high-tech research capabilities and promoting innovation and company formation that will create high-paying jobs for generations to come.

“It is the goal of the Innovation Fund to maintain a funding level of over $1 million per year for a decade. Reaching this goal will require a level of support not only from the local community, but the region, state and national funders as well,” said Church.

The Innovation Fund focuses on technology opportunities in Ohio’s five high growth industries. It is a regional fund, providing support across Northeast Ohio’s 21 counties to help great technology ideas develop into viable businesses and thus create jobs in the region.

“The Innovation Fund itself has been critical in aligning us with the university [Lorain County Community College], GLIDE and the community,” commented Elliot Reed of VasoLux MicroSystems, $100,000 recipient of the LCCC Foundation Innovation Fund Pre-Seed Award.

There are two types of support: the first is grant support up to $25,000 to help validate the technology; and the second is a pre-seed investment of up to $100,000 to help validate the business concept.

“We expect to grow a company Northeast Ohio can be proud of,” said David Levine of Wireless Environment. “The Innovation Fund Award is the top honor we’ve received.” Wireless Environment received $100,000 pre-seed award from the LCCC Foundation Innovation Fund.

Recipients of Innovation Fund awards agree to provide an educational experience in entrepreneurship for a student – allowing the student to walk side by side with the entrepreneur without taking on the risk. Recipients are also required to help replenish the fund should the business become successful.

The application process for the Innovation Fund is completely web-based. Applicants are able to submit an application through the fund’s website. Upon submission, GLIDE and its regional partners representing a network of industry experts, entrepreneurs and investors employ a thorough due diligence process to assess both the technology and the business potential. In tandem, the LCCC Entrepreneurship Innovation Institute works with applicants to form a potential educational opportunity.

The Innovation Fund opened its application process on July 1 with a quiet launch. At the close of the first cycle, the fund experienced 67 inquiries; 19 applications started; and 15 submitted. Following a thorough evaluation, six of the 15 applications were brought before an Evaluation Team comprised of GLIDE and College leadership, members of the LCCC Foundation Innovation Fund Committee and all five of the TechLift Entrepreneurs in Residence, funded by the Third Frontier Program.

Following the Evaluation session, the field was narrowed to three final recommendations, which were brought before the Innovation Fund Committee of the LCCC Foundation Board on December 12.

The second cycle of the Innovation Fund recently closed, while cycle three opened for applications on January 1.

For more information about the LCCC Foundation Innovation or to apply, please visit www.lorainccc.edu/if.

LCCC Foundation Innovation Fund Announces Investments in Three Technology Start-Up Companies

{mosimage}The Lorain County Community College Foundation Innovation Fund will invest $225,000 in three technology start-up companies utilizing funds from Ohio’s Third Frontier Program combined with matching local support.

Lt. Governor Lee Fisher, who is also Director of the Ohio Department of Development, announced awards to NanoMimetics (Cleveland), Vasolux Microsystems (Elyria) and Wireless Environment (Pepper Pike), Friday, December 21 at Lorain County Community College’s Entrepreneurship Innovation Institute.

"When it comes to growing our economy the three R’s are important: recruitment, retention and reinventing. But the main ingredient is the creation of jobs," Fisher said. “Not a single large company, to my knowledge, was created that wasn’t a small company first.”

The awards, which are the first to be granted by the LCCC Foundation Innovation Fund, helps to fill the funding need for businesses that are at the earliest stage of development, the difficult point in a business’s growth before they are mature enough to attract angel investors and venture capitalists.


"I see a bright future for NanoMimetics. By developing this technology for multiple applications and commercialization, we will be able to grow our business and hire more people,” said Roger Marchant of NanoMimetics, $25,000 recipient of an LCCC Foundation Innovation Fund Grant.

Contributions to the Innovation Fund are fully tax deductible as a result of a landmark ruling by the IRS. Realizing the potential risks to a foundation’s tax exempt status for supporting incubator activities, the LCCC Foundation submitted a special request to the IRS seeking permission to accept charitable contributions that would be used for the purposes of the Innovation Fund. In January of 2006, the LCCC Foundation received the positive ruling, a groundbreaking decision applicable only to the LCCC Foundation and is the only one of its kind in the nation.

The idea is to create a fund where individuals, organizations and corporations can make tax deductible contributions to help early stage entrepreneurs be successful, while providing an educational experience for students in entrepreneurship. The Innovation Fund supports a ‘grow our own’ strategy for business and job creation,” said LCCC President Dr. Roy A. Church.

To date the Innovation Fund has received generous support from organizations like the Community Foundation of Lorain County and the Nord Family Foundation. The State of Ohio has also made a major investment through the Ohio Third Frontier Entrepreneurial Support Program with $400,000. The Third Frontier Project is the state’s largest-ever commitment to expanding Ohio’s high-tech research capabilities and promoting innovation and company formation that will create high-paying jobs for generations to come.

“It is the goal of the Innovation Fund to maintain a funding level of over $1 million per year for a decade. Reaching this goal will require a level of support not only from the local community, but the region, state and national funders as well,” said Church.

The Innovation Fund focuses on technology opportunities in Ohio’s five high growth industries. It is a regional fund, providing support across Northeast Ohio’s 21 counties to help great technology ideas develop into viable businesses and thus create jobs in the region.

“The Innovation Fund itself has been critical in aligning us with the university [Lorain County Community College], GLIDE and the community,” commented Elliot Reed of VasoLux MicroSystems, $100,000 recipient of the LCCC Foundation Innovation Fund Pre-Seed Award.

There are two types of support: the first is grant support up to $25,000 to help validate the technology; and the second is a pre-seed investment of up to $100,000 to help validate the business concept.

“We expect to grow a company Northeast Ohio can be proud of,” said David Levine of Wireless Environment. “The Innovation Fund Award is the top honor we’ve received.” Wireless Environment received $100,000 pre-seed award from the LCCC Foundation Innovation Fund.

Recipients of Innovation Fund awards agree to provide an educational experience in entrepreneurship for a student – allowing the student to walk side by side with the entrepreneur without taking on the risk. Recipients are also required to help replenish the fund should the business become successful.

The application process for the Innovation Fund is completely web-based. Applicants are able to submit an application through the fund’s website. Upon submission, GLIDE and its regional partners representing a network of industry experts, entrepreneurs and investors employ a thorough due diligence process to assess both the technology and the business potential. In tandem, the LCCC Entrepreneurship Innovation Institute works with applicants to form a potential educational opportunity.

The Innovation Fund opened its application process on July 1 with a quiet launch. At the close of the first cycle, the fund experienced 67 inquiries; 19 applications started; and 15 submitted. Following a thorough evaluation, six of the 15 applications were brought before an Evaluation Team comprised of GLIDE and College leadership, members of the LCCC Foundation Innovation Fund Committee and all five of the TechLift Entrepreneurs in Residence, funded by the Third Frontier Program.

Following the Evaluation session, the field was narrowed to three final recommendations, which were brought before the Innovation Fund Committee of the LCCC Foundation Board on December 12.

The second cycle of the Innovation Fund recently closed, while cycle three opened for applications on January 1.

For more information about the LCCC Foundation Innovation or to apply, please visit www.lorainccc.edu/if.

LCCC Foundation Innovation Fund Announces Investments in Three Technology Start-Up Companies

{mosimage}The Lorain County Community College Foundation Innovation Fund will invest $225,000 in three technology start-up companies utilizing funds from Ohio’s Third Frontier Program combined with matching local support.

Lt. Governor Lee Fisher, who is also Director of the Ohio Department of Development, announced awards to NanoMimetics (Cleveland), Vasolux Microsystems (Elyria) and Wireless Environment (Pepper Pike), Friday, December 21 at Lorain County Community College’s Entrepreneurship Innovation Institute.

"When it comes to growing our economy the three R’s are important: recruitment, retention and reinventing. But the main ingredient is the creation of jobs," Fisher said. “Not a single large company, to my knowledge, was created that wasn’t a small company first.”

The awards, which are the first to be granted by the LCCC Foundation Innovation Fund, helps to fill the funding need for businesses that are at the earliest stage of development, the difficult point in a business’s growth before they are mature enough to attract angel investors and venture capitalists.


"I see a bright future for NanoMimetics. By developing this technology for multiple applications and commercialization, we will be able to grow our business and hire more people,” said Roger Marchant of NanoMimetics, $25,000 recipient of an LCCC Foundation Innovation Fund Grant.

Contributions to the Innovation Fund are fully tax deductible as a result of a landmark ruling by the IRS. Realizing the potential risks to a foundation’s tax exempt status for supporting incubator activities, the LCCC Foundation submitted a special request to the IRS seeking permission to accept charitable contributions that would be used for the purposes of the Innovation Fund. In January of 2006, the LCCC Foundation received the positive ruling, a groundbreaking decision applicable only to the LCCC Foundation and is the only one of its kind in the nation.

The idea is to create a fund where individuals, organizations and corporations can make tax deductible contributions to help early stage entrepreneurs be successful, while providing an educational experience for students in entrepreneurship. The Innovation Fund supports a ‘grow our own’ strategy for business and job creation,” said LCCC President Dr. Roy A. Church.

To date the Innovation Fund has received generous support from organizations like the Community Foundation of Lorain County and the Nord Family Foundation. The State of Ohio has also made a major investment through the Ohio Third Frontier Entrepreneurial Support Program with $400,000. The Third Frontier Project is the state’s largest-ever commitment to expanding Ohio’s high-tech research capabilities and promoting innovation and company formation that will create high-paying jobs for generations to come.

“It is the goal of the Innovation Fund to maintain a funding level of over $1 million per year for a decade. Reaching this goal will require a level of support not only from the local community, but the region, state and national funders as well,” said Church.

The Innovation Fund focuses on technology opportunities in Ohio’s five high growth industries. It is a regional fund, providing support across Northeast Ohio’s 21 counties to help great technology ideas develop into viable businesses and thus create jobs in the region.

“The Innovation Fund itself has been critical in aligning us with the university [Lorain County Community College], GLIDE and the community,” commented Elliot Reed of VasoLux MicroSystems, $100,000 recipient of the LCCC Foundation Innovation Fund Pre-Seed Award.

There are two types of support: the first is grant support up to $25,000 to help validate the technology; and the second is a pre-seed investment of up to $100,000 to help validate the business concept.

“We expect to grow a company Northeast Ohio can be proud of,” said David Levine of Wireless Environment. “The Innovation Fund Award is the top honor we’ve received.” Wireless Environment received $100,000 pre-seed award from the LCCC Foundation Innovation Fund.

Recipients of Innovation Fund awards agree to provide an educational experience in entrepreneurship for a student – allowing the student to walk side by side with the entrepreneur without taking on the risk. Recipients are also required to help replenish the fund should the business become successful.

The application process for the Innovation Fund is completely web-based. Applicants are able to submit an application through the fund’s website. Upon submission, GLIDE and its regional partners representing a network of industry experts, entrepreneurs and investors employ a thorough due diligence process to assess both the technology and the business potential. In tandem, the LCCC Entrepreneurship Innovation Institute works with applicants to form a potential educational opportunity.

The Innovation Fund opened its application process on July 1 with a quiet launch. At the close of the first cycle, the fund experienced 67 inquiries; 19 applications started; and 15 submitted. Following a thorough evaluation, six of the 15 applications were brought before an Evaluation Team comprised of GLIDE and College leadership, members of the LCCC Foundation Innovation Fund Committee and all five of the TechLift Entrepreneurs in Residence, funded by the Third Frontier Program.

Following the Evaluation session, the field was narrowed to three final recommendations, which were brought before the Innovation Fund Committee of the LCCC Foundation Board on December 12.

The second cycle of the Innovation Fund recently closed, while cycle three opened for applications on January 1.

For more information about the LCCC Foundation Innovation or to apply, please visit www.lorainccc.edu/if.

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