LCCC Foundation Receives $1.5 Million Grant; Regional Award

The Lorain County Community College Foundation Innovation Fund was the recipient of the 2009 Team NEO Economic Impact Award for Fostering Entrepreneurship presented June 2 at an awards ceremony hosted by Team NEO in partnership with Inside Business Magazine and others. 

The Lorain County Community College Foundation Innovation Fund was the recipient of the 2009 Team NEO Economic Impact Award for Fostering Entrepreneurship presented June 2 at an awards ceremony hosted by Team NEO in partnership with Inside Business Magazine and others. 

{mosimage}The Innovation Fund was among 10 recipients representing various categories of economic development importance from business retention, attraction, expansion, and workforce development.  The LCCC Foundation’s Innovation Fund was the only Lorain County recipient honored.

In addition, the LCCC Foundation at Lorain County Community College learned in late May that it will receive a $1.5 million grant from the Ohio Third Frontier Success and Pre-Seed Fund Initiative program for the Innovation Fund.  This marks the third investment by the Ohio Third Frontier program in the Innovation Fund.

The Innovation Fund was one of six early-stage capital and entrepreneurial assistance organizations – and the only educational institution – to receive a Success and Pre-Seed Fund Initiative grant from the Ohio Third Frontier program. A total of $8 million was awarded to the six organizations.

“The State’s continued investment in the Innovation Fund demonstrates a strong commitment to growing our own high tech businesses and jobs in our region,” said Dr. Roy A. Church, President of Lorain County Community College.

The Innovation Fund is a critical component in developing new businesses that lead to increased employment opportunities in the county and region, he noted. Since inception in 2007, the Innovation Fund has invested nearly $1.8 mil in 24 companies.  These portfolio companies have created more than 35 jobs with an average salary of $45,000 and attracted more than $10 mil in confirmed follow-on and co-investments.  Some of the recipients of the Innovation Fund include:  Wireless Environment (now located in LCCC’s Entrepreneurship Innovation Center, Inkren (Oberlin), Recognition Robotics (Sheffield Lake) and ADI Wind (Sheffield, Ohio), among other regional start-ups representing five counties across northeast Ohio.

“The mission of the Innovation Fund is to grow jobs and stimulate northeast Ohio’s entrepreneurial spirit by supporting promising technology opportunities that can grow into viable companies in our region,” said Church.

“The Innovation Fund epitomizes the commitment Northeast Ohio’s institutions of higher education have made to the region,” University of Akron President Luis M. Proenza said. “Through the Fund and other economic development programs, our universities and colleges are growing new businesses, increasing employment opportunities and fostering an entrepreneurial spirit among our students.” 

To further nurture entrepreneurship, the Innovation Fund has an educational impact.  Every recipient is required to provide an entrepreneurial internship for a student(s) as part of their award.  “This allows students to consider growing their own enterprises and to learn firsthand what it takes to be entrepreneur, without the financial risk,” said Church.  Because of this component, the IRS issued to the LCCC Foundation a landmark private letter ruling authorizing contributions in support of the Innovation Fund tax deductible.

“The LCCC Foundation is committed to the success of the Innovation Fund and has received wonderful support from the philanthropic community,” said LCCC Foundation Chairman Tom Pillari.  “The program supports the College’s efforts in education and economic development and helps to grow jobs for students to enter as they graduate.”

Funds from Ohio’s Third Frontier Program combined with matching local support and contributions from a variety of partners are used to make the Innovation Fund awards. The Innovation Fund awards help to fill the funding need for businesses that are at the earliest stage of development, which is the difficult point in a business’s growth before they are mature enough to attract angel investors and venture capitalists. 

Funding for this project helps to meet the funding gap for pre-seed support in the Northeast Ohio region, fill the investment pipeline with strong technology-based businesses to make the region an attractive place for angel and venture capital investors, and accelerate opportunities by connecting them to regional and state economic development and educational resources.

“The success of the Innovation Fund is directly tied to the support from its diverse network of partners,” said LCCC President Dr. Roy A. Church.

These partners include: Ohio’s Third Frontier program, The University of Akron and the University of Akron Research Foundation, Youngstown State University, the Youngstown Business Incubator, the Great Lakes Innovation and Development Enterprise (GLIDE), the Northeast Ohio Edison Technology Incubators, Techlift and the Lorain County Commissioners.

"Ohio Third Frontier investments like these both build on already productive partnerships and forge new relationships that will continue to expand opportunities in Ohio communities,” said Ohio Board of Regents Chancellor Eric Fingerhut.

“Ohio’s network of entrepreneurial businesses play a significant role in a wide range of emerging technology areas from biomedical and information technology to advanced energy and materials," said Lisa Patt-McDaniel, interim director of the Ohio Department of Development.

The Success and Pre-Seed Fund Initiative supports existing and new regionally based organizations that provide critical pre-seed capital and associated business assistance to nurture the growth of early-stage technology-based companies.

Other Success and Pre-Seed Initiative awardees were:

  • Ohio TechAngels, located in the City of Columbus (Franklin County), was awarded  $1.6 million for its Ohio TechAngels Fund III project. 
  • JumpStart, Inc., located in the City of Cleveland (Cuyahoga County), was awarded $2 million for its Existing Pre-Seed Fund project. 
  • BioEnterprise, located in the City of Cleveland (Cuyahoga County), was awarded $600,000 for its Accelerating Biomedical Start-ups in Northeast Ohio Fund III project. 
  • Cleveland Clinic, located in the City of Cleveland (Cuyahoga County), was awarded $800,000 for its BioValidation Fund II project.
  • TechColumbus, located in the City of Columbus (Franklin County), was awarded $900,000 for its Pre-Seed Fund II project.

For more information on the LCCC Foundation Innovation Fund, visit www.lorainccc.edu/if or call 440-366-4121.

LCCC Foundation Receives $1.5 Million Grant; Regional Award

The Lorain County Community College Foundation Innovation Fund was the recipient of the 2009 Team NEO Economic Impact Award for Fostering Entrepreneurship presented June 2 at an awards ceremony hosted by Team NEO in partnership with Inside Business Magazine and others. 

The Lorain County Community College Foundation Innovation Fund was the recipient of the 2009 Team NEO Economic Impact Award for Fostering Entrepreneurship presented June 2 at an awards ceremony hosted by Team NEO in partnership with Inside Business Magazine and others. 

{mosimage}The Innovation Fund was among 10 recipients representing various categories of economic development importance from business retention, attraction, expansion, and workforce development.  The LCCC Foundation’s Innovation Fund was the only Lorain County recipient honored.

In addition, the LCCC Foundation at Lorain County Community College learned in late May that it will receive a $1.5 million grant from the Ohio Third Frontier Success and Pre-Seed Fund Initiative program for the Innovation Fund.  This marks the third investment by the Ohio Third Frontier program in the Innovation Fund.

The Innovation Fund was one of six early-stage capital and entrepreneurial assistance organizations – and the only educational institution – to receive a Success and Pre-Seed Fund Initiative grant from the Ohio Third Frontier program. A total of $8 million was awarded to the six organizations.

“The State’s continued investment in the Innovation Fund demonstrates a strong commitment to growing our own high tech businesses and jobs in our region,” said Dr. Roy A. Church, President of Lorain County Community College.

The Innovation Fund is a critical component in developing new businesses that lead to increased employment opportunities in the county and region, he noted. Since inception in 2007, the Innovation Fund has invested nearly $1.8 mil in 24 companies.  These portfolio companies have created more than 35 jobs with an average salary of $45,000 and attracted more than $10 mil in confirmed follow-on and co-investments.  Some of the recipients of the Innovation Fund include:  Wireless Environment (now located in LCCC’s Entrepreneurship Innovation Center, Inkren (Oberlin), Recognition Robotics (Sheffield Lake) and ADI Wind (Sheffield, Ohio), among other regional start-ups representing five counties across northeast Ohio.

“The mission of the Innovation Fund is to grow jobs and stimulate northeast Ohio’s entrepreneurial spirit by supporting promising technology opportunities that can grow into viable companies in our region,” said Church.

“The Innovation Fund epitomizes the commitment Northeast Ohio’s institutions of higher education have made to the region,” University of Akron President Luis M. Proenza said. “Through the Fund and other economic development programs, our universities and colleges are growing new businesses, increasing employment opportunities and fostering an entrepreneurial spirit among our students.” 

To further nurture entrepreneurship, the Innovation Fund has an educational impact.  Every recipient is required to provide an entrepreneurial internship for a student(s) as part of their award.  “This allows students to consider growing their own enterprises and to learn firsthand what it takes to be entrepreneur, without the financial risk,” said Church.  Because of this component, the IRS issued to the LCCC Foundation a landmark private letter ruling authorizing contributions in support of the Innovation Fund tax deductible.

“The LCCC Foundation is committed to the success of the Innovation Fund and has received wonderful support from the philanthropic community,” said LCCC Foundation Chairman Tom Pillari.  “The program supports the College’s efforts in education and economic development and helps to grow jobs for students to enter as they graduate.”

Funds from Ohio’s Third Frontier Program combined with matching local support and contributions from a variety of partners are used to make the Innovation Fund awards. The Innovation Fund awards help to fill the funding need for businesses that are at the earliest stage of development, which is the difficult point in a business’s growth before they are mature enough to attract angel investors and venture capitalists. 

Funding for this project helps to meet the funding gap for pre-seed support in the Northeast Ohio region, fill the investment pipeline with strong technology-based businesses to make the region an attractive place for angel and venture capital investors, and accelerate opportunities by connecting them to regional and state economic development and educational resources.

“The success of the Innovation Fund is directly tied to the support from its diverse network of partners,” said LCCC President Dr. Roy A. Church.

These partners include: Ohio’s Third Frontier program, The University of Akron and the University of Akron Research Foundation, Youngstown State University, the Youngstown Business Incubator, the Great Lakes Innovation and Development Enterprise (GLIDE), the Northeast Ohio Edison Technology Incubators, Techlift and the Lorain County Commissioners.

"Ohio Third Frontier investments like these both build on already productive partnerships and forge new relationships that will continue to expand opportunities in Ohio communities,” said Ohio Board of Regents Chancellor Eric Fingerhut.

“Ohio’s network of entrepreneurial businesses play a significant role in a wide range of emerging technology areas from biomedical and information technology to advanced energy and materials," said Lisa Patt-McDaniel, interim director of the Ohio Department of Development.

The Success and Pre-Seed Fund Initiative supports existing and new regionally based organizations that provide critical pre-seed capital and associated business assistance to nurture the growth of early-stage technology-based companies.

Other Success and Pre-Seed Initiative awardees were:

  • Ohio TechAngels, located in the City of Columbus (Franklin County), was awarded  $1.6 million for its Ohio TechAngels Fund III project. 
  • JumpStart, Inc., located in the City of Cleveland (Cuyahoga County), was awarded $2 million for its Existing Pre-Seed Fund project. 
  • BioEnterprise, located in the City of Cleveland (Cuyahoga County), was awarded $600,000 for its Accelerating Biomedical Start-ups in Northeast Ohio Fund III project. 
  • Cleveland Clinic, located in the City of Cleveland (Cuyahoga County), was awarded $800,000 for its BioValidation Fund II project.
  • TechColumbus, located in the City of Columbus (Franklin County), was awarded $900,000 for its Pre-Seed Fund II project.

For more information on the LCCC Foundation Innovation Fund, visit www.lorainccc.edu/if or call 440-366-4121.

LCCC Foundation Receives $1.5 Million Grant; Regional Award

The Lorain County Community College Foundation Innovation Fund was the recipient of the 2009 Team NEO Economic Impact Award for Fostering Entrepreneurship presented June 2 at an awards ceremony hosted by Team NEO in partnership with Inside Business Magazine and others. 

The Lorain County Community College Foundation Innovation Fund was the recipient of the 2009 Team NEO Economic Impact Award for Fostering Entrepreneurship presented June 2 at an awards ceremony hosted by Team NEO in partnership with Inside Business Magazine and others. 

{mosimage}The Innovation Fund was among 10 recipients representing various categories of economic development importance from business retention, attraction, expansion, and workforce development.  The LCCC Foundation’s Innovation Fund was the only Lorain County recipient honored.

In addition, the LCCC Foundation at Lorain County Community College learned in late May that it will receive a $1.5 million grant from the Ohio Third Frontier Success and Pre-Seed Fund Initiative program for the Innovation Fund.  This marks the third investment by the Ohio Third Frontier program in the Innovation Fund.

The Innovation Fund was one of six early-stage capital and entrepreneurial assistance organizations – and the only educational institution – to receive a Success and Pre-Seed Fund Initiative grant from the Ohio Third Frontier program. A total of $8 million was awarded to the six organizations.

“The State’s continued investment in the Innovation Fund demonstrates a strong commitment to growing our own high tech businesses and jobs in our region,” said Dr. Roy A. Church, President of Lorain County Community College.

The Innovation Fund is a critical component in developing new businesses that lead to increased employment opportunities in the county and region, he noted. Since inception in 2007, the Innovation Fund has invested nearly $1.8 mil in 24 companies.  These portfolio companies have created more than 35 jobs with an average salary of $45,000 and attracted more than $10 mil in confirmed follow-on and co-investments.  Some of the recipients of the Innovation Fund include:  Wireless Environment (now located in LCCC’s Entrepreneurship Innovation Center, Inkren (Oberlin), Recognition Robotics (Sheffield Lake) and ADI Wind (Sheffield, Ohio), among other regional start-ups representing five counties across northeast Ohio.

“The mission of the Innovation Fund is to grow jobs and stimulate northeast Ohio’s entrepreneurial spirit by supporting promising technology opportunities that can grow into viable companies in our region,” said Church.

“The Innovation Fund epitomizes the commitment Northeast Ohio’s institutions of higher education have made to the region,” University of Akron President Luis M. Proenza said. “Through the Fund and other economic development programs, our universities and colleges are growing new businesses, increasing employment opportunities and fostering an entrepreneurial spirit among our students.” 

To further nurture entrepreneurship, the Innovation Fund has an educational impact.  Every recipient is required to provide an entrepreneurial internship for a student(s) as part of their award.  “This allows students to consider growing their own enterprises and to learn firsthand what it takes to be entrepreneur, without the financial risk,” said Church.  Because of this component, the IRS issued to the LCCC Foundation a landmark private letter ruling authorizing contributions in support of the Innovation Fund tax deductible.

“The LCCC Foundation is committed to the success of the Innovation Fund and has received wonderful support from the philanthropic community,” said LCCC Foundation Chairman Tom Pillari.  “The program supports the College’s efforts in education and economic development and helps to grow jobs for students to enter as they graduate.”

Funds from Ohio’s Third Frontier Program combined with matching local support and contributions from a variety of partners are used to make the Innovation Fund awards. The Innovation Fund awards help to fill the funding need for businesses that are at the earliest stage of development, which is the difficult point in a business’s growth before they are mature enough to attract angel investors and venture capitalists. 

Funding for this project helps to meet the funding gap for pre-seed support in the Northeast Ohio region, fill the investment pipeline with strong technology-based businesses to make the region an attractive place for angel and venture capital investors, and accelerate opportunities by connecting them to regional and state economic development and educational resources.

“The success of the Innovation Fund is directly tied to the support from its diverse network of partners,” said LCCC President Dr. Roy A. Church.

These partners include: Ohio’s Third Frontier program, The University of Akron and the University of Akron Research Foundation, Youngstown State University, the Youngstown Business Incubator, the Great Lakes Innovation and Development Enterprise (GLIDE), the Northeast Ohio Edison Technology Incubators, Techlift and the Lorain County Commissioners.

"Ohio Third Frontier investments like these both build on already productive partnerships and forge new relationships that will continue to expand opportunities in Ohio communities,” said Ohio Board of Regents Chancellor Eric Fingerhut.

“Ohio’s network of entrepreneurial businesses play a significant role in a wide range of emerging technology areas from biomedical and information technology to advanced energy and materials," said Lisa Patt-McDaniel, interim director of the Ohio Department of Development.

The Success and Pre-Seed Fund Initiative supports existing and new regionally based organizations that provide critical pre-seed capital and associated business assistance to nurture the growth of early-stage technology-based companies.

Other Success and Pre-Seed Initiative awardees were:

  • Ohio TechAngels, located in the City of Columbus (Franklin County), was awarded  $1.6 million for its Ohio TechAngels Fund III project. 
  • JumpStart, Inc., located in the City of Cleveland (Cuyahoga County), was awarded $2 million for its Existing Pre-Seed Fund project. 
  • BioEnterprise, located in the City of Cleveland (Cuyahoga County), was awarded $600,000 for its Accelerating Biomedical Start-ups in Northeast Ohio Fund III project. 
  • Cleveland Clinic, located in the City of Cleveland (Cuyahoga County), was awarded $800,000 for its BioValidation Fund II project.
  • TechColumbus, located in the City of Columbus (Franklin County), was awarded $900,000 for its Pre-Seed Fund II project.

For more information on the LCCC Foundation Innovation Fund, visit www.lorainccc.edu/if or call 440-366-4121.

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