JumpStart Inc., Northeast Ohio's non-profit venture development organization announced an investment commitment of $350,000 in Banyan Technology.
Banyan Technology, a Great Lakes Innovation and Development Enterprise (GLIDE) associated company is located in the P.C. Campana Development Center on the Lorain County Community College campus. It is the second Lorain County company and the first located in the Campana Development Center to earn a JumpStart investment.
Banyan has developed and provides a unique web-based software application that bridges the communication gap between small to mid sized manufacturers and distributors and their freight carriers. Banyan’s proprietary application maintains a direct relationship with each client’s preferred carriers while reducing freight expenses 15-30 percent. Banyan further enables documentation on each shipping transaction to be instantly shared across an entire organization.
“We’ve worked hard to get to this point, but this is just the beginning for us,” said Lance Healy, co-founder and vice president of Banyan. “It will let us focus on better serving our clients and expand our offering,” Healy continued.
Banyan will use the investment to improve its computer infrastructure and hire several more computer programmers during the next few months.
Beyond investing, the JumpStart team provides a continuum of business development services to its client companies to help ensure their success. One of those services is an executive-in-residence who will work with Banyan on things like positioning and packaging of its services.
“The information that Banyan provides will empower companies to make much better shipping decisions and have better control over the entire process. This is becoming increasingly more important as shipping costs rise and LTL becomes a bigger and bigger percentage of total shipments”, said JumpStart executive-in-residence, Roy Phelan.
Banyan currently has six employees and has hired several computer programming students from LCCC. As a GLIDE associated company it also has taken advantage of services offered by the business incubator.
"We are extremely pleased that Banyan Technology, which has been a GLIDE co-located client company since April 2003, is moving on to the next phase of its development,” said Don Knechtges, Managing Director of GLIDE. "We think that Banyan Technology has a tremendous future and the working partnership between GLIDE and JumpStart that resulted in this investment demonstrates once again that Northern Ohio is fast becoming a truly unique place to incubate and grow an entrepreneurial enterprise,” Knechtges concluded.
This investment in Banyan Technology represents JumpStart’s 16th investment in 14 different companies, over the last 23 months.
About Banyan Technology
Banyan Technology (www.banyantechnology.com) provides small and mid-market businesses with real time control over their freight costs. The $65 billion Less-Than-Truckload (LTL) segment is entrenched in industry averages, gross assumptions, and 20-year-old technology standards. Banyan establishes a real time communication enabling manufacturers and distributors to communicate with all their carriers through a single web based interface.
Banyan’s services are accessed from any internet connection. Clients may integrate directly to other business systems to create faster cash conversion cycles, reduce administrative overhead, and establish powerful business intelligence.
About JumpStart Inc.
JumpStart (www.jumpstartinc.org) accelerates the growth of early-stage businesses and ideas into venture-ready companies by delivering vital, focused resources to entrepreneurs in Northeast Ohio. JumpStart identifies and invests in early-stage companies that have strong potential in the marketplace, solid prospects for high growth, and are likely to qualify for later-stage funding. Beyond investing, the JumpStart team provides a continuum of business development services to its client companies to help ensure their success.
Founded in May 2001 and located on the campus of Lorain County Community College in Elyria, Ohio, The Great Lakes Innovation and Development Enterprise (GLIDE) is a comprehensive regional innovation center and resource hub that supports all facets of the start-up, development, and growth of enterprises.
Created by a unique partnership of the Lorain County Commissioners, Lorain County Community College and the Lorain County Chamber of Commerce, GLIDE’s objectives are to grow jobs and spearhead economic growth in both Lorain County and the northern Ohio region.