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$7.5 Million Will Provide Startup Help

Wednesday, July 30, 2008

Six groups get Third Frontier grants

Provide by Akron Beacon Journal
Written by Paula Schleis

Six Ohio organizations that are working to help early-stage high-tech companies grow will share $7.5 million from the Ohio Third Frontier Commission.

A collaboration between the University of Akron and Lorain County Community College will get $500,000 from this latest round of Third Frontier grants announced Tuesday.

The money will go to the schools' Innovation Alliance Fund, which invests in companies that are in the very early stages of commercializing new technology.

Other collaborators of the program, overseen by the Lorain County Community College Foundation, include the University of Akron Research Foundation, Akron ARCHAngels, NEO Inc., TechLift and GLIDE (Lorain County's business incubator.)

Other recipients:

• JumpStart Inc., the Northeast Ohio venture capital organization, and several partners will receive $1 million for operating entrepreneurial programs in the region.

• JumpStart Inc. and other partners also will receive $2 million for investing in up to 12 high potential businesses.

• Emerging Market Fund, based in Cleveland (Cuyahoga County), is leading a coalition that will receive $500,000 for helping underserved minority populations find investors with early-stage capital.

• Queen City Angels, in Cincinnati (Hamilton County), was awarded $2 million for investing in early-stage technology companies.

• NCT Fund Management in Columbus and partners will receive $1.5 million for investing in early-stage companies.