Seven Northeast Ohio Startups Win Innovation Fund Money
Monday, September 10, 2012
Posted by: Kristina Moy
For Immediate Release
Contact: Dennis Cocco
Community College Foundation
Seven Northeast Ohio Startups Win Innovation Fund Money, Commit to
Giving Students Real World Entrepreneurial Experiences
Elyria, OH, September 10, 2012:
Fund, founded by the Lorain County Community College Foundation,
is awarding $385,000 to seven technology startup companies in its latest
funding round. The round included four awards at $25,000 and three awards at
$95,000 and each recipient has committed to providing an entrepreneurial
education experience to students at Lorain County Community College and
Innovation Fund partner colleges and universities.
HolePatch ($25,000 | Cleveland)
LLC is developing a cheaper, faster, and sustainable replacement to
the cold patch method currently used by governments for patching potholes in
the winter. HolePatch will use the Innovation Fund award to continue product
development and validation.
Miach Medical Innovations ($25,000 |
Miach Medical is developing novel sensor-equipped endotracheal and feeding
tubes that can rapidly and accurately identify anatomic location and signal
unplanned movement, reducing the risks to patients who require breathing or
feeding support. The company is using the funds to develop transmitter
technology for wireless monitoring of the sensor signals.
On Demand Interpretation Services
($25,000 | Concord)
On Demand Interpretation Services
provides courts access to certified interpreters through secure remote
teleconferencing technology. The company plans on using the Innovation Fund
award to continue its sales efforts.
WiTuners ($25,000 | Twinsburg)
Ltd is a software-as-a-service for Wi-Fi owners and
installation firms to plan, maintain and audit large scale Wi-Fi networks to
the maximum capacity. The company will use the Innovation Fund award to expand
its sales funnel.
AMIDAC International ($95,000 |
International, a manufacturer of exothermic welding
products, has patented a cost-competitive line of products that increases
safety and provides precise results over traditional welding products. The
company will use the Innovation Fund award to set up manufacturing and tooling,
purchase raw materials, and secure patents.
BoxCast ($95,000 | Cleveland)
has created a complete, hand-held video streaming solution that allows any
video camera to broadcast any event online. The company is using the Innovation
Fund award to secure intellectual property and begin expansion into international
eFuneral ($95,000 | Cleveland)
eFuneral allows families to find, compare, and
select funeral homes in their local area, while acting as a customer
acquisition tool for funeral homes. The company is using the Innovation Fund
award to hire an additional software developer and launch its product into eight
additional metropolitan markets.
educational experiences these companies have committed to, which are a
requirement of accepting the funding, range from paid internships to guest
speaking in the classroom.
experiential education component has been engrained in the Innovation Fund’s
operations since the very beginning,” said Dennis Cocco, co-director of GLIDE, which
administers the fund. "The program gives students the opportunity to sit
alongside an entrepreneur and learn the ins and outs of leading a startup,
while showing the entrepreneur how valuable a student perspective can be.”
International, recipient of its second Innovation Fund award, has already hired
an intern from Lorain County Community College. Cassandra Andrusyszyn was
attending Lorain County Community College while working three jobs when she
began her internship to fulfill a requirement of an entrepreneurship class.
was absolutely amazing and it truly changed my life,” Andrusyszyn said. "AMIDAC
had me doing everything from marketing to business development with national
and international customers.”
was hired full time last month to manage AMIDAC’s national and international
business communications. AMIDAC will be employing another paid intern with this
funding award and Ameer Alghusain, the company’s president, is excited about
the possibilities of adding more local talent to his business.
my company in Lorain County to develop the county and create jobs here,”
Alghusain said. "I am excited to find more talented students to join us and
possibly obtain a full-time job as we grow.”
its 2007 inception, the Innovation Fund has made 106 awards to 88 companies
totaling $6.1 million. Along with providing more than 150 internships to
college and university students, bridging the gap between classroom education
and real startup experience, these companies have attracted more than $62
million in follow-on investments and created 314 jobs.
About the Innovation Fund
Fund, founded by the Lorain County
Community College Foundation, awards early-stage capital to technology-based
companies in Northeast Ohio so they can validate their technologies and
business concepts. The funding awards of up to $100,000 fill the capital needs
of businesses that are at the earliest stage of development, before they can
attract angel and venture capital funding.
the Ohio Third Frontier combined with matching support and contributions from
the Innovation Fund partners are used to make the Innovation Fund awards. These
partners include the University of Akron, the
of Akron Research Foundation, Cleveland State University, the Great Lakes
Innovation and Development Enterprise (GLIDE), the Lorain County Community
College Foundation, Stark State College of Technology, Youngstown State
University, the Youngstown Business Incubator, and Northeast Ohio Medical