ELYRIA — Lorain County Community College will receive $3 million to boost technology innovation, according to the Ohio Development Services Agency.
The money comes as part of $84.9 million awarded by the Ohio Third Frontier Commission to support promising start-ups, new cutting-edge technologies and getting innovative ideas to the marketplace.
“We are continuing our commitment to provide early-stage capital to Ohio’s technology start-ups,” said David Goodman, director of the Ohio Development Services Agency and chair of the Ohio Third Frontier Commission. “The investment in our innovators will continue bringing jobs to the state.”
Lorain County Community College Foundation, located in Elyria, will use the money for its fund, Northeast Ohio Innovation Fund, which was started in 2007. Fund collaborators include the Great Lakes Innovation and Development Center.
The fund fulfills its mission of promoting education and economic development by providing modest awards up to $100,000 to promising technology-based start-ups located or willing to locate within the 21 counties of Northeast Ohio, according to the summary posted at www.innovationfundneohio.com.
Awards are made to help early-stage entrepreneurs progress through the business development continuum by providing resources to help validate the technology or prove the business model.
In turn, recipients of Innovation Fund awards are required to provide an entrepreneurial educational opportunity or internship for students, faculty or staff of LCCC and/or one of the Innovation Fund’s partnering higher education institutions.
“By helping current entrepreneurs succeed while nurturing a new generation of entrepreneurial talent, partners of the Innovation Fund hope to foster a robust environment in Northeast Ohio where innovation and entrepreneurship are encouraged and supported,” the fund website said.