Great Lakes Innovation and Development Enterprise has just been awarded $350,000 to continue serving business startups in Northeast Ohio. GLIDE is one of 11 technology incubators in Ohio to receive state funding through the 2014 Ohio Third Frontier Incubation Program, a program that recognizes top technology incubators fostering new businesses in the communities they serve.
The Ohio Third Frontier Commission voted Wednesday to approve more than $12.8 million to fund cutting-edge biomedical companies and help entrepreneurs and technology start-up companies get their businesses off the ground.
The Innovation Fund, a pre-seed fund for technology startups in Northeast Ohio, said it has awarded $25,000 grants to each of six young companies.
The new tech transfer office, which is based at Lorain County Community College, is designed to give local inventors working out of basements and garages some of the same business development resources that many universities provide to inventive faculty members.
The goal of the OCTT is to help community inventors who don't have tech transfer offices at their disposal turn their ideas into products.
Four Northeast Ohio startups will receive financial help to launch products from the Incubator at Magnet. Magnet, a nonprofit that champions advanced manufacturing in Northeast Ohio, said nine companies submitted applications for the Magnet Product Acceleration & Technical Assistance (MPAcT) grant. The four companies with winning submissions are Disease Diagnostic Group LLC; DragonID LLC; Folio Photonics; and Motion Resolution.