May 17, 2012: The Innovation Fund, founded by the Lorain County Community College Foundation, is awarding $375,000 to six technology startup companies spread across five Northeast Ohio counties. The funding round, which is comprised of three $25,000 awards and three $100,000 awards, includes the first award winners from Lake and Stark counties. Other counties represented are Lorain, Cuyahoga, and Portage.
IGW Finance Alternative ($25,000, Elyria)
IGW Finance Alternative's web-based process allows retail stores to retain potentially lost credit sales through an alternative financing solution with extremely high returns.
QURA Scientific ($25,000, Parma Heights)
QURA is developing a reagent kit product for the medical research and human diagnostic markets that allows for faster and more sensitive determination of the amount of protein or other small molecules in a biological sample compared to current available methods.
Paragon Robotics ($25,000, Hiram)
Paragon Robotics designs and manufactures building energy management products that improve energy efficiency by using a unique control system. Its initial product line will include heating, cooling, and lighting controls for commercial buildings.
Tesla NanoCoatings ($100,000, Massillon)
Tesla NanoCoatings provides corrosion control coatings with fullerene carbon nanotube cathodic protection of metal to the aerospace/military, petrochemical, transportation, marine, and industrial markets.
In2une ($100,000, Shaker Heights)
In2une's social marketing platform is designed to sell the maximum number of live music event tickets, as well as high-margin on-night food, libation and merchandise in venue and the surrounding concert neighborhood.
Future Path Medical ($100,000, Concord)
Future Path Medical has developed a wireless sensor-based system that provides caregivers with real time data of urine output flow and core body temperature.
"The Innovation Fund has always been a regional fund for technology-based startups throughout the 21 counties of Northeast Ohio," says Dennis Cocco, co-director of GLIDE, the Edison Technology Incubator that administers the fund. "We are continuously working with our partners to reach companies throughout the region, making sure they're aware of the Innovation Fund and the opportunity it presents. We're pleased that this cycle included the first funded companies from Lake and Stark counties."
With this award cycle, the Innovation Fund has made 99 awards to 84 companies totaling $5.75 million.