ELYRIA — The Innovation Fund, which was started in 2007 to help fund technology startup companies before they attract larger investors and has become the first source of funding for entrepreneurs in Northeast Ohio, continues to receive state funding to continue its mission of rewarding new businesses.
The Ohio Controlling Board on Monday authorized $2.125 million to the Lorain County Community College Foundation to benefit the fund.
“It is wonderful that state funding through the Ohio Third Frontier continues to support of mission of helping companies at the earliest state of their development,” said Tracy Green, LCCC’s vice president for strategic and institutional development.
“Since 2007, the Innovation Fund has distributed more than $6.5 million in Third Frontier funding to more than 100 companies.”
Green said all of the companies are in Northeast Ohio and are technology based.
“Each is involved in commercializing some type of innovated technology in one of the core areas — energy, sensor technology or biomedical, basically high growth industries,” she said.
State Sen. Gayle Manning, R-North Ridgeville, called the funding an important investment.
“This funding, which is matched by the LCCC Foundation, will quickly aid current, growing companies, but also attract new businesses to our area, which means more jobs in Northeast Ohio,” she said.
The foundation will fully match state funding with an additional $2.125 million.
Green said the Innovation Fund does not just fund companies but also spurs future entrepreneurs and local economic development.
“Each company is required to take on one student as an intern, showing them what it means to be an entrepreneur,” she said. “And each company is not required to locate to Lorain County, but quite a few do as they get exposed to Lorain County and see the great resources we have to offer. There is a lot to entice a young start-up company looking to start their business.”
Contact Lisa Roberson at 329-7121 or firstname.lastname@example.org.