Startup News

Resource: NKY Rekindle Micro-Enterprise Program

By Newsroom

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September 13, 2011

Resource: NKY Rekindle MicroEnterprise Program The Northern Kentucky Community Action Commission has launched a new micro-enterprise program called Rekindle, a new self-sufficiency initiative designed to assist aspiring entrepreneurs in eight Northern Kentucky counties (Boone, Campbell, Carroll, Gallatin, Grant, Kenton, Owen and Pendleton). "Starting a business requires a great deal of organization and many steps," says Robert Yoder, the Business Development Director of the Northern Kentucky Community Action Commission. "Before you jump in head first, learn about how to avoid common mistakes made by many people considering small business ownership. These basics include an overview of business plan development, legal entities, business tax and licensing issues and financing options." The Rekindle Micro-Enterprise Development Program consists of three parts: business development training, on-going mentoring and access to funding assistance. Micro-Enterprise Business Development Training Northern Kentucky University’s Small Business Development Center provides the initial Pre-Business Orientation Workshop. The first workshop is Thursday, Sept. 15, 7 p.m., at Covington Artisan Enterprise Center, 25 W. Seventh Street in downtown Covington, Kentucky. To register, call Yoder at 859-655-2946 or e-mail him at rekindle@nkcac.org. Mentoring and On-going Support After the introduction workshop, participants are invited to apply for Rekindle Micro-Enterprise Development Program. As part of the program, participants will attend six weekly seminars to their business plans and cover topics involved in opening and operating a Micro-Enterprise. After working on developing the business plan, Rekindle coaches will work with the participants in accessing funding and maintaining a relationship as the business launches and grows. Access to Funding Assistance Rekindle Micro-Enterprise Development Financing is available for low-income individuals who want to start or expand their businesses. Eligible participants are able to apply for up to $5,000 in Rekindle low-interest financing. Northern Kentucky Community Action Commission helps low income individuals and families develop the knowledge, opportunities and resources they need to achieve self-reliance. For more information about the Northern Kentucky Community Action Commission, visit www.nkcac.org.

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Resource: Morning Mentoring at HCBC

By Newsroom

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Entrepreneurship

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August 23, 2011

Resource: Morning Mentoring at HCBC Need a mentor for your startup? Help is on the way. Morning Mentoring is an entrepreneurial coaching program that leverages the Queen City Angels, C-Cap, the Hamilton County Business Center and local professional advisors for the benefit of Greater Cincinnati's entrepreneurs. Each month, Morning Mentoring accepts four companies to participate in this networking and mentoring session. The format of the event allows each of the selected companies to make up to a five-minute overview presentation about their company. The angels and professional advisors then have the opportunity to ask clarifying questions about the company's market, product or service, business model, stage of development and management team. After all the presentations are completed, companies have the opportunity to have one-on-one 45-minute mentoring sessions with a participating angel from the Queen City Angels and a knowledgeable business service professional. Each company rotates to visit with two local angel investors from the Queen City Angels. Morning Mentoring is an opportunity to present, network and receive excellent feedback and is open to those seeking equity investment as well as entrepreneurs just looking for a place to get good free advice. Entrepreneurs are also welcome to come watch the company presentations and network. To apply for one of the four monthly spots, fill out a simple online form. Upcoming Morning Mentoring dates in 2011: • August 26 • September 23 • November 4 • December 1 (Thursday)

Resource: QuickLaunch Legal for Startups

By Newsroom

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Entrepreneurship

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August 16, 2011

Entrepreneurs want to know exactly what's necessary from a legal standpoint and how much it costs. And attorneys are notoriously bad at providing that kind of information. Enter Thompson Hine's new legal resource for startups: QUICKLaunch."Entrepreneurs are the business equivalent of artists - and often starving artists," says David Willbrand, partner at Thompson Hine and chair of the Early Stage & Emerging Company Practice. QUICKLaunch packages the typical legal services required by startup companies into a low fee that is spread over time, helping entrepreneurs finance their legal needs.The QUICKLaunch program provides filing of articles of organization with the state to form an LLC, a tax ID from the IRS, a nondisclosure/confidentiality agreement for use with third parties, an operating agreement for governance, documentation of founders equity, documentation of employment and contractor relationships (including compensation, equity, non-competition, etc) and a high-level trademark search.The bottom line: for $3,000 ($500 paid up front and $2,500 when the company has financing or revenue), startups get all the initial legal help they need."I love working with startups because I love the passion of entrepreneurs," Willbrand says. "They are fully committed. It's not just a job. When you work with people who care so deeply about what they are doing, who are living it and breathing it, you can't help but get swept up by that energy. It's awesome."

Resource: GCMI Micro Loans

By Newsroom

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Entrepreneurship

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July 19, 2011

The Greater Cincinnati Microenterprise Initiative (GCMI) provides low-interest micro loans and small business loans ranging from $500 to $50,000 to all types of startups and small businesses. GCMI also helps business owners prepare loan packages for financing through traditional lenders as well as the Small Business Administration (SBA) and the City of Cincinnati.GCMI helps entrepreneurs of all economic backgrounds secure financing for their business. GCMI's professional staff of mentors provides free business education, coaching, technical assistance, business plan evaluation, loan package preparation and cash flow analysis.Since 1998, GCMI has served more than 300 businesses and secured $1,137,698 in financing for entrepreneurs.For more information, visit http://www.gcmi.org.

Resource: HCBC Startup Incubator

By Newsroom

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Entrepreneurship

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July 19, 2011

Hamilton County Business Center, Inc. (HCBC) is an entrepreneurial assistance hub for entrepreneurs, early stage growth businesses, inventors, researchers, spin-offs, and startups in Southwest Ohio. HCBC is a nationally-recognized business incubation program that helps Greater Cincinnati entrepreneurs launch and build successful companies. HCBC's incubation program caters to entrepreneurs who are starting up innovative and growing businesses. HCBC's incubator is roughly 70,000 square feet and houses, on average, 50 startups at a time, including companies like Zebra Mobile, a mobile content distributor, Seven/Seventy Nine, a film and video producer, and General Nano, a manufacturer of carbon nanotubes. Since 1989, HCBC has been the home to 260 business start-ups. HCBC provides entrepreneurs flexible space, administrative services, and business coaching in a vibrant atmosphere. "Unlike any other program in Greater Cincinnati, HCBC accelerates the growth of entrepreneurial ventures through knowledgeable planning and implementation, while continually reviewing the results and assisting in adjustments to aid our clients growth opportunities," says Patrick Longo, HCBC vice president and director. HCBC has successfully graduated 110 businesses to the Southwest Ohio marketplace. HCBC's success rate is nearly 70 percent -- more than five times the national average. "HCBC was the perfect segway from a coffeeshop office to a legitimate brick and mortar as we were growing in the early years," says Joshua Johnson, CEO of Mindbox Studios and a 2009 graduate of HCBC. "The best value, besides the affordable office space, was the time Pat Longo personally spent with my partners and me. He was an invaluable source of information and the sounding board for many of our crazy ideas." HCBC also offers programming to entrepreneurs in the region including Morning Mentoring, SoundingBoard and Regional Entrepreneurs Forum. HCBC is affiliated with HCDC and the State of Ohio Thomas Edison Technology & Innovation Program. For more information, visit http://www.hcdc.com/incubation. By Elizabeth Edwards

Foxfire helps firefighters with smoke vision

By Elizabeth Edwards

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Entrepreneurship

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July 12, 2011

Former Eli Lilly sales manager and volunteer firefighter Zachary Green started MN8 Products, which makes Foxfire high intensity photo luminescent (glow in the dark) coatings and products for firefighters, in 2010. Green, a Marine Corps veteran, worked in the corporate world for 18 years, first for SAP and then later for Eli Lilly. He had been at Lilly for eight years when the economic recession hit. His choice: move to Indianapolis or take a corporate buyout during one of the worst recessions in history. "I'm not the type of guy that's meant to be in a cube," says Green. As a volunteer firefighter, Green saw an opportunity to use the glow technology to coat equipment that firefighters use in the dark. "I had put the coating on my helmet and then used it in a fire," he says. "The other firefighters were amazed at how effective it was and wanted to use it on their helmets. I knew we were on to something." Three of the top risks faced by firefighters are visibility, accountability and disorientation. Foxfire illumination helps firefighters keep track of their tools and each other in a dark, smoky fire. The turning point for Green was the Fire Department Instructors Conference (FDIC) in Indianapolis, the largest conference and tradeshow for firefighters, which welcomes 34,000 firefighters every year. "We were the busiest booth in the tradeshow," Green says. "We ran out of product samples three times and had to send people back to Cincinnati to get more." That month, the company received over $85,000 in orders, beginning a trend that hasn't stopped. The new challenge is managing a startup that is growing really quickly – and keeping enough cash in hand to turn around orders. Green has self-financed his company and has used a line of credit to manage the time between manufacturing product and getting payments from customers. "My training from the Marine Corps taught me to always plan for the worst case scenario, so I had contingency plans for how to manage large, unexpected orders," Green says. Despite the anxiety that comes with starting a new company in a down economy, Green has no regrets. "I'm having the time of my life."By Elizabeth Edwards

Chandler adds insight to elevator pitches

By Elizabeth Edwards

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Architecture + Design

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July 12, 2011

Matt Chandler's journey from the corporate world to the startup world should come as no surprise. "Entrepreneurship runs in the family — it's only recently that I started to appreciate how much it's a part of me," he says. "I was always doing something creative — I was in a band in college and I always had something going on." The founder of Elevator Insight, Chandler now helps startups and large brands alike distill their elevator pitch into an entertaining two-minute animated video. The videos are being used by startups such as Plan B Flights, Acceptd and Time Timer — and word is spreading. So far, all of Elevator Insight's business has been through word of mouth. Chandler went to work for BASES when he graduated from Miami University, working in consumer market knowledge and analysis. "It was a great experience," he says. "I was exposed to both the analytical and creative sides of the business." Chandler left to become a freelancer and producer at Crossroads, where he is now the Director of Communications. He leads an internal creative agency at Crossroads, creating communications, web content and the well-known and memorable weekly signs at the corner of Ridge and Madison Roads in Oakley. "Finally, I identified what I'm really good at — and that's leading creative teams," he says. "That's what I get to do now at Elevator Insight. I spend time with startups and larger brands, helping them distill their pitch into a succinct two-minute video, which we then animate." One of Chandler's many creative talents — as a voice-over artist — led him to create Elevator Insight. When Chandler's dad needed a video for his dental product company, Chandler volunteered to help him create an animated video. Soon, he started getting calls from other startups. Elevator Insight's videos are priced for small to medium-sized businesses and their entertaining portfolio of work can be viewed here.By Elizabeth Edwards

Deadline for $90,000 in grants for entrepreneurs: July 15

By Elizabeth Edwards

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Entrepreneurship

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July 12, 2011

Cincinnati Innovates, the region's third annual online innovation competition, is heating up, with more than 120 aspiring entrepreneurs already competing for almost $90,000 in grant awards and a top prize of $25,000. The competition accepts entries online until July 15, 2011, and is open to anyone in Southwest Ohio, Northern Kentucky and Southeast Indiana. "We are seeing some really interesting concepts and ideas this year," says James Zimmerman, partner at Taft Stettinius & Hollister, a sponsor of the event. Entries include products, web and mobile applications, technologies, medical devices, tools and toys. A few examples: • Vendi is a filling station for reusable bottles: an environmentally friendly alternative to bottled beverages and vending machines. • SimpleRegistry is an online gift registry for life events that provides the flexibility of receiving cash gifts. • Hepato-Seal is a multifunctional laparoscopic medical device for liver resection. • WantBug is a reverse auction for cars. Car buyers place a "want" listing for the car they want to buy, then WantBug sends the listing to hundreds of local dealers who bid on the opportunity to sell the car. • ChoreMonster is a suite of mobile applications that helps parents get kids to do their chores. • Inkdt guitar skins offers an easy and affordable way to add custom artwork to any electric, acoustic or bass guitar. • Acceptd is a web-based tool that simplifies the video application process for university programs and saves time and money for both applicants and program directors. The goal of Cincinnati Innovates is to connect entrepreneurs to all the resources our region has to offer: incubators, angel investors, banks, mentors and experts. Past winners have received national media attention and have collectively raised more than $3 million in follow-on financing. The competition is open online at www.cincinnatiinnovates.com. The entry process is simple requires only a short description of the concept. Photos, videos and other media are also accepted and materials can be submitted confidentially to the judges. "My company has come such a long way in the last year, and much of that is thanks to winning Cincinnati Innovates," says Jocelyn Cates of VenueAgent. Cates, a marketing professional, proposed a wedding and event venue booking website that took the top prize of $25,000 last year. Cincinnati Innovates is sponsored by CincyTech, Taft, LPK, Vision 2015, the NKY eZone, Cincinnati Children's Hospital and 20 other regional sponsors.By Elizabeth Edwards