Regionalism

CincyTech’s $10M attracts $100M in co-investments

By Newsroom

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November 15, 2011

CincyTech has invested $10 million in 28 local startup companies and helped its companies attract another $100 million in private co-investment since 2007. CincyTech President Bob Coy announced CincyTech’s performance numbers at the venture development organization’s second Annual Big Breakfast Meeting and Startup Showcase Nov. 15. More than 400 people registered to attend the meeting at Duke Energy Convention Center, and 35 startup companies and community partners participated in a Startup Showcase. CincyTech is a public-private partnership whose mission is to invest in high-growth startup technology companies in Southwest Ohio. Since it began its investment activity in May 2007, its 28 companies have created 207 jobs with an average annual salary of $63,000. CincyTech now has 167 active client companies. Coy said CincyTech has led 50 percent of all venture capital deals in the region this year. “2011 was a year of tremendous momentum for us,” Coy says. “We had our first exit, with Blue Ash Therapeutics. We saw another of our companies, AssureRx, receive an $11 million funding round from major Silicon Valley venture capital firms Claremont Creek and Sequoia. We saw NanoDetection Technology, which moved here last year from Tennessee, oversubscribe its $2 million round by $300,000. “We saw a cumulative total of $15 million invested in our companies from 35 individual investors. And we hit a major milestone by reaching $200 million in direct economic impact from those companies through investment capital, revenue, foundation and government grants and loans and corporate partnerships. At that rate, we will hit $1 billion of investment activity over the next five years.” CincyTech partners participating in the meeting included Ohio Third Frontier, Cincinnati Children’s Hospital Medical Center, the University of Cincinnati and the Cincinnati USA Regional Chamber. “Our community outreach includes providing the grants behind the Brandery and Cincinnati Innovates, mentoring and assistance at the X-Lab at Xavier University and partnership programs and funding to encourage students at Miami, Xavier, UC and NKU to start companies here,” Coy says. The other organizations that contribute financial support to CincyTech are the Carol Ann and Ralph Haile/U.S. Bank Foundation; the Castellini Foundation; the Circuit; the Cities of Blue Ash and Mason; Fort Washington Capital Partners; the Greater Cincinnati Foundation; PNC Financial Services; River Cities Capital Funds; the Health Foundation of Greater Cincinnati, Thompson Hine and Wood Herron Evans law firms, and many private individual investors. By Sarah Blazak

Latest in Regionalism

Innov8 for Health Challenge spurs innovation, jobs

By Newsroom

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Diversity

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November 15, 2011

It's a tall order to create jobs, improve health and retain talent through a healthcare innovation challenge, but the new Innov8 for Health Challenge aims to do just that. Designed as an annual occurrence, Innov8 for Health will hold three community-wide events promoting healthcare innovation to solve a specific problem. The initiative involves developing a solution, building a business plan around it, and a shot at receiving startup funding to make the idea a reality. The challenge is already underway, and Innov8 is currently accepting ideas that address "transitions in care" this December. "We already have incubators and accelerators here in Cincinnati, and there is a lot of healthcare innovation going on. But we want to build on what is already here, and specifically help spur the healthcare innovation infrastructure," says one of the event's organizers Sunnie Southern, founder of ViableSynergy. Criag F. Osterhues, health care manager for GE Aviation, is also helping organize the event. Other planners include reps from C-Cap, and Queen City Angels, Biostart, Taft law firm and the Health Foundation of Greater Cincinnati. Innov8 hopes to uncover tech-based solutions to problems that arise when a person moves from one care setting to the next -- from a hospital to nursing home, from the hospital to home, from high school to college. They can include difficulties with cooking, medications or even personal safety. Lack of a successful transition often means repeat trips to hospitals, which translates into higher healthcare costs. "It's a very big issue for the country,” Southern says. “A study in 2004 in the New England Journal of Medicine showed it cost Medicare $17.4 billion." The Innov8 for Health Challenge is accepting ideas to solve transition to care problems through Nov. 28 at its website. Open to students and entrepreneurs, the best ideas will be part of a public Innov8 Idea Expo and contest Dec. 2. Winners will be selected to participate in a Business Concept Expo next spring. Finally, the top concepts will be pitched to a panel and potential investors during the Launch Pad event in summer 2012. By Feoshia Henderson

‘Good neighbors’ spark change through Action

By Newsroom

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Environment + Sustainability

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November 15, 2011

Since its inception more than 35 years ago, Ohio Citizen Action has made an intentional effort to prevent pollution in Ohio by practicing what it calls “door-to-door democracy.” “Everyday representatives of the organization are knocking on doors and talking to real people,” says Brewster Rhoads, former director of the Cincinnati office. “It doesn’t take long to get feedback when a message isn’t clicking, which is a great reality check.” Within the last 15 years, OCA has evolved into a multifaceted non-profit and non-political organization that utilizes good neighbor campaigns. Through deliberate and strategic community organizing, OCA uses the power of persuasion to transform pollution regulations, standards and practices to be more palatable for concerned citizens. OCA does not act on its own. Each and every good neighbor campaign is the result of community members reaching out for help and consultation. “The best way to open lines of communication with decision makers is to organize large numbers of people,” says Melissa English, development director at the Cincinnati office. “Otherwise, you can too easily be dismissed as a lone voice in the wilderness, a crank or a person of no importance.” A traditional good neighbor campaign begins by establishing a first point of contact within an offending company. Usually this person is a decision maker that the citizens choose to direct their letters to. Then the movement will focus on attending hearings where citizens can air their grievances and lobby officials to join their cause. “They are focused on a very ‘let’s get this done’ campaign to make a difference that is actually measureable,” says Rhoads. “If you want a voice on the environment and corporate responsibility, you should join the organization, period.” OCA’s scope and sphere of influence are vast; with more than 80,000 members it has been able to influence actions in industry, as well as in government on both the state and federal levels. “OCA has developed an independent member base, which means they don’t have to depend on the whims of others,” says Rhoads. “This gives them independence because they are not financially married to a small number of donors and that’s the sweet spot. They have 80,000 individuals at any given time as their base; it’s the gift that keeps on giving.” Since OCA’s birth, the development of their website has been a key means of communication that now is visited by 15,000 individuals per month. Since good neighbor campaigns are often viewed as having a limited interest, the internet has provides a means for OCA to reach out to the media, the public and even companies. “Every citizen already has the right to know,” says English. “The challenge becomes exercising that right against the forces of money in politics, the profit motive, ignorance and apathy.” Do Good: • Get a sandwich named in your honor. As part of OCA’s innovative online auction, Park + Vine in Over-the-Rhine is offering a once-in-a-lifetime chance to create a sandwich named for you! • Have lunch with Mayor Mallory at Sung Korean Bistro. • Take Action. Donate to Ohio Citizen Action online. By Sara Maratta

Resource: Northern Kentucky University Fifth Third Bank Entrepreneurship Institute

By Newsroom

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Education + Learning

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November 15, 2011

Northern Kentucky’s Fifth Third Bank Entrepreneurship Institute may be one of the newest among regional universities and colleges, but it is starting to make a name for itself. “We think that there is a huge untapped resource here,” says program director John Clarkin, an associate professor for entrepreneurship at NKU. “We really cater to the students from outside the business school.” “We really think that distinguishes this program from others in the country.” Clarkin helped build the program over the past 10 years ago after running a similar program at the College of Charleston (S.C.). He is the process of handing over the reins to a successor that hasn’t been picked yet. But he thinks the program is on the right track. “The goal is to make sure the students come through program and go out into community and have a much smoother transition from college life into real life,” Clarkin says. “And I think we’re getting there … and that’s why I feel I can step away.” In addition, the institute works very closely with the NKU’s Small Business Development Center, which provides free or low-cost consulting or project work for regional businesses. And the entrepreneurship program specializes in placing interns with area companies. And the institute also brings students and area business leaders together at least twice a year for major conferences and speeches, such as the one coming up on Tuesday, Nov. 16 featuring Dan Meyer and Richard Palmer of Nehemiah Manufacturing Company – who will speak on “building brands, creating jobs, and changing lives in our community.” “At any given time, there are a lot of students learning about entrepreneurship all over our campus, and you can’t ask for much more than that,” Clarkin says. Information about the NKU Fifth Third Entrepreneurship Institute. The Nov. 16 speaker. Information about the Small Business Development Center at NKU. By James Pilcher

What’s your green umbrella?

By Newsroom

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Diversity

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November 15, 2011

Students at Hughes High School have signed up, as have dozens of Cincinnati Zoo and Cincinnati Nature Center employees. Even Mayor Mark Mallory is in on the action. Together, they have reduced nearly 900 tons of carbon dioxide emissions into the atmosphere in our region. Not bad for a Green Umbrella opened just more than a month ago. What’s your Green Umbrella? launched in October. It’s a site dedicated to consolidating all of the sustainability efforts throughout the region under one, well, umbrella. It’s a space where information about green building, green living, green learning and green transportation, as well as other important initiatives, take root. In addition to providing a constantly updated news feed with information about sustainability-related events and initiatives around the region, What’s your Green Umbrella allows users to track their own path toward earth-friendly living. Register as a user and you can track how your recycling and choice of transportation impacts the environment. Register as part of your employer’s team and see how you stack up against your eco-friendly competition. For example, the Cincinnati Zoo and Botanical Garden remains in a tight competition with the Cincinnati Nature Center for most tons of CO2 reduced. The new site also offers tips on green living, local resources and the chance to win prizes that will keep you in harmony with nature. Do Good: • Get under the umbrella. Register to see how you rate and help your employer or group gain traction as a regional force for the environment. • Make a donation. Support green initiatives throughout the region. • Check on the progress. See how your business, neighborhood or faith community rates in this competition – remember, under the green umbrella, everybody wins! By Elissa Yancey

Resource: University of Cincinnati Center for Entrepreneurship Education and Research

By Newsroom

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Diversity

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November 15, 2011

Want to learn about making music, and then how to sell it? The University of Cincinnati’s College Conservatory of Music and the Center for Entrepreneurship Education and Research have just the program for you. The directors of both programs came up with a combined major for commercial music production – realizing the need for both musical and start-up business skills. And it is this kind of cross-campus partnership that entrepreneurship center director Chuck Matthews says is the program’s strength. The program has been around since 1997, and Matthews has been there every step of the way. Now, the center routinely consults with area businesses, and has about 125 students majoring in entrepreneurship. “But entrepreneurship can come from anywhere,” says Matthews, a professor in entrepreneurship and strategy. “Entrepreneurship is nothing more than an economic phenomenon combined with a certain set of tools. And you don’t need to be a business major to learn those skills.” In addition, Matthews has been director of UC’s Small Business Institute since 1982. He says the institute has done over 500 faculty-guided student based consulting projects for local businesses, and the results have created a 99 percent customer satisfaction rating. “And 80 percent of our companies will implement at least one of our recommendations within the first few weeks,” Matthews says, adding that the services are free (although he is considering a sliding-scale fee model). And finally, the center is heavily involved in research. The UC entrepreneurship center is a Division I Carnegie-funded doctorate program as well as teaching undergraduates. That means that UC routinely publishes both theoretical and applied research in academic journals. Information on the UC Center for Entrepreneurship Education & Research, 513-336-7133 By James Pilcher

Resource: Miami University Institute of Entrepreneurship

By Newsroom

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Entrepreneurship

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November 15, 2011

Miami University’s Institute of Entrepreneurship has branched out into the growing field of social entrepreneurship, but this isn’t about making the next great plug in for Facebook or Twitter. In building one of the nation’s first such programs that concentrate on undergraduates, Miami is looking to apply entrepreneurship principles and practices to social problems and challenges such as inner city poverty, increasing education levels and environmental issues. The Institute for Social Entrepreneurship was started several years ago by Brett Smith as a branch of the school’s overall entrepreneurship. Smith, an associate professor of entrepreneurship, is also now the director of the overall program – which has been around since 1992. Since it started, it has helped create flywheel Smith says the social aspect is one of three areas of emphasis for the program. The other two concentrate on teaching startup entrepreneurship as well as corporate entrepreneurship. The program was recently ranked 15th nationally among undergraduate focused programs by the Princeton Review. And earlier this year, the program was named as an Ohio Center of Excellence by the Ohio Board of Regents – meaning it could be in line for more funding and programming from the state and its Third Frontier program. The center is also available for consulting work for those looking for help starting up a business or even with a corporation. “We have a lot of momentum right now,” Smith says. “We are trying to connect deeply with the entrepreneur ecosystem in the Cincinnati area, and we are doing work with The Brandery and CincyTech. “What we really are trying to do is both contribute to and benefit from that ecosystem. And we feel that we are doing a good job – more than half our students come from beyond the business school.” For more information: Institute of Entrepreneurship Institute of Social Entrepreneurship: Contact: Sue Rude, 513-529-1221 By James Pilcher

Vitrue powers social media tech platforms

By Deidra Wiley Necco

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Development News

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November 15, 2011

Over-the-Rhine continues to draw entrepreneurs and innovators to the heart of Cincinnati. Adding to the forward thinking landscape of OTR, technology company Vitrue is one of its newest residents and a global provider of social media management. Their clients include companies like P&G,McDonalds, American Express and more. After working in Longworth Hall for about a year, Vitrue recently relocated to Saengerhalle at 1404 Race Street in the heart of Over-the-Rhine, and right next door to 3CDC. “We are thrilled to be part of a thriving community,” says Kara Mjones, analyst of client partnerships. “It’s definitely the right time to be here.” With six locations in the United States, one in London and another in development for Eastern Europe, Vitrue has created a growing niche market that utilizes their Social Relationship Management (SRM) platform to solidify clients’ branding and relationship building initiatives through social media. Vitrue’s presence in Cincinnati means that local companies can also access technology platforms to help drive and grow online communities. Currently, Vitrue works with Facebook and Twitter, however a YouTube interactive platform is in the works. As a Facebook Preferred Developer Consultant, Vitrue strives to make keeping up with your company Facebook page easier and more efficient. Their platforms manage publishing, custom content, commerce and analytics to merge changing consumer needs with brand strategy and overall social media presence. Companies can choose the level of service they need by selecting one or more platforms. For example, Vitrue’s Publisher platform allows Facebook and Twitter posts to be scheduled in advance and posted automatically according to predetermined timelines and initiatives, pushing out content and driving the online “conversation.” Combine that with the Tabs, Shop and Analytics platforms and companies can take full control of social media initiatives. “Vitrue streamlines social media efforts, and makes that effort a time effective process,” says Mjones. “We are very excited to be part of the Over-the-Rhine community.” Learn more about Vitrue at www.vitrue.com or find them on Facebook. By Deidra Wiley Necco

Cincinnati voters clear the way for streetcar, joining national trend

By Kaid Benfield

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Cincy In The News

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November 15, 2011

This time it’s real. Cincinnati voters have (again) defeated a misguided attempt to block the city’s new streetcar, which now will move forward and could be operational as early as 2013. Read the full story here.

Video Take a ride

By ParProjects

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Arts + Culture

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November 15, 2011

Take a ride with ParProjects as they continue their journey to build a community arts center in Northside. Video courtesy ParProjects.