Venture Capital

Solar grills and rock ‘n roll riffs: Big Ideas flow into Cincinnati Innovates contest

Nearly 50 Cincinnati area innovators have jumped to the challenge of creating Cincinnati’s next big product. Something they believe could join the ranks of Ivory Soap, Pringles, Swiffer or Benadryl as a household product with nationwide recognition. The ideas, which include consumer products, green technologies and media services and products have been entered in the first-ever Cincinnati Innovates competition, sponsored by area investors, which kicked off May 1st. If you have a great idea you still have until Sept. 1 to enter. “So far, we've seen a lot of web, consumer products, and media entries, but we've also had a handful of entries that touch on anything from a green source of electricity, to a new electronic display technology that could replace LCD, to surgical room automation software. Green technologies have already made a good showing and I think we'll see even more over the summer.  Also, with UC's research hospital, Cincinnati Children's Hospital, and Ethicon Endo Surgery here in town, we're expecting to see a lot more entries in the medical field,” said Elizabeth Edwards, venture capital investor at Neyer Holdings, a contest sponsor. The competition, open to a15-county area of Cincinnati, Northern Kentucky and Southeast Indiana, has a broad reach and can include innovative products, devices, business processes and more. Area investors sponsoring the contest including Neyer, CincyTech, HYPE Cincinnati, BIOSTART, Cincinnati Children’s Hospital and Kentucky ezone. Soapbox is also contributing by featuring the most popular video entry each week throughout the contest. There are no age restrictions to entering. Winners of a total of eight prizes – including a community choice award picked by online voters  – will be announced Sept. 18 at the Contemporary Arts Center downtown. Entries will be judged by investors and other industry experts from a wide variety of backgrounds. Here’s a sample of some of the entered innovations: Heritage Garden:Clear plastic molds from busts of historic Americans that clamp over eggplants or squashes so the vegetables look like the individual. Rock -n- Roll Riffs:Flash based application that allows novice guitar and bass players to learn how to play riffs. Electrofluidic Displays: Electrofluidic e-books allow for the first time electronic switching of pigments with the same brilliance as printed media. BabysitEase:Babysitter placement service: Unique childcare offering that provides flexible, part-time childcare by matching families & babysitters in the area.                                                                            SolarGrill:The SolarGrill is a solar-powered BBQ grill that can grill foods just as well as a conventional charcoal or gas grill.                        Electricity from a Bacterial Reactor:A microbial fuel cell reactor with proprietary bacteria that create electricity and hydrogen gas from sewage. “I feel great about the quality of the entries so far. They're all over the board, but that's the nature of innovation: it's unexpected.  My hope is that entrants will continue to add more media to their entries over the summer - video and other visuals are absolutely essential to explaining new innovations,” Edwards said. To enter the contest, go to: www.cincinnatiinnovates.com. There you’ll enter a short description of your idea and upload pictures, video, or sketches to help explain and showcase it. The following awards are up for grabs: CincyTech Commercialization Awards:   $20,000, $10,000 and $5,000 Taft Patent Awards:   $10,000, $2,500 and $1,000* Community Choice Award:  $2,000 Student Innovator Award:  $1,000 Writer: Feoshia HendersonSources: Cincinnati Innovates, Elizabeth Edwards, Neyer Holdings

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Third Frontier annual report released at Ohio Innovation Summit

Last Tuesday evening, Ohio Lieutenant Governor Lee Fisher unveiled the Ohio Third Frontier annual report for fiscal year 2008 (PDF) during his keynote address at the Ohio Innovation Summit. The report outlines the performance metrics as measured by the Technology and Innovation Division at the Ohio Department of Development, administrator of the Ohio Third Frontier initiative. "In 2008, Ohio Third Frontier reached another high water mark, attracting $3.5 billion in additional resources to projects and companies, representing nine new dollars for every one dollar expensed by Ohio Third Frontier programs," Fisher said. Since 2002, Ohio Third Frontier has assisted in the creation, attraction, and capitalization of more than 500 businesses. Read the full release here.

HCBC, C-Cap partnership helping to develop entrepreneurs

For several years, the Hamilton County Business Center has enjoyed a close relationship with Queen City Angels' administrative arm C-Cap, producing a variety of programs benefiting entrepreneurs throughout southwest Ohio. Morning Mentoring, held monthly, seeks four companies to participate in a structured mentoring and networking session that allows for focused dialogue between the companies and professional advisors about their markets, products, services, and management practices. The Regional Entrepreneurs Forum, held on the third Friday of each month, assembles 60 to 80 local entrepreneurs to network and to discuss entrepreneur-requested topics related to their businesses. The two-day Entrepreneur Boot Camp, held once a year in late spring, helps aspiring entrepreneurs plug into business assistance, capital, and professional service networks in Greater Cincinnati. Read the full release here.

Peak10 launches regional Technology Assistance Program

Peak 10, Inc. has announced the creation of the Greater Cincinnati and Dayton Technology Assistance Program (TAP), a partnership of key local technology and business associations that will help cultivate business incubation in the region. The first 30 companies accepted into TAP will receive cabinet space within Peak 10's enterprise-class Cincinnati data center and will have any one-time or monthly recurring costs, up to $5,000, waived. Collaborating partners include the Hamilton County Business Center, the Greater Cincinnati Venture Association, BIOSTART, Northern Kentucky ezone, C-Cap, and the Entrepreneur Center in Dayton. "We are very excited that Peak 10 has organized the TAP program in an effort to bolster our innovative businesses by aiding their competitiveness," Patrick N. Longo, director of the Hamilton County Business Center, tells dBusinessNews.  "This program's impact will be felt by local entrepreneurs and individuals seeking employment from these start-ups who now have the option to take advantage of a technology program fueled by Peak 10's enterprise-class facility, support and technology services." Read the full release here.

CincyTech funds two start-ups

SpineForm and Wiresoft Net will receive start-up capital from CincyTech, a public-private technology funding group.SpineForm, a research and development company focusing on less-invasive spinal deformity surgical treatments, will receive $300,000 from CincyTech and $950,000 from Queen City Angels and Cincinnati Children's Hospital Medical Center.Wiresoft Net, which provides network security solutions for businesses, will receive $200,000 from CincyTech and $126,000 from private investors with ties to the company.CincyTech is now moving into its third year.Read the full article here.

BioStart creates online resource center

BioStart, a Corryville life sciences and biotech incubator, has launched an online resource center for entrepreneurs and start-ups called DialedIn.org.In addition to newsletters and social networking tools, users can get advice on finding funding, grantwriting, branding, recruiting, and attracting board members.According to the Enquirer, BioStart is hoping to attract contact submissions from industry experts, freelance writers, and researchers.Read the full article here.

Ohio bioscience industry generates $148B impact

Ohio's bioscience industry generated a $148 billion economic impact -- or 15.7 percent of the state's total economic output -- during 2007, according to BioOhio's 2007-2008 Ohio Bioscience Growth Report.The industry, consisting of commercial bioscience firms, hospitals and healthcare providers, and medical colleges, was also responsible for directly or indirectly generating 1.4 million jobs.The report also shows that funding for research, company formation and company expansion in 2007 rose nearly twofold over 2006 totals, with $2.5 billion invested across the state.As of December 2008, 1,141 bioscience-related industries were operating in Ohio, an increase of 39.5 percent over 2007.Read the full release here, or check out the PDF report here.

High-tech health care start-ups get exposure at MidAmerica Healthcare Venture Forum

At least six young, high-tech Cincinnati health care companies got face-to-face with the venture capital community at the recent MidAmerica Healthcare Venture Forum, an event that brought more than 400 venture capitalists, bioscience entrepreneurs and experts under one roof in Cincinnati. It's the Midwest's largest annual event showcasing biotech, pharmaceutical, medical-device and industrial biotech companies. Cincinnati ventures making their pitches to the money people and others were Akebia Pharmaceuticals, a vascular biology form that has licensed assets from P&G Pharmaceuticals; PDS Biotechnology Corp., which is using nanoparticle technology to find therapies to treat cancer; AssureRx, which has developed genetic testing technology so medications can be personalized; CH Mack Inc., which propvides electronic software for handling medical records; Bexion Pharmaceuticals, which is developing targeted therapies to treat cancer; Ausio Pharmaceuticals, which is developing medications for the aged. The two-day forum earlier this month was a platform to showcase health care start-up companies from across the Midwest that are looking to raise private equity funding. Writer: David HolthausSource: MidAmerica Healthcare Venture Forum

Silicon Valley comes to town

Silicon Valley has been the hotbed of innovation in America for years, so when three heavy hitters from the Valley's entrepreneurial, corporate and venture capital worlds gathered in downtown Cincinnati on a sunny Saturday afternoon, they stirred up some high-powered thinking about change, social networking and chaos. 

Pitches for medical venture capital to be made in Cincinnati

Health-care companies seeking venture capital funding will have the opportunity to plug in to some of that cash during the sixth annual MidAmerica Healthcare Venture Forum in Cincinnati, October 1-2.

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