Last Wednesday, the Ohio Third Frontier Commission approved "more than $12.8 million to fund cutting-edge biomedical companies and help entrepreneurs and technology start-up companies get their businesses off the ground," The Business Journal reports. The paper provides a detailed outline of the awards, which are summarized briefly below.
2013 Ohio Third Frontier Commercial Acceleration Loan Fund:
- Synapse Biomedical in Oberlin will receive $2.4 million loan to help secure regulatory approval for its NeuRx DPS platform.
- Intellirod Spine in Akron will receive $1.6 million loan to help bring its post-lumbar spine fusion medical device to market.
- Cleveland Medical Devices in Cleveland will receive $1 million loan to "expand the commercialization of its home sleep apnea testing."
- Nanofiber Solutions in Columbus will receive a $1.5 million loan to bring new products to market that are made using their "unique tissue engineering scaffolds."
2013 Ohio Third Frontier Incubation Program:
- Akron Development Corp. of Akron will receive $500,000 for its Akron Global Business Accelerator.
- BioEnterprise Corp. in Cleveland will receive $350,000 to continue providing business assistance to incubator tenants and to "maintain a quality biomedical research facility for the region."
- Dayton-Miami Valley Entrepreneurs Center Inc. in Dayton will receive $450,000 to provide business incubation services and leased space at The Entrepreneurs Center.
- Hamilton County Business Center Inc. in Cincinnati will receive $500,000 to provide space and services to start-ups.
- Lorain County Community College in Elyria will receive $350,000 to offer entrepreneurial assistance and training through the Great Lakes Innovation and Development Enterprise (GLIDE) Incubator.
- MAGNET in Cleveland will receive $450,000 to support its incubator and to "provide access to capital to help accelerate commercialization."
- Mansfield/Richland Incubator Inc. in Mansfield will receive $450,000 to provide business incubation services at the Braintree Business Development Center.
- Ohio University in Athens will receive $350,000 to provide facilities and technical support services through its Innovation Center.
- TechColumbus, Inc. in Columbus will receive $600,000 to provide "venture acceleration services, direct investment capital and facilities" as the SpringBox Labs incubator in central Ohio.
- The University of Toledo in Toledo will receive $450,000 to "provide facilities, business development, access to capital and commercialization expertise to technology-based start-up companies located within an 18-county area of Northwest Ohio" through its Launch Pad Incubation Program.
- The Youngstown Business Incubator in Youngstown will receive $450,000 to provide entrepreneurial support to start-up companies in the fields of information technology and additive manufacturing.
2013 Ohio Third Frontier Industrial Research and Development Center Program:
- The Cleveland Clinic was "awarded a cost share commitment of $1.5 million from the Ohio Third Frontier's Industrial Research and Development Center Program" that will complement a National Institute of Health (NIH) grant awarded to the clinic for the establishment of the National Center for Accelerated Innovations.
For more, read the full story and access the presentation for the Dec 11, 2913, Ohio Third Frontier Advisory Board and Commission Meetings.