Frequently Asked Questions
Below you’ll find the answers to the questions we get asked the most about the Innovation Fund.
The Innovation Fund is administered by the Great Lakes Innovation and Development Enterprise (GLIDE). Investment decisions are made in two steps and decided on by two committees. First, the Innovation Fund Screening Committee (SC) reviews all the applications received during a quarterly cycle. This committee is comprised of members from higher education, regional economic development partners and private industry, as well as numerous Entrepreneurs-in-Residence. Next, the applications that make it through the initial screening process are presented to the Innovation Fund Due Diligence Committee (DDC) for a decision on funding. The DDC is comprised of approximately 15 members who have a wealth of private sector experience related to technology and business start-ups
As of December 2022, the Innovation Fund has made more than 310 investments totaling more than $17.175 million. Innovation Fund portfolio companies have since raised $926+ million in follow-on funding, created more than 1,200 jobs, and offered over 297 internships.
No, but it helps! Many companies choose to keep their “secret sauce” a trade secret which is fine. But investors look more favorable to businesses with patents because they know it represents protection from competition and has a tangible value. We can help you with the patent process.
Eligible applicants must be currently located or willing to locate within the state of Ohio and must maintain a headquarters here.
Yes. We’re looking for innovative and cutting edge technologies or new applications for existing technologies that advances Ohio’s high growth industries sectors as defined by the Ohio Third Frontier Program.
An innovative company has created a unique value proposition based on a product offering that is uncommon or nonexistent in the marketplace. In some instances, this may involve creating an entirely new market rather than just a unique product.
The IF awards represent the first investment into a company after the entrepreneur’s personal assets have been expended. The IF funded opportunities are typically pre-revenue with less than five principals.
Does the Innovation Fund have a specific template for developing and submitting financial information?
Yes! These forms are available for download once your register for an account on our website.
Yes – We will provide a detailed outline of the requirements for your pitch presentation. Typically presentations are done via PowerPoint or PDF format. We will provide the technology, you provide the pitch!
As part of their due diligence process, investors require financial projections and the underlying assumptions. Startup founders should be able to create, understand, and defend the balance sheets, and income and cash flow statements for their startups.
Yes. We have a number of individuals that can assist applicants in developing their assumptions and financial projections, as well as coach applicants on how to present and defend their models.
All Innovation Fund portfolio companies are required to give back to their community by offering educational experiences to students. A-level portfolio companies may satisfy their requirements by giving presentations or guest speaking at student events; offering classroom or online instruction through lectures, practicums, or independent study projects; doing informational interviews or providing job shadowing opportunities. B-level portfolio companies must provide a paid student internship.
Students participating in paid internships should be enrolled at an institution of higher education and are subject to all applicable local and federal labor laws. Student internships should last one semester (approximately 160 hours), with interns working approximately 10 hours per week for a minimum wage of $14/hour. Portfolio companies are expected to develop a scope of work for the internship that allows the intern to engage in and understand the inner-workings of a startup.
Innovation Fund will work with portfolio companies to develop and document internships in order to meet all program requirements.
The Innovation Fund makes quarterly funding awards.
Applicants may submit ONE application per investment cycle. Applicants are required to apply for the award they feel is most appropriate given their stage of development.
A-level portfolio companies are expected to use their award within 6 months.
B-level portfolio companies are expected to use their award within 12 months.
Absolutely Not! In fact, its out goal to help you raise more money.