Innovation Fund is committed to building talent, growing jobs, and creating enhanced educational opportunities in entrepreneurship for students of Lorain County Community College (LCCC) and other local higher education institutions while helping entrepreneurs turn good technology ideas into viable businesses. Our pre-seed fund is designed to support these goals and help entrepreneurs of early-stage companies throughout the state of Ohio.
The IF plays a unique role in the Northeast Ohio funding continuum. Most often, its awards represent the first investment into a company after the entrepreneur’s personal assets have been expended but before investment from outside firms. The IF provides two pre-seed fund awards based on where a business stands with its offering. We have specific requirements for each award and have expectations of our portfolio companies to give back educationally and financially.
Providing up to $50,000, the “A” Award are loans provided to late imagining-stage opportunities. Awards at this level are used to “prove the technology” through finalizing the prototype, conducting additional research and testing, and filing a patent. A award recipients are encouraged to apply for a “B” Award once they have successfully fulfilled the business and education requirements outlined in their signed agreement.
“B” Awards are provided as loans to incubating phase companies. Awards at this level are used to “prove the business concept” through development and refinement of the business plan, market testing, acquisition of market prospects, hiring of key personnel, or other tasks.
Learn More About Our Pre-Seed Fund
Ready to learn more about our funding solutions for early-stage businesses and how you can contribute to education and growth in Northeast Ohio? Connect with us today.