Time sure does fly.  Here we are at the end of January and it seems like just last week we were opening presents and spending some well-deserved time with family and friends.  As this first month of the New Year winds down, it seems appropriate to take a look back at 2007.  

Normally we are focused on the tenants and clients we assist; in this post however, please bear with us as we toot our own horn a little bit. 

 AGBA - The Akron Global Business Accelerator

AGBA had a great year, expanding their reach internationally and forming key partnerships:

• AGBA attracted 12 new high technology client/tenants since completion of their technology expansion 18 months ago.
• Over the past six months,  AGBA clients / tenants have attracted $16.4M in new investment capital.
• Three clients / tenants have received venture capital funding.
• Three new international companies from Israel, Italy and Germany will join the Accelerator in early 2008.
• AGBA recently executed a Memo of Understanding with the Akron General Medical Center to collaborate in the commercialization of biomedical research technologies.
• AGBA also became a member of the Wound Care Education & Research Consortium to create a Center of Excellence that would further develop its research, help it grow into a statewide institution, and develop a pipeline of technologies for commercialization.
• AGBA is in the process of negotiating with a Shanghai business incubator to develop market opportunities for clients / tenants, and the creation of a “soft landing” environment for Chinese companies wishing to establish a US presence in Akron.

Braintree

Braintree had another strong year supporting entrepreneurial and technology activity in Mansfield and the surrounding region.  With a focus on growing their tenants and creating connections, Braintree delivered in 2007.

• During 2007 Braintree added two new tenants and is expecting several more early in 2008.  One Braintree tenant saw sales increase by 400%.
•  Another Braintree tenant placed a medical device product into FDA testing and has raised over $1M of investment dollars to date, as it prepares to enter the manufacturing stage of their product.
• Braintree tenants filed two new patents and attracted over $1,500,000 in additional investments.
• The Northern Ohio IT Alliance, housed at Braintree, completed a busy year sponsoring two CIO luncheons attracting aver 80 participants and seven Tech Thursday events attracting over 400 participants.   The Northern Ohio IT Alliance continues to grow in membership and its support of the technology community in Northeast Ohio.  In addition to NOITA, Braintree also houses an office of the Small Business Development Center at Ashland University and an International Trade Assistance Center that serves new-to-export companies in a nineteen county region.

GLIDE

GLIDE announced it’s Innovation Fund as a major achievement, in addition to several other important milestones.

• The Lorain County Community College Foundation Innovation Fund was established.  The fund, which is supported by GLIDE, received fifteen applications during its first funding round which ended on September 30. Of these fifteen applications, six were presented to the fund’s evaluation committee. Three companies were selected from the six finalists to receive grants.
•  GLIDE relocated its offices to the Entrepreneurship Innovation Center (EIC), located on the campus of Lorain Country Community College in May, 2007. The grand opening ceremony was well attended and included Governor Ted Strickland and Lieutenant Governor Lee Fisher who addressed the attendees. Also attending and participating in the event were Senator Sherrod Brown, Congresswoman Marcy Kaptur and Congresswoman Betty Sutton.
• GLIDE continued to work with a variety of local and regional organizations in support of entrepreneurial activity. 
• The Council of Smaller Enterprises (COSE), GLIDE, and Lorain County Community College formally dedicated space in the Entrepreneurship Innovation Center as hoteling space for COSE members. This space offers wireless connectivity for laptop users, meeting facilities, and access to office equipment for COSE members traveling in the area.

The MAGNET Incubation Program

The MAGNET Innovation Center was proud to graduate an anchor tenant, facilitate continued success of its other tenants while continuing to administer the Cuyahoga County New Product Loan fund.

• Anchor tenant Innovation Process Administration, LLC, who grew from an initial three employees to well over twenty while in the incubator, graduated and now is based in a Brecksville office park that they also own.

• Throughout 2007, incubator tenants generated $5.6 million in revenue, $2.7 million in additional investment and added 38 jobs to the workforce.

• Through the Cuyahoga County New Product Loan Fund (CCLF), approximately $1.2 million in new loans were awarded to 29 recipients.  Throughout 2007, all loan recipients (including previous recipients), generated $1.1 million in revenue, an additional $4.2 in investment capital, and added 44 jobs to the workforce.

• MAGNET and Midtown Cleveland were awarded a $20,000 grant by the Cuyahoga County Department of Development to develop a business plan for the Midtown Innovation Zone; a comprehensive package of incentives and services to attract, retain and grow technology-related businesses in the midtown area of Cleveland.

YBI - The Youngstown Business Incubator

YBI had a fantastic year, with explosive growth of the incubator leading to an expansion seen as a national model.  It doesn’t hurt when you have a tenant that is the fastest growing software company in the nation!  Throughout 2007, YBI:

• Added five new B2B software companies to their growing portfolio.
• Received high profile visitors including House Speaker Nancy Pelosi, Presidential candidate John Edwards, Senator Sherrod Brown, and Lieutenant Governor Lee Fisher.
• Began construction on their new $6 million Taft Technology Center to accommodate the tremendous growth of tenant companies.
• Secured $1.5 million in funding to establish the National Center of Excellence for Advanced Metrology and 3-Dimensional Imaging.
• Portfolio company Turning Technologies tops the Weatherhead 100 list and was named by Inc. magazine as the fastest growing software company in the country.

Wow - that was a great year! 

Even with all the achievements of 2007, we have no doubt that 2008 will be even more successful. Not the least because of the added capacity of the TechLift program, new venture funds entering our region, and the wonderful successes centered around the NEOinc incubators. 

Please use the Email link below to pass this along to anyone you think might be interested in our accomplishments or our services.