Are you or is someone you know looking for funding to develop a new product?

If so, the Cuyahoga County New Product Development Loan Program, administered by MAGNET, has low interest loan funding available to help small businesses or entrepreneurs bring their ideas to reality.

A funding round is now open. Completed applications will be accepted until Tuesday, July 6, 2010.

The application process has recently changed.  Please visit http://www.magnetwork.org/programs/county_loan.htm for more specific program information and instructions on how to submit an application.

Funding is available to small businesses or entrepreneurs with prior year sales of less than $50 million who have an idea to develop a new product that will be manufactured in Cuyahoga County for at least 7 years.

The application process is competitive.  Applicants will have their submissions reviewed and approved by a committee consisting of local business leaders, venture capitalist, designers, and entrepreneurs.   Loans are made in phased increments ranging from $15,000 to $60,000 depending upon how much development has already been completed and what remains to be done.  Funds can be used for activities such as market research, patent services, industrial design, engineering and prototyping efforts.

The loans are 10 year loans.  They are interest and payment free for the first three years after disbursement.  The loan balance is then amortized over the remaining seven years of the loan (at an interest rate of 3.5%), during which time monthly payments of principal and interest are due.

Full details of the program are available at http://www.magnetwork.org/programs/county_loan.htm.  If you have further questions, please contact Barbara Paul at 216-432-5322 or barbara.paul@magnetwork.org.

We are thrilled to announce that Marv Schwartz has agreed to become the new Chief Science Officer of the Youngstown Business Incubator. In that capacity, he will be applying his considerable experience, expertise and personal talent network toward helping our portfolio bring their software products to market.

Marv is a serial entrepreneur with a history of launching highly successful technology ventures. He is perhaps best known as being the Founder, CEO and CTO of Noteworthy Medical Systems, the award winning electronic health record company that soared to $50million in revenues in just five years. Marv received his Ph.D in Computing and Information Sciences from Case Western Reserve University where he serves as an Adjunct Professor of Computer Sciences.

Welcome aboard Marv. Now roll up your sleeves and help us build a couple dozen more $50million companies.

Jim Cossler
C.E.O & Chief Evangelist
Youngstown Business Incubator

Cleveland sports may not be working out the way we had hoped here in early June, but the economic development activities in our region certainly seem to be bearing fruit.

At the Team NEO Economic Development Impact Awards last week, ten awards were handed out recognizing various organizations and initiatives for their positive economic impact our our region.  Here’s a recap of the winners in the various categories:

• Asset Creation: Akron’s BioInnovation Institute
• Business Attraction: Youngstown-Warren Regional Chamber
• Business Expansion: Ashland Area Council for Economic Development, Ashland County, Jackson Twsp.Ashland Area Council for Economic Development, Ashland County, Jackson Twsp.
• Business Retention: City of Akron, Greater Akron Chamber, County of Summit, Summit County Port Authority
• Foreign Investment: Growth Partnership for Ashtabula County
• Fostering Entrepreneurship: Lorain County Community College Foundation
• Marketing Cleveland Plus: Cohen & Co.
• Minority Business Development: City of Lakewood & LakewoodAlive
• Public-Private Partnership: Maple Street Commerce LLC. City of North Canton, and Stark Development Board
• Workforce Development: Advanced Manufacturing & Engineering Center of Cuyahoga Community College

Continued

It’s mid-May and Cleveland basketball is still being played, so “positive change” is definitely underway! Here’s two eight more “W’s”!

After a couple months that were a bit light on the positive news, there was lots to choose from in April.  What was maybe most surprising were many articles about significant capital and job influxes coming into Ohio and Northeast Ohio.  250 jobs here, $14M of investment there, and all of a sudden things aren’t looking so bad after all.

Lastly, if you are a entrepreneur looking for funding for a product-based business, you have until Noon, Friday the 15th to take advantage of the Cuyahoga County New Product Development and Entrepreneurship Loan Fund, administered by MAGNET.  Long term, low interest loans of $15K, $40K and $60K are available through this competitive program.  Details, documents and contacts are all available online.

Continued

Do you need funding to help develop a new product or know someone who does?  If so, MAGNET has loan funding that helps entrepreneurs or small businesses bring their ideas to reality.

MAGNET administers the New Product Development and Entrepreneurship Program, Product Innovation Loan Fund on behalf of the Cuyahoga County Department of Development.  In the last four years, the fund has provided over $3.5 million for new product development in NE Ohio and $500,000 in additional funds are now available.  Results of the program have been outstanding with loan recipients attracting over $18 million in additional investment, generating almost $9 million in revenue through the sales of over 330,000 product units, and creating 124 jobs.

Continued

The Cleveland Professional 20/30 Club is proud to host the 2^nd Annual Business Plan Competition Face-Off and Awards Ceremony!

After three rounds of judging, the three finalists of the 20/30 Business Plan Competition will have fifteen minutes to present their business plans. After considering each presentation, our experienced panel of judges will then choose the winner!

The judges are not the only ones who get to express themselves; the audience will also get to share their opinions! Back by popular demand, Turning Technologies’ real-time audience participation system will allow the audience to provide their views on how well each team performed on their plan!

This event is open to the public. This will be an excellent opportunity to hear the next generation of Cleveland entrepreneurs present their business ideas!

The event will be held Thursday, April 23, 2009, at the Club at KeyCenter:

127 Public Square
Cleveland, OH 44114

Food, cash bar, and $4 parking vouchers will be available.  Parking is available in the garage on St. Clair, beneath the Mall and adjacent to KeyTower.

Doors open at 6:00 p.m. Presentations will begin at 7:00 PM.

For more info and to pre-register online, click here.  Questions should be directed to Matt Rodak at Networking@cleveland2030.org.

Support for this event is provided by

The Beachwood Chamber of Commerce
The Civic Innovation Lab
CoolCleveland.com
COSE
Felber & Felber Marketing
The Gorilla Group
Jumpstart, Inc.
MAGNET
The Ohio Venture Association
Turning Technologies

Maybe it’s the Cavs, maybe it’s the Spring weather (come on, it was just two days of snow), but things are starting to feel like they’re looking up.  With a two week Wall Street rally and the beginnings of optimism, perhaps the worst is behind us.

While the entrepreneurial spirit continues to run high and NEOinc incubators have seen no shortage of innovation over the winter, we would particularly like to recognize the growing student entrepreneur movement.  Colleges and universities throughout NE Ohio are embracing entrepreneurship through education, programs and competitions.  NEOinc, along with it’s partners, continues to be impressed by the quality of the business concepts and the professionalism of the students.

Continued

Creative Solutions in Sensors and Electronic Miniaturization Technologies that Reduce Weight, Size and Cost

Come hear from one of OAI’s members that has successfully developed technological advances in collaboration with Boeing, NIST, DARPA, U.S. Army, U.S. Navy, Veterans Association among others.

Presented by Mr. Donald Styblo, Vice President, Valtronic Technologies (USA) Inc.

Valtronic Technologies is a leading international manufacturer and designer of miniaturized electronics for sensor systems and other applications and is located in suburban Cleveland. They will be presenting an overview of their applications and capabilities, with round table discussions following. The lunchtime speaker will be the regional economic development director of the Ohio Department of Development.

5 Things You Will Gain from this Seminar

1. Learn why companies use miniaturization to improve their products
2. Hear about real case studies where miniaturization was used and how the project benefited
3. Learn about the harsh conditions that Valtronic’s miniaturized products must withstand and how we ensure that quality is maintained
4. Learn about the different miniaturization technologies and how they are designed
5. An opportunity to talk with colleagues and meet people who may have similar challenges as you and learn what they are doing to solve them

Valtronic provides:

• Contract manufacturing and design services for advanced electronic applications
• Specialization in miniaturization and sensors
• Design, packaging and manufacturing knowledge and experience for high tech industries
• World class quality from an ISO 13485 registered facility

Tentative Agenda:
9:30 a.m. Registration
9:45 a.m. Welcome & Introductions – Don Majcher, Vice President Technology & Innovation Partnerships, OAI
Bill VerDuin, Executive Director, The Wright Center for Sensor Systems Engineering (WCSSE)
10:00 a.m. Creative Solutions in Electronic Miniaturization Technologies
Donald Styblo, Vice President of Technology, Valtronic Technologies (USA), Inc.
Jim Ohneck, Director of Sales and Marketing, Valtronic Technologies (USA), Inc.
10:45 a.m. Round Table Discussions and Networking
11:45 a.m. Summary and Wrap-up
12:00 p.m.        Luncheon Speaker -
Introduction, Dr. Michael Heil, President and CEO, OAI
Jennifer Ruggles, Regional Economic Development Director, Ohio Department of Development
1:00 p.m.        End of Program

Registration Information:
Date: Thursday, April 2, 2009
Cost: Complimentary.  Registration is required.
Time: 9:30 a.m. – 1:00 p.m.
Location: OAI, 22800 Cedar Point Road, Cleveland, Ohio 44142
Web:  http://www.oai.org – click on events
By e-mail: MonicaDumitriu@oai.org and RoxanneSummers@oai.org
By phone: Monica Dumitriu, 440-962-3141 and Roxanne Summers, 440-962-3113

For more information, please visit www.oai.org

Reports from Indians training camp on the news…  “Intriguing” Brown’s trade rumors…  Cav’s are headed (positive thinking) to the NBA Finals…

All three can only mean one thing: Spring is just around the corner.  While NE Ohio weather supports this notion one day, and denies it the next, both the calendar and the sports report confirm that Opening Day, an NBA title and daffodils can’t be too far away!  So in that spirit of rebirth, growth, and a little positive thinking, we offer the February positive change recap.

Continued

Why?

State Representatives Mike Foley and Matt Patten will visit the Ohio Aerospace Institute to discuss briefly the advantages of the region
emphasizing Aerospace as an important sector of the economy and growth area.

Evening Reception
7:00 pm to 9:00 pm
March 12, 2009

Ohio Aerospace Institute
22800 Cedar Point Road
Cleveland, OH 44142

More details will be forthcoming, however if interested in attending, please RSVP Roxanne Summers at roxannesummers@oai.org or 440-962-3113.