Transcript Slide 1

Cliff Reynolds
Dennis Cocco
February 28, 2008
Great Lakes Innovation and
Development Enterprise
 Partnership between Lorain County Community College,
Lorain County Commissioners, Lorain County Chamber of
Commerce, and Ohio Department of Development
 Ohio’s only Edison Technology Incubator on a two-year
college campus
 Partner in Regional Economic Development Priorities
 Focus: To support and grow entrepreneurs and companies
to create and retain good jobs in Northeast Ohio
GLIDE Partnership
LORAIN COUNTY
COMMUNITY
COLLEGE
LORAIN COUNTY
CHAMBER OF
COMMERCE
LORAIN COUNTY
COMMISSIONERS
STATE OF OHIO
GLIDE - Formation & History
Concept Developed – October 2000
Funded locally – March 2001
Founded – May 2001
First Clients – January 2002
Edison State Technology Incubator – March 2006
Comprehensive Business Support
System across the Innovation
Continuum
“We wrap effective business
structures around great ideas”
Innovation Continuum
A-Ha
Start-Up
Proof of
Exploration
CREATE Concept
Development
Validation
JOBS
Confirmation
Operations
SUPPORT
Sustainable
Growth
Great Lakes Innovation and
Development Enterprise
 “Front Door” for entrepreneurs
 No wrong door policy
 Support for all entrepreneurs with focus on technology
oriented businesses
 Referral to appropriate resources
Great Lakes Innovation and
Development Enterprise
Business Assessment Process - Free

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Viability of Business
Review Business Structure
Review Pro-Forma Financials
Review Business Plan
Output = Strengths/Weaknesses
Advanced Growth Services - Fee

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Business Visioning and Strategic Planning
Entrepreneur and Business Start-up Governance and Support
Mergers and Acquisition Counsel for Small Businesses
Family Business Institute
Great Lakes Innovation and
Development Enterprise
• If a technology-based company has a strong chance of success, we
explore their becoming a GLIDE company
• 5 Steps in the GLIDE process:
• Business assessment
• GLIDE client – Wireless Environment
• Co-locate – Vasolux
• Rent– EIC – Banyan Technology, Clear Image Technology
• Build – Great Lakes Technology Park – Equity Trust
• GLIDE is unusual from all other Edison incubators in:
• Co-located and Non-Located
• Pay rent with jobs [1=12 months; 2=18 months]
GLIDE - Progress
Entrepreneurs Touched
>700
Businesses Advised
>150
Businesses Coached for longer than 6 months
30
Independent Businesses Graduated
8
Total Revenue Growth of Client Companies
Jobs Created by Client Companies
Average Salary of Jobs Created
Total Add-on Investment $
>$43 million
>475
$35,000
> 20 million
Glide Entrepreneurial Assistance Performance
Calendar 2007 verses Calendar 2006
2007
Assessed
Assisted
Resources
Total
% Change from Prior Yr
Technology Based
93*
10
11
114
247
Other
74**
13
17
104
113
23
28
218
157
Total
167
2006
Assessed
Assisted
Resources
Total
Technology Based
37
7
2
46
Other
75
3
14
92
Total
112
10
16
138
Northeast Ohio Incubator Collaborative
No borders...no boundaries...no barriers...
Ohio Thomas Edison Technology Incubators:
 GLIDE (Lorain County)
 MAGNET (Cleveland)
 Akron Global Business Accelerator
 Braintree (Mansfield)
 Youngstown Business Incubator
Lorain County: A Key Partner in
Regional Economic Growth
NORTHEAST OHIO ENTREPRENEURIAL COLLABORATIVE*
MAGNET, JUMPSTART,
& BIOENTERPRISE
GLIDE
(Great Lakes Innovation &
Development Enterprise)
AKRON
INDUSTRIAL
INCUBATOR
BRAINTREE
PARTNERS
YOUNGSTOWN
BUSINESS
INCUBATOR
*Collaborative led by NORTECH
Economic Results NEOinc Portfolio (FY05-07)
 $231 Million —Total Sales Revenue
 $79 Million —Total Investment
 681— Jobs Created
 $90 Million —Total Payroll
 39 — Patents Issued
 102:1 — Leverage on Edison Funding*
* (Sales Revenue + Investment)/Edison Funding
Equity Capital Continuum
A-Ha
Exploration
Start-Up
Proof of
Concept
Development
Validation
Re-Position
Operations
Seed/Angel
Investors
Venture
Capital
Funds
Sustainable
Growth
Equity Capital Continuum
A-Ha
Exploration
Start-Up
Proof of
Concept
Development
Validation
GAP
Re-Position
Operations
Seed/Angel
Investors
Venture
Capital
Funds
Sustainable
Growth
Equity Capital Continuum
A-Ha
Exploration
Start-Up
Proof of
Concept
Development
Validation
LCCC
Foundation
Innovation
Fund
Re-Position
Operations
Seed/Angel
Investors
Venture
Capital
Funds
Sustainable
Growth
Proof-of-Concept/
Start-up Capital
Regionally focused
Unique fund in USA
– Philanthropic - contributions
are charitable
– Educational component
No match for proof-of-concept
Dollar-for-dollar match for startup
Up to $100,000
Associated with GLIDE
Awards are given quarterly
Application available on line
First Cycle of Funding Completed
15 applicants evaluated
Awarded $225,000
Successful Companies:
– Vasolux -$100,000
– Wireless Environment -$100,000
– Nanomemetics -$25,000
Second cycle applications being
assessed