The current funding cycle is now open.
Financial projections are due on December 5, 2014
Online Applications are due on December 15, 2014
founded by the Lorain County Community College Foundation
The Innovation Fund, founded by the Lorain County Community College Foundation (2007), is a regional fund focused on supporting technology-based entrepreneurial endeavors and emerging technology-based businesses. The Innovation Fund is supported and administered through a regional and state network of higher education, government and economic development partners to nurture a technology-based entrepreneurial environment for wealth creation and job growth in Northeast Ohio. Current partners include:
The Innovation Fund fulfills its mission of promoting education and economic development by providing modest awards (up to $100,000) to promising technology-based start-ups located or willing to locate within the 21 counties of Northeast Ohio. Awards are made to help early-stage entrepreneurs progress through the business development continuum by providing resources to help validate the technology or prove the business model. In turn, recipients of Innovation Fund awards are required to provide an entrepreneurial educational opportunity or internship for students, faculty or staff of Lorain County Community College and/or one of the Innovation Fund’s partnering higher education institutions.
By helping current entrepreneurs succeed while nurturing a new generation of entrepreneurial talent, partners of the Innovation Fund hope to foster a robust environment in Northeast Ohio where innovation and entrepreneurship are encouraged and supported.
The Innovation Fund is financially supported by the Ohio Third Frontier Program as well as partner support and philanthropic contributions from corporations, foundations and individuals. Contributions to the Innovation Fund are tax deductible, due in great part to the requirement for recipients to provide an educational opportunity for students. The inclusion of this requirement qualified the initiative for a landmark private letter ruling issued by the IRS in 2006 that deemed the initiative as charitable and, therefore contributions are tax deductible.