Innovation Fund Process
Submission of Applications: Applications are accepted on a quarterly calendar basis (March 31, June 30, September 30 and December 31). The application must be completed in its entirety, including submission of financial data in the designated format, by the last day of the quarter in order to be considered during the corresponding cycle. The applicant is encouraged to call the Innovation Fund hotline at 440-366-4121 prior to the end of the quarter with any questions or concerns. As a strategic partner of the Lorain County Community College Foundation, The Great Lakes Innovation and Development Enterprise (GLIDE) manages the application, screening and due diligence process of the Innovation Fund.
Screening of Applications. At the close of each quarterly cycle, all applications are reviewed for completeness and those satisfying completion requirements are submitted to the Innovation Fund Screening Committee (SC). The SC is comprised of members from GLIDE, the University of Akron Research Foundation, the Youngstown Business Incubator and support from the JumpStart Techlift Entrepreneurs-in-Residence. All members of the SC have vast experience and knowledge in technology, commercialization and start-up businesses. On an as needed basis, other expert resources will be engaged to assess the application.
Typically, the Innovation Fund has received between 25 and 45 applications each cycle. Each applicant is then required to participate in a 30 minute interview with the SC, which includes a 10 minute presentation by the applicant. A suggested presentation outline is provided to the applicant in advance. The purpose of the SC interview is to allow the committee to become familiar with the entrepreneur and his/her capabilities, which are important criteria in determining funding recommendations. This also provides the opportunity for the SC to clarify any questions that may surface from the review of the application, such as:
- strength of any intellectual property
- market size
- business and ownership structure
- capability of the entrepreneur to provide a match when required
- number of jobs that will be created
- meaningfulness of award in light of the ultimate needs of the business.
The applicant may include additional members of the team to participate in the business presentation during the interview.
After interviewing all the applicants, the SC rates the opportunity against a set of predetermined criteria. Through this process, the SC identifies which opportunities are fundable and match the purpose of the Innovation Fund. Selected applicants are then invited to advance to the next stage for presentation to the Innovation Fund Committee (IFC), which makes the award decisions. On average, between five and ten applicants advance to the final stage of review. The SC attempts to complete the screening process within approximately 45 days from the close of the quarterly cycle.
Determination of Awards. Applicants advancing to the Innovation Fund Committee (IFC) are required to make a 15 minute presentation. An outline of suggested topics is provided to the presenting companies in advance. This presentation meeting occurs approximately two to three weeks after the SC has made its decision. Following each applicant’s presentation, the IFC will ask questions for the remaining 15 minutes.
The IFC is comprised of approximately 20 members who have a wealth of private sector experience related to technology and business start-ups. They include members of the Lorain County Community College Foundation Board of Directors, University of Akron and the University of Akron Research Foundation, Youngstown State University along with representatives from JumpStart/Techlift.
At the conclusion of all the presentations, the IFC will finalize its funding decisions and award levels, including any contingent factors. Approximately one week after the companies approved for awards will receive the required closing documents for review and signature. For most cycles, a media event will take place within 30 days of the IFC decision where the latest Innovation Fund recipients are announced to the public. Recipients can begin drawing on their awards as soon as appropriate closing documents are completed.
The entire process described above, from the close of the quarterly application cycle to the determination of the award recipients, takes approximately 90 days.