Story excerpt provided by Crain’s Cleveland Business.
Written by Chuck Soder.
Akron is the latest city to launch a Silicon Valley-style business accelerator.
The Akron Global Business Accelerator just started recruiting high-tech startup companies for the new Bit Factory accelerator program.
Like many other accelerator programs, the Bit Factory plans to provide startups with office space and a heavy dose of mentoring in exchange for equity.
However, most accelerator programs provide startups with a cash investment as well. At the moment, the Bit Factory isn’t planning to offer cash, but executive director Anthony Margida said some plans are still in flux.
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Originally published June 29, 2014.