Story excerpt provided by Great Lakes Innovation and Development Enterprise (GLIDE).
The Innovation Fund, Northeast Ohio’s most active and successful pre-seed fund for technology startups, has committed $475,000 to seven Northeast Ohio companies in its latest quarterly funding round. Four companies received $100,000 awards meant to prove out business models while three received $25,000 awards intended to validate technologies.
The Innovation Fund has maintained its quarterly funding pace since its 2007 founding. With these most recent awards, the Innovation Fund has made 161 funding awards to 137 companies totaling $9.2 million.
“The Innovation Fund is consistently the first place Northeast Ohio startups go for external financing,” said Cliff Reynolds, co-director of GLIDE, the incubator that administers the fund. “Every quarter without fail, the Innovation Fund is awarding critical early-stage funding to several of our region’s innovative, young companies. We’re giving as many startups as we can a chance to prove their potential, raise some more money, and create jobs.”
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Originally published September 2, 2014.