The Akron Regional Change Angels (ARCHAngels) Investment Network held their first quarterly presentation event of 2015 on February 18, where they listened to exhibitions from four new high-potential investment opportunities.
The four companies presenting were Apollo Medical Devices, Biobent Polymers, LendULink and O2 Regentech. While the event is not a competition, the hope every quarter is that ARCHAngels can serve as a connection between a presenting entrepreneur and a potential investor.
The mission of the ARCHAngel Network is to introduce investors to market-driven, technology-based investment opportunities within northeast Ohio. ARCHAngels partners with Ohio Third Frontier-funded organizations like Jumpstart, BioEnterprise and Ohio TechAngels Fund (OTAF), all of which invest in promising early stage Ohio-based startups.
“It is all part of the commitment to promoting medical tech and biotech growth in Ohio,” said Norm Chagnon, deputy chief of the Office of Technology Investments within the Ohio Development Services Agency. “These investments help support the tech industry throughout the state by giving startups the capital they need to grow an idea into a viable business.”
Dr. Brian Davis, chair of the department of biomedical engineering at the University of Akron, was the keynote speaker at the event. Davis just received a $50,000 Ohio Third Frontier grant to develop a technology that can detect marijuana use in impaired drivers within three minutes of testing. Davis credits much of Ohio’s entrepreneurial strength to its past as a manufacturing powerhouse.
“People in Ohio have an inherent nature to solve problems on their own,” said Davis. “When you combine that kind of personality with our extremely high engineering population, the possibilities really are endless.”
In addition to his latest Ohio Third Frontier grant, the organization had previously awarded Davis grant funding for his work on censors for prosthetic limbs. The technology monitored limbs for their best fits on disabled veterans. This project developed in Ohio has since been awarded funding by the U.S Department of Veterans Affairs and is changing the way prosthetic legs are being manufactured across the country.