Lost in the lingo? Use our cheat sheet to learn what everything means and where to find it
It can be tough to break into the startup world. It’s a tight-knit community where people already know each other, terminology flies around quickly and the language can seem like it’s from another planet.
For new entrepreneurs, the early stages of founding a startup can be full of confusion. What are all these funding terms? What’s the difference between an accelerator and an incubator? Who can help me with my questions?
If you’re wondering how these words relate to you and your company, here’s a handy guide to some of the basic terms you’ll encounter, along with some ways to use Ohio’s resources to your advantage with your newfound vocabulary:
Now that you know what all these terms mean, how can you use them? From its venture capitalists to advisors, Ohio provides everything you need for your next steps, and can help you grow your business from an idea into a unicorn.
Ohio is home to a variety of all-purpose accelerators, including local organizations like The Brandery in Cincinnati and accelerators hosted inside larger organizations. Some accelerators focus on particular types of ventures or founders, like the Hillman Accelerator, focused on underrepresented demographics, or Aviatra Accelerators, focused on women-owned businesses.
If you think an incubator is a better fit, Ohio entrepreneurs have plenty of options around the state. LaunchPad Incubation in Toledo, NCT Ventures in Columbus, the Ohio University Innovation Center and the Hamilton County Development Company all offer exceptional incubation resources for young startups.
Along the way, Ohio’s startup resources are full of potential advisors. Entrepreneurs can find them at the University of Toledo’s Launchpad Incubation, Rev1 Ventures, Ohio University’s Innovation Center and beyond. If you think an entrepreneur in residence might be an even better help, organizations like Bounce Innovation Hub and the Youngstown Business Incubator have them on hand. And if you’re looking for some advice on pivoting, experts like CincyTech Director Doug Groh have some advice.
Looking for an early investor? There are a variety of angel-investment groups in Ohio. North Coast Angel Fund in Cleveland, the Ohio TechAngel Fund in Columbus and Queen City Angels in Cincinnati are all excellent resources for young startups across the state.
When it’s time to seek out funding, start with seed funding, which represents important progress for a startup. For instance, when Cleveland’s TPA Stream received $1.4 million in seed money, it represented a “major milestone” according to CEO Jacob Sheridan. Entrepreneurs can also find venture capital throughout Ohio in organizations like JumpStart, Rev1, NCT Ventures, River Cities Capital Funds and more.
Whether your startup needs office space, funding, advice or just a good mentor, Ohio has what you need. Be sure to check back with TechOhio to find new ways to take advantage of these resources and more!