Bizdom and the
Shaker LaunchHouse Accelerator (LHX) program each received $200,000 from the
Third Frontier Ohio’s New Entrepreneurs (ONE) Fund to invest in a total of 20 startups. The two are the only business accelerators in Ohio to receive the funding.
While Bizdom’s program focuses on software and web opportunities in healthcare, consumer finance, real estate, entertainment, sports, online marketing and gaming, the LHX program centers on technology, internet, mobile and hardware/robotics industries.
However, Bizdom leader Paul Allen says they welcome all types of businesses to apply for their accelerator. “Every company today uses technology in some way, so the definition of technology companies is evolving,” he says. “We do like software, web and apps companies because they are less capital intensive, but we want to see everything. We’ll look at any technology business.”
LaunchHouse will accept
applications for the August 12-week accelerator program starting tomorrow. Bizdom's
application deadline for the summer program is March 17 and July 7 for the fall program.
The two organizations are looking forward to running their fall programs simultaneously. “We’re looking to collaborate and build jobs and the best businesses in Northeast Ohio,” says LaunchHouse CEO Todd Goldstein.
Allen says the two programs will be of historical importance in the region. “As far as I know, we’ve never had 20 companies at the same time,” he says. “We collaborate whenever we can, wherever it makes sense. The goal is to create lots of successful new businesses, create jobs and replace jobs that have been lost.”
Since January 2012, Bizdom has launched 18 new tech businesses in Cleveland, nine of which received follow-on funding and are profitable. LaunchHouse, which was recently named one of the best incubators in the North and Midwest by
Elite Daily, has launched 10 companies in its inaugural accelerator program last summer, and has invested in 40 companies and raised $9 million in follow-on funding since 2008.
Sources: Paul Allen, Todd Goldstein
Writer: Karin Connelly