Saturday, January 4, 2014

ONE (Ohio's New Entrepreneur) Fund, and other Accelerators for New Business

The Ohio Third Frontier program, part of the Ohio Development Agency's effort to grow new high tech firms in the state, has opened up applications for its ONE (Ohio's New Entrepreneurs) Accelerator program.  This is a seed accelerator program like many in the private sector for new and developing Ohio high tech businesses.  They choose the most promising high-tech applicants, give them a "boot camp" in entrepreneurship and fund raising, then let them make their pitch to potential investors.  Applications for this go-round of training and mentorship will be taken through February 7th.  Since the program was created to develop high-tech in Ohio, firms are limited to those in the state.

However, ONE is not unique.  Other states, like Wisconsin and New York, have similar programs.In the private and nonprofit sectors, similar programs exist.  In the for-profit sector, promising firms are mentored and groomed to get financing in exchange for equity in the firm.  Government and nonprofit firms operate to foster economic development in their states and communities.  If you are looking for a seed accelerator outfit, here's one list from Seed-DB.  Here's another list, from those accelerators that participated in last year's national accelerator's Demo Day.  Accelerators often specialize high-tech or information tech firms, but they may have other types of specialization.  You can also check your own state's economic development office to see if they run a program, or have a list of those operating in your area.  Before you check into it, read this article in Entrepreneur on how to see if a seed accelerator may be for you and your firm.

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