Apply - Seed Funding for Startups

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Welcome to the Innovation Fund application process. We designed this process to help you think about your business through the eyes of an investor. It’s rigorous and time intensive, but it’s intended to be that way. When you’re done, you should have a fine-tuned business overview that will help your startup succeed.

We’ve broken the application into two sections: business requirements and financial requirements. Please carefully review the instructions within each section. And don’t forget to review the resources we’ve provided at the bottom of your dashboard. These tools will help you prepare for and complete the sections.

Open Applications Start:

01/01/2024

Financial Requirement Due:

01/01/2024

Application Deadline:

01/01/2024

Notice! If you are having trouble submitting your finalized application, please save your progress then send an email to julie@glideit.org and we will submit it for you.

Innovation Fund Application

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Contact Information

First Name

Last Name

Title

Phone

Company Information

Business Name

CEO

Website

Business Phone

Business Address - Street

City

State

County

Zip

Country

Option I am Applying for

Have you previously applied to the Innovation Fund

YesNo

Name of the EIR (Entrepreneur- In-Residence)
you are working with

Provide a basic definition of your product or service in 5 words or less:

Demographic Information

Your feedback is important. We collect information on race, gender, and ethnicity to help advance improved economic outcomes for all entrepreneurs, including those historically disconnected from resources like capital, high-impact services, and network connections. The data demonstrates the impact to funders, community stakeholders, and civic leaders and informs our resource delivery practices. Thank you for completing this section.

Does the company have a co-founder who is a racial or ethnic minority?

YesNoPrefer not to specify

Which race or ethnicity best describes the minority co-founder of your company?

Does this company have a co-founder who is a woman?

YesNoPrefer not to specify

About your business

Describe business idea in 25 words or less

Have you formed/Are you willing to form an LLC or a corporate business structure?

YesNo

Is the business already selling its products or services?

YesNo

If your business is not currently located in the defined 21-county Northeast Ohio region, are you willing to locate the business within this region as a condition of receiving an Innovation Fund award and are you willing to commit to keeping your business in Northeast Ohio for at least a five-year period following the execution date of the agreement, which is required to receive an award?

YesNo

Describe how you plan to develop your product or service into a business.

What does your business look like in the third year? Include: Revenue(loss), Net Income(loss), Net cash required or generated, Number of employees, Market Geography (regional, state, national, or international).

Write a description of the current status of your business or business concept: technology development, employees, capital invested to date; liabilities.

Describe the competitive landscape - how is it possibly changing? What are your competitive advantages/disadvantages?

Name and describe the experience and qualifications of the owner(s) and other key members of the business team. Include any entrepreneurial activities.

Internal Investment ($):

External Investment ($):

About your Technology & Market

Technology Sector:

Please specify the technology sector

Provide a description of the product or service being offered, including an explanation of the unique features of your product or service.

Describe how your product or service business would involve innovative/cutting edge technologies or new applications for existing technologies. Please describe any patent or current state of patent applications as well as any other intellectual property protection.

Write a description of the market that you propose to serve with your business. Who will buy your product or service? Where are they located? How will you attract and keep these customers?

Entrepreneurial Education Experience

Describe the proposed Entrepreneurial Educational Experience you’d like to provide a student, faculty member or staff member of Lorain County Community College or one of its University Partnership institutions. Educational experiences are one of the main purposes of the Innovation Fund and might include classroom presentations, job shadows, mentorships, internships, etc.

Please list and specifically describe how you anticipate using the Innovation Fund award including a timeline.

Financial Projections

You are required to submit financial projections prepared in accordance with Generally Accepted Account Principles (GAAP) to include the following statement formats: Income Statement, Balance Sheet, Cash Flow Statement. To begin, please download the required file here. Once you've completed it, please upload the file. For guidance, detailed instructions are available here.

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