In addition to general resources, specialized resources and programs continue to emerge including several new programs for women.  The Women and Minority Imagining Grant Program, run by CincyTech, provides up to $40,000 in grant funding for women and minorities to assist in costs for work needed to prove the business and/or technical case of an early stage business idea. To be eligible, the business must be technology-based, owned and operated by a woman or minority and involve a potentially high growth technology idea.

Another exciting development is the chance for women to act on their start-up dreams or take their companies to the next level through the new Women’s Entrepreneurship Institute (WEI) developed by Northern Kentucky University and the New York Times Knowledge Network.  Through the WEI, women will be able to get the business know-how they need and explore issues facing women entrepreneurs through online courses and Webcasts, get comprehensive feedback on projects and business plans, make networking connections and find mentoring.

And there is more to come. Several interested groups are discussing the idea of a Women’s Business Conference in fall 2008. The focus is on personal/professional development and creating networking opportunities.

All in all, Cincinnati is ready, willing and able to advance the entrepreneurial priorities of our region.

Having a great idea is not enough to start a business. How do you know if you have the essential ingredients for success and how do you launch that idea from the ground? Cincinnati is fortunate to have several programs that address the needs of the nascent entrepreneur. Cincinnati Creates Companies, initially funded by the National Science Foundation has helped 45 new opportunities and had over $5 million in direct and $11 million in indirect economic impact over the last few years. This program provides an educational component on writing a basic business plan, provides business coaches to help incorporate new information into the entrepreneur’s own business plan, and conducts a special business plan competition for anyone who completes the whole program.

The Entrepreneurial Boot Camp, run each spring by C-Cap, has been an invaluable resource to start-up companies looking for feedback on their business plans and how they can achieve their next milestones toward greatness. Growth company entrepreneurs and future entrepreneurs participating in this intense, two-day experience will receive advice from some of the region’s most successful entrepreneurs and business people. Timing is just right for anyone with a burning idea, as the next Boot Camp is scheduled for June 4-5.
Still need help? Each month, the Hamilton County Business Center, in conjunction with the Queen City Angels and local professional advisors, offers Morning Mentoring. This is an opportunity for four companies to give a five-minute overview presentation about their company and then receive one-on-one feedback from at least two Queen City Angels.

Not knowing how to start is not a good enough reason for not pursuing a new venture in Cincinnati.

CincyTech’s Entrepreneur Signature Program (ESP) is a relatively recent addition to our landscape and is already having a significant impact on start-up company activity.

The program offers assistance to high growth potential, technology based companies. Its resources and services include entrepreneurs in residence who can assist in market opportunity assessment and development of a viable business plan, a $10.5 million seed fund to invest in the best opportunities, targeted networking opportunities; and at the earliest stage of development, Imagining Grants for up to $40,000 to conduct work necessary to prove either the technical or business case for the opportunity. Through the ESP, funded by Ohio’s Third Frontier, CincyTech is working hand-in-hand with BioStart, Hamilton County Business Center and the Circuit/Queen City Angels to provide an integrated infrastructure to supply what companies need when they need it.

Is it working? Here are a couple of examples of companies on the move and poised to succeed because of the resources and assistance provided:

• Akebia Therapeutics, a company focused on ischemia and vascular biology drug development, initially targeting anemia and peripheral artery disease.
• AssureRx, a personalized and predictive medicine company providing clinically relevant information to help physicians predict the right drug in the right dose for individual patients.
• iStatus, an e-commerce solution allowing small businesses to operate multiple unique storefronts from one administrative console.
• ThinkVine, which offers strategic marketing solutions with expertise in marketing science and division support software.
• ZipScene, a social network aggregating entertainment information for local communities.

Stay tuned for more examples of success in the coming months. One of them could be yours.

Can entrepreneurs succeed in Cincinnati? The naysayers are quick to say we are not the East or West Coast and won’t be able to compete. Why not? Times are changing, and maybe NOT being on the East or West Coast is actually our competitive advantage. Consider. . .

Has anyone looked at cost of living on the East or West Coast lately? For most of us, moving to the coasts would require drastic downsizing of our houses to buy something several times the selling price of our Cincinnati homes. Not to mention the other high costs of labor and living.

Cincinnati is known for having a strong work ethic and a highly stable work force. Amylin Pharmaceuticals recently cited that as one of the reasons that they chose the Cincinnati region to expand their business. People who enjoy living in Cincinnati tend to stay and work hard.

Location, location, location. . . Cincinnati is within less than a day’s drive to many major industry hubs. And while we know airfares are high, we have the benefit of more direct domestic and international flights than all of the other airports in the tri-state area combined. In Cincinnati, we can do business anywhere we want.

Cincinnati is home to two major research institutions. These research institutions enter into industry collaborations and partnerships, provide expertise across a wide range of disciplines, train needed workforce, and serve as an important source of new innovation. Cutting edge technologies, such as robotics used by the space program, as well as the operating room, a Fingerpen for writer’s cramp, a thermal measurement device for predicting ulcers in the diabetic foot, the Integrated Watchdog Agent for Machine Diagnostics, technologies for treating obesity, fuel cell technology, the Solar House and the world’s longest nanotube are but a very few of the innovations currently under development that offer commercialization opportunities. In addition, there are many unique facilities, a few of which include the Live Well Collaborative, High Throughput Screening and Compound Library for Drug Discovery, PACE Project for Product and Process Visualization, Advanced Materials Characterization Center, and  Center for Intelligent Maintenance Systems. These and others support innovation and collaboration with industry.

What if you have an idea for a start-up company and you need assistance or additional resources? Cincinnati is still a good place to be as there are numerous resources to help you succeed. CincyTech’s Entrepreneur Signature Program provides services and funding for technology-based companies. In addition, places like the Hamilton County Business Center, BioStart and the Cincinnati Business Incubator have excellent track records for helping and housing start-up companies. New, early stage sources of funding are available, such as the CincyTech’s Seed Fund, the Southern Ohio Creates Companies Fund and Blue Chip Ventures. In addition, Queen City Angels and other established venture funds such as Triathlon Medical Ventures, Charter Life Sciences Ventures, Blue Chip, Fort Washington Partners, Riverside and others are actively looking for investment opportunities. There are programs in entrepreneurship at UC, Xavier, NKU and Miami, all available for those interested in pursuing a degree or needing advising.