This summer, product-focused technology start-up companies in Northeast Ohio will have the opportunity to raise and receive funds toward bringing their ideas to reality in a new pitch competition presented by the Incubator at MAGNET (The Manufacturing Advocacy & Growth Network). The competition is called “ProtoTech.”
Beginning in late July, the Incubator at MAGNET will start accepting applications from start-up companies whose technology is based on developing a new product or process. Six applicants will then be selected to develop their product pitch and be provided with resources such as an online team page and social media tools to raise funds for their product.
On September 18, the six finalists will present pitches for their products to a live audience and a panel of judges who will rate the finalists on each product’s feasibility and investability as well as the quality of their pitch. Each of the six teams will keep all the funds they raise for their product with the top three teams earning a matching multiplier of funds for the amount they raised.
To support the commercialization of innovative new technology driven products into the marketplace, NASA Glenn Research Center is partnering with MAGNET and providing $15,000 to help launch this new event and a NASA Glenn subject matter expert to act as a technical feasibility judge for the competition.
“The Incubator at MAGNET deeply appreciates the partnership of NASA Glenn in helping to launch what we hope will become an annual event designed to support the best technology-based start-ups in Northeast Ohio,” said MAGNET’s Director of Entrepreneurial Services Dave Crain.
“NASA Glenn is anxious to partner with MAGNET in this novel process,” said Robert J. Shaw, director of Venture and Partnerships at Glenn. “We look forward through this event to creating increased opportunities for NASA Glenn to have a positive impact on northern Ohio economic development and in particular to partner with startup businesses where possible.”.
A website for the competition is under construction. Anyone wishing further details can register for The Incubator at MAGNET online newsletter at: http://goo.gl/kqVNVn.
Interested start-ups can also contact Dave Crain directly at 216-432-5310 or firstname.lastname@example.org