Cincinnati Creates Companies
After extensive planning over the course of two years, in January 2004, Cincinnati Creates Companies held its first meeting for aspiring technology entrepreneurs. Made possible in part by a $600,000 grant for the National Science Foundation's Partnerships for Innovation, the program was intended to fuel nascent technology entrepreneurship in the Greater Cincinnati and Northern Kentucky area.
Together, the University of Cincinnati, the Colleges of Business, Engineering, and Medicine, the UC Center for Entrepreneurship Education & Research, Children's Hospital Medical Center, Bio/Start, CincyTech USA, and the Hamilton County Business Center put together a hands-on, outcome-oriented program that supports innovation through the development of people, tools, and the infrastructure needed to connect new scientific discoveries to practical uses.
Overall, the CCC program provided three modules for participants. The first module consisted of a 10-week intensive classroom portion. The rigorous curriculum included all aspects of the business planning process and was facilitated by guest speakers, videos, lectures, and group discussions. Sessions were videotaped for inclusion on the class Blackboard web site for later viewing or if someone missed a class. All materials, lectures, PowerPoint slides, videos, etc. are archived on the Blackboard web site. At the end of the 10-week course, all participants presented their business plans. The second module consisted of a 15-week structured mentor program. Each participant was assigned an individual mentor to work with them to refine the business plan. Every other week during this module, the cohort gathered to hear a panel present a topic to assist in the development of their business plans. Topics included networking, financing, organizing, managing technology ventures, and more. The third module consisted of a business plan competition. All participants were encouraged to vie for seed grants and in-kind services to help with the launch and growth of their ventures. During the first three years, teams had the opportunity to vie for over $200,000 in seed money.
The program continued to provide an educational framework for taking participants through feasibility assessment, concept development, business plan development and implementation planning. At the same time participants were learning key principles associated with each stage, they will be applying the information to their own business plan. To enhance successful outcomes, each participant was directly linked to a pipeline of relevant resources to take their idea stage to successful company formation/growth. Participants who completed the program were eligible to present their business plans before a panel of judges for potential funding and feedback. Any funds received by a participant directly through the program or as a result of external connections were done on a competitive basis. All who participated in the program had the opportunity to gain valuable exposure and connections through the Cincinnati SoundingBoard and other business groups within the network.
During the first three years of the program, 38 nascent technology ventures were selected from over 150 applicants. A fourth class of 18 participants (9 ventures) started in January, 2007 and the CCCIV cohort ended with a business plan competition in October, 2007.
Groups met weekly over three academic quarters. In addition to learning necessary skills, for launching and sustaining a successful business, participants received personal mentors who actively guided their work on their individual business plans.
Each participant entered the program at a slightly different stage in the business launching process, yet each received significant benefit from the program. Dr. Dorothy Air, Associate Senior Vice President for Entrepreneurial Affairs at UC, notes that "in light of the huge time commitment the program requires, the fact that virtually all individuals who started the program stayed with it...speaks very highly of the benefits participants are receiving."
Eligibility requirements and Selection criteria
To be eligible for the "Cincinnati Creates Companies” Program, participants met the following requirements:
Participants were selected for the program base upon:
Reasons for participating in program
