By davey.crain, Director of Entrepreneurial Services, MAGNET
We are happy to announce that The Incubator at MAGNET’s second annual MPAcT funding competition was completed recently, with four grant funding awards made.
Offered for the first time in 2012, the MAGNET Product Acceleration & Technical Assistance Grant program (MPAcT) is a strategic entrepreneurial acceleration program whereby promising early stage, high-growth technology companies in Northeast Ohio, working in collaboration with MAGNET, can receive small targeted grants that will help the company overcome some technical design or engineering hurdle that stands between them and follow-on investment or commercial success of their product or production process.
The program awards up to $30,000 per recipient with the following four main goals:
Accelerate the introduction of new technology products or processes;
Accelerate time to market or full adoption of technology;
Create new employment opportunities within Northeast Ohio; and
Reduce barriers to follow-on investment.
For MPAct’s second edition we saw slightly fewer applications, but with a much higher quality and all the companies and presentations were very well done. In the end, four companies were chosen to receive funds:
Folio Photonics, a Case spinout and new Incubator tenant, is using off-the-shelf components and proprietary technology to significantly increase the capacity of DVD-sized information storage.
Disease Diagnostic Group LLC is another start-up working on developing Case technology. This company has a diagnostic test for malaria that is significantly faster than current methods and requires no refrigeration.
Motion Resolution is working on a new bike pedal for tri-athletes offering significant increases in performance output.
DragonID LLC is developing a filtering device to be used during aortic valve replacement to keep dislodged emboli from traveling to the brain causing a stroke or clotting elsewhere in the body.
These are four very interesting companies with great commercialization prospects. All of us with The Incubator at MAGNET are very excited to be working with all of them and congratulate them on their successful MPAct Award applications.
In this short video below, Gordon Daly, President of BoxCast, and winner of one of last year’s MPAct Awards shares how the award helped his company move to the next step in commercializing its product:
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