MAGNET names winners of [M]SPIRE pitch competition
MAGNET is pleased to announce the names of nine entrepreneurs, startups, and small manufacturers who will receive an array of services and connections through the inaugural [M]SPIRE pitch competition!
The finalists were announced Wednesday, Oct. 19 at the third-annual [M]POWER Manufacturing Assembly, a full-day event for manufacturers sponsored by MAGNET, Crain’s Cleveland Business, and the Cleveland Engineering Society.
“Entrepreneurship is an essential and irreplaceable component of Northeast Ohio manufacturing, and MAGNET is thrilled to help these individuals and small companies achieve their potential by connecting them to funding and resources necessary for success in the long term,” said MAGNET President and CEO Ethan Karp.
The winners, who represent the diversity of Northeast Ohio in terms of geography, age, gender, race, and socioeconomic status, will receive varying types of assistance from MAGNET and MAGNET partners, including grant funding, product development, market research, and specialized consulting services.
Applicants selected include:
PolyLux LLC – University of Akron spinoff company developing a no-stick bandage that will revolutionize the medical adhesives industry.
Parihug – Case Western Reserve University students who aspire to manufacture electronically-connected teddy bears that allow loved ones to connect from a distance.
FoodBuggy – Shaker Heights entrepreneur Ron Nelson has created small, self-contained mobile units (“food buggies”) for chefs and food service providers that are more flexible and cost-effective than traditional food trucks.
Fire Spice Co. – A new business headed by Cleveland chef Doug Katz (of Fire Food & Drink) that produces high-caliber spice blends for home cooking.
DesignFlux Technologies – Akron-based company whose product, Congnicell, eliminates the need for power inverters, improving energy efficiency and battery management for original equipment manufacturers (OEMs).
RVS Rubber Solutions – Aurora-based startup currently refining a technological process for recycling rubber in industrial environments, potentially eliminating the current waste of over 100 million pounds of tires annually.
StudioStick – Cleveland State University student Brandyn Armstrong has created a device that transforms smartphones into high-quality, portable recording studio.
Yeu Patch – Cleveland-based company producing a unique solution enables anyone to temporarily patch a road’s potholes in a quick, cheap, and efficient manner.
Terves – This Euclid-based small manufacturing company is currently developing new technology that will improve the creation of products and components made from magnesium.
Launched in August with a deadline of Sept. 30, [M]SPIRE serves as MAGNET’s first-ever online pitch competition dedicated to helping entrepreneurs in the Northeast Ohio region. Over 70 submissions were evaluated by a panel of judges with various positions in manufacturing, including individuals from MAGNET, Jumpstart, Economic Community Development Institute (ECDI), Entrepreneurs EDGE, and other organizations.
Applications were assessed based on growth potential, existing business plans, and other factors.
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