How I… Dreamed Big in Ohio
March 1, 2010
Source: The Wall Street Journal - Fast Fixes
By: Michelle Wu at michelle.wu@wsj.com
Who: Wayne Poll, M.D.
What: Minimally Invasive Devices, Inc., a company that develops devices that assist doctors during laparoscopic surgery
Where: Columbus, Ohio
Web site: www.midsurgical.com
Year founded: 2006
Number of employees: 7
Annual revenue: $90,000 in 2009
Everyday, loads of people have great ideas that could potentially become a profitable business venture. The real challenge is what to do next: how do you make an idea into a marketable product? (As Thomas Edison famously said, “Genius is one percent inspiration and 99 percent perspiration.”)
When Dr. Poll of Columbus, Ohio, wanted to develop FloShield, a device that improves visibility for doctors performing laparoscopic surgery, he knew going to a major company such as Johnson & Johnson or Boston Scientific would be a dead end. Dr. Poll, a surgeon and urologist for 20 years, had gone that route in the past and was wary of the process. “It’s very frustrating when you approach big medical device companies with an idea,” he says. “I decided that the only way that I would have any control over my project was to develop it myself.”
So Dr. Poll took matters into his own hands and decided to start his own company, Minimally Invasive Devices, Inc., in 2006.
To read what happened next and to read the rest of the Wall Street Journal article, click here.
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Brand Thunder Passes 2 Million Downloads!
February 15, 2010
Brand Thunder is a Central Ohio company that is on the move - and fast.
I get to work with and around some of the coolest companies and entrepreneurs right here in Central Ohio. Case in point is the fantastic team that is BrandThunder. They have built a solid business around extending browsers to themed marketing engines helping companies grow their businesses in tangible ways. It is a real asset to have their creative force be a part of the Dublin Entrepreneurial Center, and BrandThunder is great client company for TechColumbus and the Ohio Tech Angels. In short, BrandThunder ROCKS.
I’m linking to one of the recent blog posts that relates some exciting news, and a simple metric for the speed at which their product is being adopted by sports fans (30+ themes), NASCAR fans, music fans and a host of others.
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Brand Thunder Passes 2 Million Downloads – 2 Reasons Why
By Kevin Dwinnel.
The growth chart is text book. Brand Thunder’s doubling its size in half the time. It took us 18 months to reach the 500,000 download mark. Nine months later, we reached the million download mark. Four and a half months after that, we’re over two million downloads. Nice momentum.
Distribution
It’s easy to see the caliber of brand that we’re fortunate enough to work with, our client list is full of great names from around the globe. Leveraging the power of the brand and their consumer touch points is common practice for affinity products. We try to bring a little more.
The web has splintered audiences. Think about how a sports fan may follow their favorite team. A fan may go to the team’s site, or they may go to a leading sports site, or they may participate in a blog or community focused on a team or sport. Limiting distribution through team channels limits the reach of the product. (As an aside, if you really want to learn about how teams can keep up with their fans, follow Sports Networker.)
Brand Thunder leverages distribution opportunities beyond the client site… To read the rest of this article, click here.
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The Dublin Entrepreneurial Center Partners: TechColumbus & the City of Dublin
October 30, 2009
Source: TechColumbus Connections Member Newsletter, October 29, 2009
The Dublin Entrepreneurial Center as a geographic extension of a collaborative business community located in the heart of Innovation Park in Dublin. TechColumbus partners with the City of Dublin to provide:
- Resources targeted to meet the needs of Innovative start-up companies
- A creative atmosphere encouraging idea-sharing and collaborative problem-solving
- Access to industry-specific experts offering unique solutions
- Close proximity to a wide-ranging variety of industry clusters
Since early 2008, Rick Coplin, Venture Development Director, TechStart, has worked with the City of Dublin to start, promote and run The DEC. The first major event was an open house in March 2009 that attracted 425 people and a broad mix of small businesses has been moving into The DEC ever since.
TechColumbus provides coaching and mentoring; and various DEC collaborators provide a variety of services to the entrepreneurs. The City of Dublin has also hired two DEC small business owners to assist with promoting The DEC, planning events and managing day to day operations.
“The City of Dublin is a tremendous partner with TechColumbus,” said Rick. “I arrange for TechColumbus resources to assist the businesses in The DEC and in Dublin. I am also constantly evaluating what we should do next to keep The DEC an effective growth component in the Dublin community.”
The DEC currently has 16 small business tenants, plans for a Green initiative, and a waiting list for offices.
“The networking events sponsored by TechColumbus and other groups such as TechLife, the International Bootstrapping Association and the twice a month DEC jellies (casual coworking) have really helped to build a sense of community and generate interest in The DEC,” said Rick.
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TechColumbus Wins SSTI Award for Building Entrepreneurial Capacity
October 23, 2009
TechColumbus, the region’s catalyst for technology-based economic development, and Central Ohio were honored this week with a top award from the State Science and Technology Institute (SSTI), a national organization with broad membership and influence.
TechColumbus was named recipient of SSTI’s 2009 Excellence in TBED Awards for Building Entrepreneurial Capacity on Oct. 22 during its 13th Annual Conference in Overland Park, KS. The award celebrates the exceptional achievement of TechStart, TechColumbus’ entrepreneurial coaching and funding program, and Central Ohio in technology-based economic development (TBED).
“This recognition of the groundswell in Central Ohio around technology entrepreneurship reinforces the great outcomes occurring here and throughout Ohio,” said Ted Ford, TechColumbus’ president and CEO. “The Ohio Third Frontier program, from which our program is primarily funded, is creating jobs, new innovative companies and attracting venture capital from around the country.”
Awards were also issued to other initiatives around the country in five additional categories. The awards are the result of a yearly nationwide competition of initiatives that emphasize impact and strategic value as well as TBED transferability for others.
“TBED fosters a climate where new and existing companies that develop technology and continuously innovate will thrive,” said Dan Berglund SSTI president and CEO.
For more details, click here for the October TechColumbus newsletter published in Business First.
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A Letter to the People of Columbus, Ohio
September 3, 2009
Dear Members of the Hi Tech, Creative, and Entrepreneurial Communities of Columbus,
I visited your fine city a couple weeks ago in order to attend an Innovation Series Event put on by Ben & Sandy Blanquera about Local iPhone and Mobile Innovation & Development . I’m planning on bringing a mobile phone technology conference to Columbus in January, so this seemed the perfect opportunity to meet the folks in the community that would know the most about this scene. Being that I own a collaborative workspace for engineers, artists, and entrepreneurs I also wanted to see what I could learn about those in your city that live at this intersection of technology, creativity, and startups. Often we become so accustomed to our own environments that we don’t realize and appreciate their unique and admirable qualities. I’ve written this letter to remind you of these quirks and qualities of your great community.
The ‘hotspots’ of entrepreneurship in your community are simultaneously isolated and integrated. When I first arrived at the Dublin Entrepreneurial Center (The DEC) I was surprised at how little there was surrounding it. It wasn’t on or near a commercialized strip or even restaurants. At first this struck me as a particularly undesirable thing (since my organization - which is my only frame of reference - is on Main Street in downtown Lexington), but as I walked through the space and met some of the thriving companies inside, it began to make much more sense.
To read the rest of this excellent letter, please click: Awesome, Inc.
Early afternoon at The DEC
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TechColumbus handing out $700,000 in state grants to spur businesses
August 10, 2009
Source: Columbus Business First, by Kevin Kemper
Five young Central Ohio technology businesses will be getting extra help to develop prototypes and their companies after a $700,000 outlay from the region’s technology incubator.
TechColumbus picked the five companies, two of which are spinoffs from Ohio State University, to help with product and business development through its Central Ohio TechStart initiative, a $22.5 million program to expand the region’s technology business base.
Most of TechStart’s funding – $15 million – comes from the Ohio Third Frontier program, a 10-year, $1.6 billion government initiative to expand the state’s technology economy. The remaining $7.5 million was contributed by businesses and governments.
The recipients include two companies developing software for the health-care industry, a medical device producer and a business that has devised a restaurant reservation management system.
To read more of this excellent article, Click Here
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Application Deadline for 14ninetytwo Early Stage Technology Virtual Incubator is 8-10-09
August 7, 2009
Deadline for Applying for 14ninetytwo Early Stage Technology Virtual Incubator Fast Approaching
August 6, 2009
August 10 is the deadline for entrepreneurs interested in applying for the 14ninetytwo early state technology virtual incubator. The program is designed to support those with innovative ideas for a new product or application especially in the realm of Web 2.0 or mobile technologies.
14ninetytwo is unique in that it doesn’t require you to quit your day job in order to pursue your entrepreneurial endeavor. Approximately 12-15 applicants will be chosen to participate in a Weekend of Discovery August 21-23. During this intense boot camp weekend startup specialists, business professionals and seasoned entrepreneurs will provide coaching, mentoring and advice on taking an innovative idea into a viable business. The weekend will feature experts in legal, finance, company formation and structure, marketing, capital access and more.
On Sunday, all participating companies will “pitch” their business idea based on the principles they’ve learned over the weekend and three of these companies will be chosen for further incubation services. 14ninetytwo will provide the resources to these three companies to enable them, within 90 days, to emerge from the program with a working prototype of their idea, a fully fleshed out business plan and a clear path to their first customer.
The program is supported by Ohio Third Frontier and TechColumbus. It is managed by local entrepreneur Willie Neumann and taps into the vast resources of the entrepreneurial community in Central Ohio.
For more details and the online application, see the 14ninetytwo Web site.
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Accounting Considerations for Start-ups (and the Angels Who Invest in Them)
August 6, 2009
Source: Angel Capital Education Foundation, July Newsletter
By Jeff Solomon, CPA, CVA
Levine, Katz, Nannis + Solomon, P.C.
Needham, MA
As a Certified Public Accountant who regularly works with early stage high technology companies, I have come to accept that accounting usually is not a favorite topic among entrepreneurs. In fact, given all the other things an entrepreneur has to think about, conforming to generally accepted accounting principles and practices can end up fairly far down the priority list.
I am a big believer that you don’t let accounting and tax rules tell you how to run your business. However, I also believe that a fuller understanding of the accounting considerations for equity and revenue recognition can help investors, entrepreneurs, and board members ask the right questions and know when to seek outside expertise to avoid unpleasant surprises, unanticipated adverse affects on the P&L, delays in due diligence, or renegotiated valuations.
I. Accounting for Equity
In today’s world, accounting for equity is more complex than ever before. Depending on the choices a company makes with equity awards, there are both financial reporting and tax issues. These issues are not always the same.
Entrepreneurs and their boards need to understand both the profit and loss impact and the tax ramifications of granting equity before any granting occurs. Whether the business is a Limited Liability Company (LLC), C-Corporation, or S-Corporation, the issues are generally the same.
Click Here for the rest of this “must read for entrepreneurs and investors” article.
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Incubators link startups with resources, each other
July 31, 2009
Source: Columbus Business First, by Emily Mullin
For Chaz Freutel and Sandy Blanquera, operating their small businesses from home lost its appeal. So when they learned about the Dublin Entrepreneurial Center, which opened its doors in March, they decided to move their ventures out of the house and into the office.
Blanquera, 41, said she had planned on continuing to run her social media marketing business, 
Social Boomerang , from her home until she heard about the opening of the business incubator in Dublin. The new space fit her needs, she said, and it would be easier to concentrate in an office setting rather than at home. Blanquera moved into her new office space at the center on Post Road in the spring.
“I’ve been a home-based business for 2 ½ years prior to that, and I was really looking for a more professional atmosphere,” said Blanquera, who is the mother of four girls.
After spending 17 years working in corporate America, she said she decided to branch off on her own. Blanquera had invested in an interior design franchise a few years before Social Boomerang, but said the economy took a toll on the business. She realized she had a knack for social media with her franchise after she started looking for alternative and inexpensive ways to promote it. Although she ended up quitting the franchise, she used the social media skills to start up her latest business.
Click Here for the rest of this excellent article.
Medical device maker CleveX hires new CEO
July 21, 2009
Source: Columbus Business First, by Matt Burns.
A Columbus medical device maker has hired a new management chief as it works to improve the sales of its initial product.
CleveX, based at the TechColumbus business incubator, said Monday it brought on Sam Finkelstein, former CEO of Miamisburg-based Riverain Medical, as chief executive. Former CleveX CEO Gary Smith is now serving as company president.
Smith said in an interview that his move to president was under mutual agreement with the board and allows him to focus more on the sales and marketing of ExiClip, a product that removes moles and skin lesions and closes the wound in one quick motion. The product replaces a scalpel-and-stitch procedure that takes up to 15 minutes.
Click here for the rest of the article at Columbus Business First.
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