Mission Statement

The Department of Development's strives to improve the County's global competitiveness through economic growth and ensure that Cuyahoga County is a vibrant, healthy and welcoming place.

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North Coast Opportunities Technology Fund


The North Coast Opportunities (NCO) Technology Fund accelerates technology-based entrepreneurship, creates new high paying jobs, and increases the flow of private investment to Cuyahoga County technology companies. Cuyahoga County established the NCO Technology Fund in the fall of 2008. The NCO Fund was developed by the County Department of Development in connection with the Cuyahoga Next Advisor Task Force and in association with JumpStart Entrepreneurial Network.

Program Outcomes:

• Cuyahoga County invested over $1.4 million to capitalize the NCO Technology Fund.

• The NCO Technology Fund has provided over $1 million in funding to 13 county based technology- companies.

• NCO funded companies have raised over $3 million in follow-on entrepreneurial funding.

• The success of NCO funded companies has been profiled by prominent national and local media: National Public Radio, ABCNews.Com, Business Week, The Green Sheet, hiVelocity and IdeaStream .

The NCO Technology Fund is a Cuyahoga County led vehicle to encourage and develop very early stage Cuyahoga County technology companies. The program targets companies that are excellent candidates for future capital investment. Approved companies will receive a payment-deferred, low interest loan to complete a specific initiative or project that is expected to make the company significantly more attractive to pre-seed investors.

NCO Technology Fund Loans

  • Loans range from $25K- $125K, with typical loans in the $50-75K range
  • Interest rate is recommended by Department of Development Staff reviewed by the NCO Selection Committee and approved by Cuyahoga County - typically the interest rate is 5.00% fixed for the term of the loan
  • Payments deferred for 5 years or until a significant
    financing event - $1.5 million or greater
  • Loan proceeds must be used for a specific project or
    initiative that will bring the company closer to
    achieving follow-on funding.

Eligibility

  • Must be a high growth, technology company       
    The NCO Loan has allowed us the opportunity to complete our market- ready product more quickly and effectively than we could have without the capital. As a result of this progress, we are more attractive to outside  investment and can begin generating revenue by early 2010.
                                John Knific,
                     CEO of Citizen     Groove.

    that is judged by the selection committee to
    have excellent prospects for raising venture
    capital in the future.
  • Must be located in or planning to move to Cuyahoga County.
  • Must be a JumpStart Entrepreneurial Network
    registered and supported company

Application

  • Submit a brief description of the specific project that funding is being sought and illustrate how the project will bring the company closer to venture or seed stage funding.
  • Companies with the highest potential for attracting future venture capital investment will be ranked highest by the NCO Selection Committee and be invited to provide a short presentation about the proposed project.
o  The NCO Selection Committee consists of JumpStart Entrepreneurial Network Director and Entrepreneurs-in-Residence, the MAGNET Incubator Director and Entrepreneurial Expert, and a Cuyahoga County representative
  • Recommendations are submitted to Cuyahoga County for final approval.
  • The County will draft loan documents based on the selected and approved project – the description must identify project milestones.
Please complete the NCO Technology Fund application and submit it by the dates list below:
 2012 NCO Techology Fund Application Dates     

Application Deadline Selection Meeting
Round 1
 January 17, 2012 February 6, 2012
Round 2 March 12, 2012 April 2, 2012
Round 3 May 14, 2012 June 4, 2012
Round 4
 July 16, 2012 August 6, 2012
Round 5 September 17, 2012 October 1, 2012
Round 6 
 November 12, 2012 December 3, 2012 
     




For more information contact: 

Gregory Zucca
Strategic Program Officer
Cuyahoga County
Department of Development
1701 East 12th Street
Cleveland, Ohio 44114
(216) 443-8067
gzucca@cuyahogacounty.us		    
John Dearborn
President
Jumpstart, Inc.
737 Bolivar Blvd.
Cleveland, OH 44115
(216) 363-3427
john.dearborn@jumpstartinc.org
 
 


 
 NCO Technology Fund Portfolio Companies
 
     
 




Tremont Electric LLC