Entrepreneurship’s Roots Run Deep in Akron
Published Apr 10, 2009
A thermal engine was developed by reXource Thermionics Inc. at the Akron Global Business Accelerator, one of the region’s many resources that assists entrepreneurs.
Akron’s history is rich with innovation. As an early industrial powerhouse, the city’s engineers created canal barges, new farm machinery and pneumatic tires. Even the ceramic marble was invented here.
Innovation looks a bit different in the 21st century, but creativity and passion still thrive, among both entrepreneurs and the resources that support them.
The ARCHAngels Network, for example, has created what cofounder John Myers calls a “neutral platform” for technology companies to make presentations to potential investors.
The ARCHAngels (Akron Regional CHange Angels) Network itself does not hand out money, but deploys sponsors who help evaluate business potential and refine a company’s pitch.
“We don’t see it as our mission to get rich,” says Myers, who works with The University of Akron Research Foundation, which started the network. “We truly see our mission being to create wealth.”
A July 2008 survey of young companies that presented ideas at the network’s quarterly meetings found that 22 of them received funding from contacts made through ARCHAngels – to the tune of $32 million since the network’s 2005 start.
Exacter Inc. had developed sensors to mount on city buses and trucks to detect a failing utility transformer and get a crew called before a power outage. But it needed money in 2006 for its first year to cover rent and start hiring. Northcoast Angel Group, a venture capital fund, invested $350,000.
In June 2008, Sensor Development Corp. received a $100,000 award from The Innovation Fund for highly sensitive nano-crystalline sensors that have agricultural, industrial environmental protection and diagnostic applications.
The Akron Global Business Accelerator, a partnership among the city of Akron, Akron Development Corp., The University of Akron and state of Ohio, began in 1983. Today it houses around 40 tenants and offers startups 200,000 square feet of office, manufacturing, assembly, wet lab and conference space.
Vadose Research & Development LLC, for example, is commercializing technology to convert scrap tires, waste oils, plastics and synthetic fibers to synthetic crude oil, natural gas and activated carbon. PolyFlow Corp. in Akron uses green technology to give plastics new life.
The Ohio Small Business Development Center at the Summit Medina Business Alliance also aids fledgling ventures.
“Our major part is to accelerate Ohio’s economy by helping companies sustain themselves and grow,” says Mary Ann Jasionowski, director.
Services include business orientation seminars, business plan preparation and a workshop on “numbers demystified,” so clients can understand financial spreadsheets.
Resources Aid Entrepreneurs
Kent State University offers a bachelor’s degree in entrepreneurship and a minor in the field.
Julie Messing, director of the KSU Center for Entrepreneurship & Business Innovation, sees students from the communications, technology and fashion programs mixing the two. Students also work directly with business owners, and the center’s annual Entrepreneurial Extravaganza attracts about 700 students and community members. “They have the drive to do something different than what their parents and grandparents did,” Messing says. “This millennial generation is more open to risk. They look at solving problems.”
Story by Pamela Coyle
Photo by Jeff Adkins
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