Lifting up tech entrepreneurs

A new program has
$6 million to invest in
young companies.

By DON SHILLING

VINDICATOR BUSINESS EDITOR

HOWLAND — Need some cash for starting or growing a business?

A new program has funds and other resources that it’s ready to pass out.

TechLift, an effort to help entrepreneurs, was unveiled Thursday at the Avalon Inn here to about 50 people.

Eric Parker, founder of Zethus Software in Youngstown, liked what he heard.

“It’s a comprehensive program,” said Parker, who started his three-person company in the Youngstown Business Incubator in 2003.

With his contacts at the incubator, he’s already using one part of TechLift — consulting with an expert in entrepreneurship. He’s been talking with a TechLift staffer about finding interns and developing a market for his product, which organizes computer data on multiple storage devices into one virtual archive.

Providing that sort of free advice is a key part of TechLift, but so is providing funds.

Parker said he’s aiming to line up capital so he can create a management team that can focus on sales and marketing.

Partial funding from state

TechLift was created by NorTech, a Cleveland-based organization that’s working to support technology companies throughout Northeast Ohio. TechLift was funded with $15 million from the state’s Third Frontier bond issue and $7 million from other sources.

Of that amount, $6 million is being invested in young companies. Four public or private investor groups from Northeast Ohio are selecting companies that will receive funds. Profits on those investments will be invested in other companies or used for other programs that support entrepreneurs.

To provide free consulting services, TechLift plans to hire five “entrepreneurs in residence” who can mentor business owners on finding funding or conducting strategic planning. Three of these staffers are in place.

Chris Mather, TechLift director, said any entrepreneur with a technology-based idea or company is encouraged to use the services. At some point, the program may have to limit the services it can provide, but now they are being offered liberally, he said.

Speaking from experience

All of the “entrepreneurs in residence” have experience in starting companies, raising capital and forming partnerships, he said.

“We wanted to be sure we have people who have battle scars,” he said.

Anyone interested in taking advantage of the services is asked to apply at www.techlift.org. Mather said NorTech will contact people who apply.

NorTech also has created an online site that links entrepreneurs with investors and service providers. It’s at www.ideacrossing.org.

TechLift has other events scheduled to explain its services to other Northeast Ohio communities.

Mather said he was happy to kick off the program in the Mahoning Valley because of the strong software companies at the Youngstown Business Incubator.

“What you folks are doing in Youngstown is amazing,” he said.

shilling@vindy.com