Innovation Fund invests $125K into 2 YBI companies

Staff report

Youngstown

The Innovation Fund, in partnership with Youngstown State University, has announced a $125,000 investment for via680 and Campus Shift, two portfolio companies of the Youngstown Business Incubator.

The fund provided a $100,000 award to via680 to further develop their product, Ving, a Web application that enables users to create multimedia communication packages with video, surveys and documents.

A Software as a Service product, Ving sends secure messages through email and provides reports that show if a message was received, read and understood. It improves customer and employee engagement and helps organizations reduce risk, increase revenues and reduce costs through effective communication.

The funding will specifically be used to create a market entry product that will drive accelerated growth in a global market.

According to Tony DeAscentis, CEO of via680, “2012 has really kicked off strong for via680. We have an excellent team on board. Our business is growing and momentum is strong. Add to that this recognition by Innovation Fund and you’ll find this technology startup clearly pointed in the right direction.”

In addition, IF awarded $25,000 to Campus Shift for early stage development.

Campus Shift offers a textbook search engine that allows students to compare textbook prices in real time and arrange for a direct sale or swap.

Campus Shift also connects student populations to local businesses in order to keep them updated on special savings and events.

According to Derek Haake, founder and CEO, “I founded Campus Shift because as a student, I was spending nearly $1,000 per semester on textbooks. Campus Shift empowers students to take matters into their own hands and swap their books, saving them hundreds of dollars per year.”

Another company affiliated with YBI, Quixby, also received $25,000 in IF funding.

As a virtual portfolio company, Quixby receives support through the JumpStart Entrepreneurial Network, but is not physically located on the YBI campus.

YBI is a member of the JumpStart Entrepreneurial Network.

The Innovation Fund, founded by the Lorain County Community College Foundation in 2007, is supported and administered through a regional and state network of higher education, government and economic development partners to nurture a technology- based entrepreneurial environment for wealth creation and job growth in Northeast Ohio.

YBI and YSU are among the partners. As a partner, YSU provides direct financial support, as well as technical assistance to the Innovation Fund.

“We are proud to work in this unique program to boost entrepreneurship in Northeast Ohio,” YSU President Cynthia E. Anderson said. “This is not only good for the economy, but the internships and other opportunities that it affords are good for our students as well.”