Courtesy of UA Email Digest
Imagine that you would like to start a business. You have high hopes for your product and the positive impact you know it can make on Northeast Ohio. You need startup funds, so you approach … students? On Wednesday, Feb. 14, several UA students will hear pitches from hopeful entrepreneurs for funding through the Northeast Ohio Student Venture Fund (NEOSVF) Deal Flow Event at Quaker Station, on campus.
NEOSVF is a student-run organization that funds high-tech startups that have the potential to positively impact economic development in Northeast Ohio. The organization provides opportunities for undergraduate and graduate students to receive hands-on learning experiences in entrepreneurship, venture capital, technology commercialization and economic development.
UA’s student participants are studying law, business and engineering, though the program is open to all degree fields. The students come from chapters of the organization at UA and Kent State, Walsh and Case Western universities, as well as Notre Dame College and The College of Wooster.
Students review executive summaries from startups and narrow their options to six companies that will make in-person investment pitches. Once all pitches are made, students will perform due diligence on each opportunity, which requires an in-depth review of each company’s market potential, product or service offering, and the strength of the team. The experience culminates with a funding recommendation presentation to the board, which consists of faculty members from all six chapters and a few from the community. The board decides based on the recommendations and analysis of the student managers and analysts.
Selected companies will receive $25,000 in convertible equity. Several UA and Akron-based companies were funded by NEOSVF, including Akron Ascent Innovations, which is based on UA adhesive technology; Event38 Unmanned Systems, which is the leading provider of easy to use drones and sensors used in a variety of fields; Wastebits, which is a web-based platform that streamlines the management of waste; and Komae, which is an application that simplifies the babysitting process. Komae representatives will speak about the advancements made since going through the NEOSVF and ARCHAngels processes.
Dr. Gopal Nadkarni, an associate professor of mechanical engineering and an expert in commercialization, oversees UA’s NEOSVF chapter. NEOSVF Executive Director Dan Hampu is project manager for the UA Research Foundation and an alumnus twice over, having earned a law degree and an MBA here.
Learn more about NEOSVF online, or contact firstname.lastname@example.org.