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Startup Cincinnati: CincyTech

Updated: Tuesday, November 19 2013, 09:59 AM EST
CINCINNATI (Tiffany Wilson) -- CincyTech, The Brandery. If you don't know those names, you soon will. They're the makers and shakers of Cincinnati's startup scene.
    
In just a few years, Cincinnati has become a nationally recognized hub for new technology thanks in large part to investment by CincyTech.

"Mostly we invest in IT and life sciences," said Bob Coy, the CEO of CincyTech. He moved to Cincinnati eight years ago and at that time Coy said local startups had a hard time raising enough cash. That's why he helped transform CincyTech into the public-private partnership of investors that it is today.

The basic strategy is this - give companies that show progress access to a couple million dollars over a two year period while they receive the guidance of CincyTech personnel. To date, CincyTech has invested in 55 companies.  "We've invested $18 million of our capital and another $220 million has been invested by individuals and venture capital funds," said Coy.  With startup Assurex Health now more than 160 employees strong, CincyTech's starting to see dividends. "Most startup companies don't start to accelerate until the fifth year, when they hit the growth stage."

Choremonster is only two years old and it employs about a dozen people. Founder Chris Bergman said, "There's a lot of people that have put a lot of effort into growing startup culture, the ecosystem as a whole, venture funding in the city and we are a direct byproduct of that."

Startup Cloud Takeoff used CincyTech funding to create ten new jobs, "I tell them they're doing the Lord's work because for an entrepreneur, they are, they're bringing more then connections and money, they're bringing expertise and insight," Cloud Takeoff's CEO, Phillip Ogilby, said when asked about CincyTech.

Altogether, CincyTech-supported companies have added 451 jobs to the Tristate at an average salary of $71,000.  "Twenty years from now, 100 percent of all net new jobs created in our region, may be created from companies that aren't even born yet or are in the process of being born today," Coy said.  If that holds true, CincyTech is key to Cincinnati's long term economic growth. "We have a lot going on in this region, we have a lot of good ideas and opportunity, now we just need people to take a look at it and help build this out."

Coy said CincyTech's next goal is a startup's exit - either by acquisition or IPO, freeing up investors' money to sustain the entrepreneurial cycle and support the next big thing. "if you have a good idea contact CincyTech."

The best way to reach CincyTech is through its website.Startup Cincinnati: CincyTech


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