LOCAL 12 - Search Results
Nonprofit Helps Local Entrepreneurs Succeed
CINCINNATI (Tiffany Wilson) -- A local nonprofit is helping new businesses make money.
"Cintrifuse" is only about a year old but it's already investing millions of dollars to support the start-up scene in Cincinnati.
A couple of years ago, business leaders realized Cincinnati had a problem. Start-ups were on the rise, but not enough outside investors knew or were willing to visit. Members of the Cincinnati Business Council came together, and Cintrifuse was the result.
Basically, the non-profit is part matchmaker, introducing visiting venture capitalists to local start-ups, and it is part investment fund with 52 million dollars on hand. However, there is a catch: Cintrifuse only invests in other funds, not companies.
Tim Schigel, Fund to Fund Manager at Cintrifuse, said, "The fund specifically is intended to help attract some of the best venture capitalists, investors and start-ups, to the region."
"It's a really interesting win-win; they just made an investment in our fund and we just made and investment in Cincinnati. We'll be releasing in about the next month or so. So a bit of you scratch my back, I'll scratch yours," Blaire Garrou tells us.
Blair Garrou is managing director of Mercury Fund out of Houston. Over the next several years, he anticipates his fun will invest at least three to five million dollars in Cincinnati start-ups.
"We really do think there's something interesting happening here," he said.
And Cintrifuse is helping it happen. If you're an entrepreneur, you can go to the Cintrifuse website to apply. Leases for work space start at 200 dollars a month.