How 3 Companies Maximized Funding in Their Region

These three Ohio startups can help you think local to rethink funding.

learn more about Nina Zipkin

By Nina Zipkin

If you're not located on the coasts, venture funding can be hard to come by. But your business can still tap into a host of funding options and get the start you need. Here's how three companies in Cleveland, Ohio thought local and made the most of regional incubators, non-profits, angel investors and universities when building their businesses.

Tap into your strengths

10 year-old biomedical tech startup CardioInsight developed a safe and non-invasive way to make a 3D map of the cardiovascular system to better prevent against heart disease. Founder Charu Ramanathan, a university researcher, developed the technology at Case Western Reserve University. Ramanathan headquartered the company in the university hospital's health system and raised $250,000 from the university's technology transfer program. This initial backing gave the company the validation it needed to attract funding from JumpStart Inc., a Cleveland, Ohio-based non-profit venture development organization (VDO) and venture capital fund Draper Triangle Ventures and West Capital Advisors.

Read more: How a Biomed Tech Company Raised $35.7 Million Before Going to Market

Start small to build traction

Tom Lix, a former professor of entrepreneurship at Lake Erie College, launched his Cleveland Whiskey in 2013 after nearly 4 years of development 2009. He started small, with a $25,000 grant awarded by the Lorain County Community College Innovation fund. This money allowed him to move to a Northeast Ohio manufacturing incubator, The Great Lakes Innovation & Development Enterprise where he could test his idea in a controlled environment and consult with in-house engineers. This early boost set the stage for experiments t and a prototype that helped him prove to investors, and other state and community organizations that he had a solid concept and plan and earn subsequent rounds of funding.

Read more: How an Innovative Whiskey Brand Won Angel Investors (Without Getting Them Wasted)

Seek advice, build relationships

Embrace Pet Insurance founders Laura Bennett and Alex Krooglik bootstrapped and used funding from also looked to VDO Jumpstart for help. These Wharton School of Business grads leaned on Jumpstart for mentoring and advice, making wise budget decisions, getting tips on how to connect with the right hires in the region as well as attracting further funding. These relationships paid off. Jumpstart eventually invested $800,000 over three years and connected it with other outlets to help it raise $4.5 million from VC firms and angel investors. Founded in 2005, as of 2014, the Beachwood, Ohio-based online insurance company was brought in $6 million in yearly revenue.
Read more: How This Pet Startup Raised $4.5 Million in Funding

Nina Zipkin

Entrepreneur Staff

Staff Writer. Covers leadership, media, technology and culture.

Nina Zipkin is a staff writer at She frequently covers leadership, media, tech, startups, culture and workplace trends.

Related Topics

Editor's Pick

Everyone Wants to Get Close to Their Favorite Artist. Here's the Technology Making It a Reality — But Better.
The Highest-Paid, Highest-Profile People in Every Field Know This Communication Strategy
After Early Rejection From Publishers, This Author Self-Published Her Book and Sold More Than 500,000 Copies. Here's How She Did It.
Having Trouble Speaking Up in Meetings? Try This Strategy.
He Names Brands for Amazon, Meta and Forever 21, and Says This Is the Big Blank Space in the Naming Game
Business News

'Wanted by Several Countries.' Crypto Fugitive Is Nabbed in Montenegro.

Do Kwon was wanted in South Korea and the U.S. on fraud charges related to TerraUSD and Luna crash.

Green Entrepreneur

A Massive Hole In the Sun May Cause Dazzling Light Show Here On Earth

NASA says the coronal hole could blast the Earth with solar winds as early as Friday. What does this mean?

Business News

Gen Z Loves the Toyota Camry. Here's What Car Brands Boomers Love Most

S&P Global Mobility provides data on what types of each age group likes the most, based on car registration.


Why Failure is a Choice You Make

Failure is a product of our mind and therefore we determine if it exists or not. Learn more empowering ways to view situations where failure becomes a stepping stone, not a roadblock.

Business Ideas

55 Small Business Ideas To Start Right Now

To start one of these home-based businesses, you don't need a lot of funding -- just energy, passion and the drive to succeed.