Innovation Fund

Innovation Fund

 

The Innovation Fund of the Lorain County Community College Foundation, established in 2007, is a regional fund focused on supporting technology-based entrepreneurial endeavors and emerging technology-based businesses. The purpose of the Innovation Fund is to make grants to technology business "start-ups", while at the same time supporting an entrepreneurial educational opportunity for students, faculty or staff of Lorain County Community College or its University Partnership institutions across the region. In addition, the Innovation Fund will make a limited number of grant awards to validate technology concepts. Innovation Fund awards are available to technology-based businesses that are headquartered in Northeast Ohio, and to entrepreneurs who reside in the Northeast Ohio area and whose business concept involves innovative or cutting-edge technologies or new applications for existing technologies.

The Innovation Fund is unique in the country and is the result of a landmark decision by the IRS. Realizing that tax consequences for foundations that provide seed money for incubator activities can include threats to foundations’ tax-exempt status, the LCCC Foundation submitted a special request to the IRS, seeking permission to accept charitable contributions for the Innovation Fund. In January 2006 the LCCC Foundation received a positive ruling from the IRS; a groundbreaking decision only applicable to the LCCC Foundation. This model requires every financial award distributed to include and educational component for students and faculty, allowing them to experience entrepreneurship in action. The inclusion of this educational component directly supports the missions of both the College and its Foundation, and therefore was deemed by the IRS as an acceptable philanthropic investment.

The following companies were awarded the first Innovation Fund Awards.

NANOMIMETICS, INC
Cleveland, Ohio

Nanomimetics’s technology is a patented polymer coating that significantly improves the performance and lifespan of materials used in aqueous environments without the use of any toxicant.  They received $25,000.

VASOLUX MICROSYSTEMS, LLC
Elyria, Ohio

VasoLux MicroSystems, LLC is medical device company developing next-generation diagnostic medical imaging devices. VasoLux MicroSystems is focused on improving patient diagnoses by providing objective and quantitative information to physicians that will assist them in determining the most appropriate therapeutic intervention.  They received $100,000.

WIRELESS ENVIRONMENT, LLC
Pepper Pike, Ohio
(Will be locating their research development lab in LCCC’s
Entrepreneurship Innovation Center)

Wireless Environment is a leading innovator and industry pioneer in the invention, design, and manufacture of efficient, long-lasting light bulbs using Light-Emitting Diodes (LED’s) as their light source.  They received $100,000.

For more information, please visit The Innovation Fund



Announcements

Exterior Campus Lighting Project

Work will begin Monday morning on replacing the light fixtures on the west loop road (main road in front of the College. Workers will be installing  new fixtures from the north and south ends concurrently. The road will be partially blocked in order to do the work.
 
Please be very careful and slow down.

15 to Finish: Add a Late-Start Class Today

Take at least 15 credit hours per semester and you'll be closer to graduation and closer to your career. There’s still time to add a class to your schedule. Late-start courses begin Feb. 23 and March 23.
   
Click here to see the short-term class schedule and to register.

MyTuition Guarantee

LCCC students now have the opportunity to participate in the MyTuition Guarantee. This new program holds tuition and fee rates for students registering in fall 2014 and spring 2015 for up to three years or until the completion of a degree, whichever comes first.
  
Click here to learn more and to complete the Completion Pledge. 

MyUniversity

Students can save up to 80 percent on the cost of a traditional college degree. Learn more at www.lorainccc.edu/myuniversity.

Dean's List

Congratulations to the hardworking students who were named to the Dean’s List for fall 2014.  If you think you made the Dean’s List for fall semester, check your LCCC email account for an official confirmation from LCCC. See the full list of students named to the Dean’s List at www.lorainccc.edu/deanslist.

Earn College Credit For Work and Life Experience

Attend an information session for Prior Learning Assessment and find out about the methods used to help you earn college credit for what you have learned through work and life experiences.
 
Click here to learn more and register.

Financial Aid Filing Fairs

LCCC will offer free help for anyone filing a FAFSA form - regardless of the college they plan to attend - at a series of Financial Aid Filing Fairs held in February and March. Click here for details and to register online.

Sign Up for Text Alerts

Sign up to receive text message alerts in the event of campus emergencies, campus closings, campus power outages and severe weather announcements at www.lorainccc.edu/alerts.

Softball Team Tryouts

The LCCC Softball Team will host tryouts from noon to 1 p.m., February 21 and 22 in the Ewing Center Field House. Learn More.

MBA Program Begins in Fall 2015

Beginning in fall 2015, Youngstown State University’s Williamson College of Business Administration will offer a master’s of business administration degree through the University Partnership. Learn more.  

Events