Bizdom, the nonprofit accelerator created by Cleveland Cavaliers owner Dan Gilbert, recently moved to new, 7,000-square-foot offices in downtown Cleveland to better assist the growing portfolio of startup technology companies in its program.

Bizdom graduated its first class of entrepreneurs in January and has made 13 investments in Cleveland businesses so far. The new office space is designed to provide useable space for entrepreneurs, as well as those who mentor them.

"The goal was to be downtown and near the Quicken Loans family of companies," says Paul Allen of Bizdom. "We have room for approximately 20 businesses and two conference room areas. They can have desk space, network access, printers and meeting breakout rooms. There is also space to play darts, music or foosball."

Bizdom's mission is to "help startup businesses go further faster by helping them at their earliest stages," says Allen. Entrepreneurs accepted into the three-month accelerator program receive a $25,000 investment in exchange for giving up an eight percent equity stake in their company. They also receive free training and mentorship throughout the program. After they graduate, they may receive additional support such as follow-on funding or subsidized office space.

Bizdom is a nonprofit organization, and if a company is sold at a later date (something that has already happened twice at its Detroit office), the proceeds from Bizdom's equity stake will go towards helping other entrepreneurs.

Bizdom's new offices are located at 250 West Huron Road, Suite 203.

Source: Paul Allen
Writer: Lee Chilcote