Bizdom Cleveland, a business accelerator that mentors and funds up-and-coming entrepreneurs, launched its first six businesses from the fall program. The six businesses were selected from 350 applicants, who were then narrowed down to 32 participants in a 12-week mentoring program.

The six businesses participated in “Demo Day” on Wednesday at Quicken Loans Arena, where they showcased their companies to potential investors.

“Thirty-five investors from throughout the region came to meet the inaugural Bizdom class and take a look at all the hard work they’ve done,” says Paul Allen, team leader for Bizdom Cleveland. “This is just the start of fundraising activities for these six new businesses. They will continue to meet with investors in the region and outside the region.”

The businesses received up to a $25,000 investment in exchange for an eight percent equity share in the new company. The startups will remain in Bizdom’s offices for three months. The companies must remain in Cleveland once they branch out on their own.

The six companies are: BigRiver; BOOM; InStoreFinance; Urban Matrix; SafeCare; and On Demand Interpretation.

“They’re all operating in technology, web and software space and all are performing at a really high level,” says Allen. “Our strategy is on product design and we have high expectations on sales and they are all doing really well.”

Bizdom accepts applications quarterly for sessions.  Seventy entrepreneurs applied for the April session, of which four will be selected. The next session begins in July.

Source: Paul Allen
Writer: Karin Connelly