10X hits $1 million mark in funding in less than a year
The Center for Entrepreneurship’s 10-xelerator program (10x) was awarded an additional grant of $200,000 to support 10 teams of entrepreneurs during the summer of 2012 through Ohio’s New Entrepreneurs (ONE) Fund.
"We are thrilled that the Ohio Third Frontier Commission as well as donors and angel fund investors have recognized 10x as a successful program," said Michael Camp, executive director of Ohio State’s Center for Entrepreneurship. "The total state, donor and matching fund support to date for 10x is $1.1 million in less than a year."
The Ohio Third Frontier Commission recommended the award to continue the program, which began as a pilot in the summer of 2011. The intensive 12-week program provides funding, mentorship and professional development for talented entrepreneurs. Each of the 10 teams will receive $20,000, individual team mentors, technology and business experts, office space, on-going coaching and workshops in partnership with Center for Entrepreneurship and Fisher College of Business. 10x focuses on information technology with a broad base of applications including web 2.0, social, mobile, software development and data services.
The program, now in its second session this winter, has received national attention, spurring interest from various other accelerators looking to launch similar entrepreneurship boot camps. Since participating in the 10x summer session, teams have received nearly $3 million in additional investment. For instance, Acceptd, an online platform for college applications, received $600,000 in additional Ohio investments and currently has clients from several colleges. eFuneral has recently hired full-time staff and is preparing to launch its company, an online pricing resource for funeral services.