, a pre-seed investment fund and business accelerator, has raised $250,000 in capital funds. A portion of the money will be used to invest an average of $10,000 in 15 software and disruptive technology companies. "Disruptive technology refers to thinking of things that shake up or dramatically change the market," explains Todd Goldstein, managing partner of SLH.
The investments will be made over the next 12 months. Additionally, SLH will provide office space and back office support to each of the 15 companies. Goldstein and his partner formed Shaker LaunchHouse in 2008 after seeing larger numbers of young entrepreneurs leaving Cleveland for cities that offered greater start-up opportunities.
"We saw a lot of young people moving away because there was a lot of seed money [elsewhere] ," explains Goldstein. "We felt that Cleveland was ripe for an organization that could provide seed money."
SLH's goal is to invest in 15 companies a year, while also providing networking with 100 mentors, cooperative office space and educational programming. SLH provides twice weekly workshops for entrepreneurs led by area business leaders with expertise in everything from how to manage the finances of a startup company to how to write an effective executive summary and make presentations as well as crash courses in website development.
SLH is in the process of moving into a renovated car dealership on Lee Road, which will provide 23,000 square feet of space for entrepreneurs and mentors.
Source: Todd Goldstein
Writer: Karin Connelly