Venture Lab helps entrepreneurs launch startups

In its first five years of existence, approximately 250 teams have completed the Venture Lab pre-accelerator. More than 50 startups have received state grant funding, and 90 have received $5,000 in seed grants through UC for needs such as prototyping and market research.

Pre-accelerator graduates can continue to develop their ideas through the Venture Lab with help from an entrepreneur in residence. Startups can make a pitch for funding from the Ohio Third Frontier, a technology-based economic development initiative, and receive additional funding from the Venture Lab.

“We help entrepreneurs get to the point when they can launch and bring in revenue and/or third-party investment,” Venture Lab Program Manager Elizabeth Wetzel told Spectrum News.

Among the members of the latest cohort is Bharadwaj “Ben” Dogga, a PhD student who has developed a business idea based on his thesis work at UC. With the help of program mentors, Dogga was able to realize other applications for his technology that offered a better business model.

“(The Venture Lab) helped me remove the engineer’s hat and put on an entrepreneur’s hat … think on an industry level,” the aerospace engineering student said.

Another Venture Lab participant, Georg F. Weber, MD, is working to expand a biotech company he founded several years ago. The UC College of Pharmacy professor aims to improve risk assessments in diagnosing breast cancer.

“The financial support from UC Venture Lab has enabled critical steps in the product development and market analysis,” Weber said. “These steps would have been difficult to accomplish without the program.”

See more from Spectrum News.

Featured imaged at top: Guests attend a Venture Lab graduation. Photo/UC Marketing + Brand