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Chronicle-Telegram, Ohio
March 28 2009
Lorain County Community College's Innovation Fund gives $125K to local
companies
Alicia Castelli | The Chronicle-Telegram
ELYRIA ' Lorain County Community College's Innovation Fund gave away
$375,000 Friday to six Northeast Ohio companies, two of which are
based in the Sheffield area and work with robotics and wind energy.
ADI Wind of Sheffield received $25,000 and Recognition Robotics of
Sheffield Lake received $100,000 to further develop their products.
Recognition Robotics had developed technology that, when placed in a
machine, mimics the human visual process.
In other words, it has developed a machine that `sees,' said Simon
Melikian, company president and chief executive officer.
`You can apply this almost anywhere,' he said, adding the company's
initial focus was for use in the automotive industry. `If you need a
certain part, the machine will see it and get it. The sky is limit
with this technology.'
Melikian said his company will use its money to develop uses in other
markets. He envisions `helper' machines in homes, more realistic and
interactive toys and military applications.
Melikian, a native of Armenia, was educated at Cleveland State
University and Case Western Reserve University and he's lived in the
area for 20 years. His company's technology has been in development
for six years.
`This means a lot,' he said of the award. `Especially with the economy
' for this group to put money where their mouth is. It's not just
validation of what we're doing, it's them believing in the technology
and potential growth.
`It's knowing someone believes in you and you're not alone.'
Kurt Lauer, co-owner and program manager at ADI Wind, said his company
has developed a patent-pending gearbox that fixes the problem of
bearing failure and gear-tooth loading in wind turbines.
`We plan to use the ($25,000) to develop a prototype to attract
investors and clients and customers,' Lauer said, adding his company
is only a few months old.
His company is a break-off company of Advanced Designs, a Sheffield
staple for around 50 years.
`We're very excited,' Lauer said of the award. `We knew we wouldn't be
able to further develop the product without help from people like the
Innovative Fund.'
The Innovative Fund is part of the Lorain County Community College
Foundation and is meant to assist technology entrepreneurs get their
businesses off the ground, LCCC President Roy Church said.
The fund has invested $1.8 million in 24 companies across Northeast
Ohio and created more than 35 jobs with an average salary of $45,000,
he said.
Church, along with Ohio Board of Regents Chancellor Eric Fingerhut,
stressed the importance of higher education in economic development.
`Ensuring Ohio's higher education system as not only a partner, but a
driver of Ohio's economic transformation is critical,' Church
said. `Economic development happens ¦ by attracting new companies,
nurturing existing companies and growing your own companies.
`The Innovative Fund focuses on growing our own companies ¦ Its
goal is to unearth promising technological development at its earliest
stage of development and help move the business toward the maturity
point to attract other investors.'
Fingerhut agreed that higher education is the key to turning our
economy around.
`You've seen the future of Ohio here today and that future is new
companies and talented entrepreneurs being supported by our great
institutions of higher education working in partnership with state
officials, state leaders and philanthropists,' Fingerhut said. `I'm
confident that jobs of the future were born here today.'
From: Emil Lazarian | Ararat NewsPress
March 28 2009
Lorain County Community College's Innovation Fund gives $125K to local
companies
Alicia Castelli | The Chronicle-Telegram
ELYRIA ' Lorain County Community College's Innovation Fund gave away
$375,000 Friday to six Northeast Ohio companies, two of which are
based in the Sheffield area and work with robotics and wind energy.
ADI Wind of Sheffield received $25,000 and Recognition Robotics of
Sheffield Lake received $100,000 to further develop their products.
Recognition Robotics had developed technology that, when placed in a
machine, mimics the human visual process.
In other words, it has developed a machine that `sees,' said Simon
Melikian, company president and chief executive officer.
`You can apply this almost anywhere,' he said, adding the company's
initial focus was for use in the automotive industry. `If you need a
certain part, the machine will see it and get it. The sky is limit
with this technology.'
Melikian said his company will use its money to develop uses in other
markets. He envisions `helper' machines in homes, more realistic and
interactive toys and military applications.
Melikian, a native of Armenia, was educated at Cleveland State
University and Case Western Reserve University and he's lived in the
area for 20 years. His company's technology has been in development
for six years.
`This means a lot,' he said of the award. `Especially with the economy
' for this group to put money where their mouth is. It's not just
validation of what we're doing, it's them believing in the technology
and potential growth.
`It's knowing someone believes in you and you're not alone.'
Kurt Lauer, co-owner and program manager at ADI Wind, said his company
has developed a patent-pending gearbox that fixes the problem of
bearing failure and gear-tooth loading in wind turbines.
`We plan to use the ($25,000) to develop a prototype to attract
investors and clients and customers,' Lauer said, adding his company
is only a few months old.
His company is a break-off company of Advanced Designs, a Sheffield
staple for around 50 years.
`We're very excited,' Lauer said of the award. `We knew we wouldn't be
able to further develop the product without help from people like the
Innovative Fund.'
The Innovative Fund is part of the Lorain County Community College
Foundation and is meant to assist technology entrepreneurs get their
businesses off the ground, LCCC President Roy Church said.
The fund has invested $1.8 million in 24 companies across Northeast
Ohio and created more than 35 jobs with an average salary of $45,000,
he said.
Church, along with Ohio Board of Regents Chancellor Eric Fingerhut,
stressed the importance of higher education in economic development.
`Ensuring Ohio's higher education system as not only a partner, but a
driver of Ohio's economic transformation is critical,' Church
said. `Economic development happens ¦ by attracting new companies,
nurturing existing companies and growing your own companies.
`The Innovative Fund focuses on growing our own companies ¦ Its
goal is to unearth promising technological development at its earliest
stage of development and help move the business toward the maturity
point to attract other investors.'
Fingerhut agreed that higher education is the key to turning our
economy around.
`You've seen the future of Ohio here today and that future is new
companies and talented entrepreneurs being supported by our great
institutions of higher education working in partnership with state
officials, state leaders and philanthropists,' Fingerhut said. `I'm
confident that jobs of the future were born here today.'
From: Emil Lazarian | Ararat NewsPress