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Akron, Ohio

Akron Global Business Accelerator Launches New Software Acceleration Program

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Grand Opening, March 24, 2015

City of Akron Press Release
From the desk of stephanie york
Published: 03-23-2015

Akron-based The Bit Factory offers a customized, six-month program in a newly renovated, dynamic workspace

            Akron, Ohio (March 23, 2015) - The Akron Global Business Accelerator, an initiative of the City of Akron, will be celebrating the grand opening of its newest program, The Bit Factory, Tuesday March, 24 at 3 p.m. The event will take place in The Bit Factory, 526 South Main Street, fifth floor, in Akron. 

 

            The Bit Factory is a six-month program that works with software entrepreneurs to bring their apps to market through customized programs, milestone development and mentoring. Clients will work in a custom-fabricated space, designed by Akron native Dominic Falcione, which encourages collaboration and innovation.

 

            The program received initial funding in spring 2014 from The Burton D. Morgan Foundation ($150,000) to create the The Bit Factory space. Additional funding was awarded by the Ohio Third Frontier ($250,000) for investment into client companies for 2015-16. Two client companies, Plumpom and InCheck Services have already joined the program and will be moving soon into the newly renovated space.

 

            “There are thousands of software engineers throughout Northeast Ohio that are developing apps for businesses and consumers,” said Deborah Hoover, president and CEO of The Burton D. Morgan Foundation “These engineers can write groundbreaking apps, but often need programs like The Bit Factory to help them build the business.”

 

            According to Dr. Anthony Margida, CEO of the Akron Global Business Accelerator and president of the Bit Factory, the mentoring process sets the Bit Factory apart from other programs. Each client is assigned a team of mentors who are accessible daily to them throughout the program. All mentors are specially selected and are successful software entrepreneurs themselves.

 

            “The Bit Factory focuses on actionable mentoring, which means our clients are paired with mentors that not only know the technical aspects of software development, but are highly experienced in business development and investment too,” Margida said.

 

            The Bit Factory offers competitive rolling admission so clients can apply and join when they are ready, instead of being required to join a class on a certain date. This approach to admissions will provide more opportunities for early-stage companies to enter the program throughout the year. Interested participants can learn more and apply at www.thebitfactory.com

 

 

            “Being a software entrepreneur is tough,” said Chris Bolinger, a Bit Factory mentor. “You need a great idea, guts and passion. But you also need a strong business plan and guidance on how to execute on that plan. If you’re a client of The Bit Factory, then The Bit Factory becomes part of your team. We work with you to turn your product idea into a viable business. It’s not just mentoring. It’s teamwork.”

 

            “The Bit Factory is the impetus to the development of the Bits and Atoms Center, which is expected to open sometime next year,” noted Mayor Don Plusquellic.  “The Center will include a state-of-the-art maker facility – the latest technology so that individuals can become a member, pay a modest fee, and use state of the art CAD equipment to design products that they can then prototype on a 3-D printer. In the past, this process would not only take months or years… but also require a big investment and mold-makers, casters, extruders and others to produce a single prototype. At the Bits and Atoms Center, one person, working on their own conceivably—could do it all on their own.”

 

            Founded in 1983 as an initiative of the City of Akron, the Akron Global Business Accelerator provides entrepreneurial support to technology-based start-ups in diverse fields, including: biomedical, energy, advanced materials, IT, instruments, controls and electronics. The Accelerator has been nationally recognized for its innovation, having assisted client companies in securing $81 million in investment, generating 639 new high-paying jobs, $181 million in sales, and $104.5 million in payroll since 2008.

 

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For further information, contact:
stephanie york
communications director
Phone: 330-375-2345
E-mail: [email protected]

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