CLEVELAND, Aug. 6, 2012 /PRNewswire/ -- Bizdom, a nonprofit program that mentors and funds aspiring entrepreneurs to launch and grow tech-based startup companies in the urban cores of Detroit and Cleveland, today announced it has established its Cleveland headquarters inside the 250 Huron building. Bizdom will occupy 7,000 sq. feet inside the five-story commercial office building located at 250 W. Huron Road and situated directly below The Ritz-Carlton, Cleveland hotel.
Bizdom is a three-month entrepreneurship accelerator that provides mentoring and invests up to $25,000 in seed funding in each tech-based startup in exchange for eight percent equity of the company. The program provides entrepreneurs with the mentoring and initial seed funding to build their product or service, market it to customers, and grow the business to a scale that merits further investments.
"Establishing our Cleveland headquarters at 250 Huron solidifies Bizdom as an anchor in the city's growing tech hub," said Ross Sanders, chief executive officer of Bizdom. "Much like our Detroit headquarters, we have designed a collaborative and dynamic space that fosters an atmosphere for our entrepreneurs to truly excel," he said. Since opening in 2011, Bizdom Cleveland has been temporarily housed at the Quicken Loans Web Center inside the M.K. Ferguson Building and at Quicken Loans Arena.
The initial wave of Bizdom Cleveland-born startups, encompassing industries such as technology, health care, and online retail, as well as future Bizdom businesses, will be housed in the new downtown headquarters. The building, which was acquired by Horseshoe Casino Cleveland developers Rock Ohio Caesars in December 2011, also houses administrative and training space for the casino, and serves as the headquarters for paperless ticket company Veritix.
"Bizdom is dedicated to creating waves of startups in the City of Cleveland," said Paul Allen, Bizdom Cleveland Leader. "In fact, we are looking for aspiring entrepreneurs to join our upcoming accelerator sessions right now."
Launched in 2007 by Dan Gilbert, Chairman of Rock Ventures and Quicken Loans, and Majority Owner of the Cleveland Cavaliers, Bizdom's mission is to create a thriving, entrepreneurial core of start-up businesses in the downtowns of Detroit and Cleveland. Bizdom provides entrepreneurs with real world experience from top business, sales and marketing, and technology experts associated with Rock Ventures' extensive family of companies and support from key investors and business mentors throughout the region.
To learn more or to apply for a future program, please visit www.bizdom.com.
Bizdom is a three month full-time entrepreneurship accelerator located in Detroit, Michigan and Cleveland, Ohio. Launched in January 2007 by Dan Gilbert, Rock Ventures and Quicken Loans Inc. Founder and Chairman, and Cleveland Cavaliers Majority Owner, the goal of the program is to create an entrepreneurial hub of tech-based start-ups in the cities of Detroit and Cleveland. Bizdom provides entrepreneurs with intense mentorship and guidance from top business, sales, marketing and technology experts, many of which come from Quicken Loans' extensive network and family of companies. Upon acceptance into the program, Bizdom invests up to $25,000, which provides entrepreneurs with the funding they need to build their product or service to a scale that merits further investment. At the end of the three months, entrepreneurs have an opportunity to pitch to investors for the necessary funding to take their business to the next level. Entrepreneurs also are provided with a collaborative, workspace while in the program. Bizdom, a non-profit, maintains a minority share of ownership in each business, using its share of the proceeds to fund future technology based start-ups in these cities. For more information, visit www.Bizdom.com.