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Unedited Blog Post:  When you think of an emerging entrepreneurial ecosystem, you probably think of Austin or Boulder, not a moderately sized city deep in the heart of the midwest. However, Cincinnati is positioning itself as an entrepreneurial ecosystem. The Fortunate 500 companies that call Cincinnati home, such as Kroger, P&G and Macy's, are investing in local resources through Cintrifuse, which encourages ecosystem development. The increase in resources and capital in Cincinnati's ecosystem points to the positive trajectory of the system, but many areas of the ecosystem lack sufficient resources. History of Entrepreneurship Local and state governments have historically helped ignite the Cincinnati ecosystem. Individual grant programs provide the Cincinnati Children's Hospital Medical Center, University of Cincinnati and the Cincinnati Regional Chamber with funding for high-tech projects. Until recently, the Fortune 500 companies have been largely nonexistent in the ecosystem. Accelerators in Cincinnati The past few years have seen an emergence in entrepreneurial resources available for Cincinnati. Accelerators now span the tristate area of Ohio, Kentucky and Indiana. Less than ten years ago, you would have been pressed to find one accelerator in the region. The Brandery, located in Cincinnati and founded in 2010, was inspired by successful accelerators such as Austin's Capital Factory and Boulder's TechStars. The Brandery offers a three-month program for seed-stage companies that utilizes the already existing strengths of Cincinnati: branding, marketing and design. Companies receive $50,000 in seed funding, office space, branding identity, legal support and more in return for 6% equity stake in the startup. The Brandery has a portfolio of twenty-nine startups. Notably, the Brandery accelerated FlightCar, "a marketplace that allows owners flying out of an airport to rent out their cars to arriving travelers" that was acquired by Mercedes Benz and Skip, "a mobile checkout solution that allows you to scan items as you go through the store and skip the checkout line." The Brandery has been ranked a top-ten U.S. accelerator.

History Xavier University offers a business program aimed to boost the Greater Cincinnati economy. Called X-LAB (short for Xavier Launch a Business), the seven-year old competition provides entrepreneurs (including students) opportunities to launch a business. The Williams College of EntrepreneurshipBusiness supports the winners by providing the business expertise of its professors, executive mentors and MBA students. Cincinnati’s Venture Capital Woes Despite these resources, the ecosystem is not prCincinnatiFirstRoundoducing enough successful start-ups to be considered a stable ecosystem. It’s generally held that a solid ecosystem closes around thirty to thirty-five deals a year. Cincinnati falls far below this. While the number of Cincinnati first rounds has been increasing, it appears that ecosystem is leveling out only an average of five first rounds per year.

The local and state governments have been largest barrier to Cincinnati’s emergence as an entrepreneurial ecosystem is the ignitors for absence of venture capital entering the Cincinnati ecosystemsystem. Grant programs have historically provided the Cincinnati Children’s Hospital Medical CenterDespite an increase in first rounds, University CincinnatiVC current VC levels are not indicative of a successful ecosystem. Cincinnati, and VC peaked in 2002 at $343 million. The closest the ecosystem came to meeting 2002 VC levels was $235 million in 2014. The average VC entering the Cincinnati Regional Chamber with funding for high tech projectssystem is $139 million per year. Companies such as KrogerCompared to VC levels of emerging ecosystems like Austin or Denver, P&G Cincinnati’s VC is weak and Macy’s have long called Cincinnati home but have been largely nonexistent in the not supportive of an ecosystem.

Resources Cincinnati does have stable seed-stage investors, which bodes well for the future of the ecosystem. CincyTech, a public-private seed-stage investor, was the first effort by the local Cincinnati government to establish an entrepreneurial ecosystem. Established in Cincinnati
2001, CincyTech’s mission has been to strengthen the regional economy through the creation and expansion of technology companies in Southwest Ohio. CincyTech is investing out of its fourth and largest fund, a $30.75 million seed-stage fund bigger than its first three funds combined. Queen City Angels is the region’s longest running angel group and is currently investing out of its largest fund of $10 million.

The past few years have seen StartupCincy is self described as "the driving force behind [Cincinnati's] new economy...a remarkable increase in resources available for Cincinnatirallying cry. Accelerators now span the tristate " In addition to maintaining an exhaustive list of Ohioupcoming network, Kentuckyeducation, accelerator and Indiana. The Branderydeveloper events in the city, located in Cincinnati Startup Cincy connects venture capitalists and founded in 2010, was inspired angel investors to startups. StartupCincy is credited by the success Cincinnati Business Courier as "one of accelerators such as Capital Factory and TechStars. The Brandery offers a three-month program for seed stage companies that utilizes the already existing strengths most influential groups leading the renaissance of Cincinnati; branding, marketing, and design. Companies receive $50,000 in seed funding in return for 6% equity stake in the 's startup, office space, branding identity, legal support and more. The Brandery has been ranked a top ten accelerator in the nationcommunity. "


Seed stage investors such as CincyTech and Queen City Angels provide the One of Cincinnati’s most unique elements of its ecosystem is Cintrifuse. Established in 2011 with capital. CincyTech’s mission is to strengthen the regional goal of creating a sustainable technology driven economy through for the creation Cincinnati metropolitan area, Centrifuse manages a fund of funds. This fund of funds gives corporate investors access to over four hundred startups and expansion creates a network of technology companies venture capital funds that invest in Southwest OhioCincinnati startups. CincyTech is investing out of its fourth Centrifuse works with both investors and largest fundstartups to make lasting connections, a $30pairing startups with potential customers and corporations with startups that need mentorship.75 million seed stage fund bigger than its first three funds combined. Queen City Angels is In addition, Centrifuse offers co-working space in Over-the region’s longest running angel group -Rhine and is currently investing out of its largest fund of $10 millionentrepreneur focused educational programs.

CincyTech garnered considerable national attention after providing LisnrBig companies like Kroger, a company that has invented an ultrasonic technology for transmitting data through soundUSBank, with Stage A capital. Lisnr came to fruition aboard the 2012 StartupBus, a competition where participants launch a company Greater Cincinnati Foundation and Duke Energy invest in 72 hours Centrifuse because they depend on a bus headed Cintrifuse’s help to Austin, Texas source innovation for their businesses and grow the South by Southwest Festivalregion’s startup ecosystem. Since Lisnr came to fruitionIn turn, they have since received $10 million Cintrifuse invests in Series B funding from Intel Capital and garnered accolades from CNBC’s Disruptor 50 list, Cannes Lions International Festival for CreativityVC firms such as Allos Ventures, Mercury Fund and Fast Company’s Innovation by Design AwardsSigma Prime Ventures.

Not to be overlooked, Queen City Angels provided the initial stage funding for Assurex Health. Now ten years old, Assurex grew out of research at Cincinnati Children’s Hospital Medical Center Cintrifuse also provides co-working space and the Mayo Clinic. Its singular product is the GeneSight Test, which analyzes twelve genes that influence mental health and psychoactive drugs that treat a spectrum of mental-health disorders. Myriad Genetics purchased Assurex Health in April for $225 million with another $185 million to come when performance-met stipulations are met. 

StartupCincy, a public-private partnership that provides seed stage funding for Cincinnati startups, maintains an exhaustive list of upcoming network, entrepreneur education, accelerator and developer event in the city. It’s beloved by Cincinnati accelerators, seed stage investors, and entrepreneurs in the city. 


One of Cincinnati’s most unique elements of its ecosystem is Cintrifuse. Established in 2012 with a goal to create a sustainable technology driven economy for the Cincinnati metropolitan area, Centrifuse manages a fund of funds. This fund of funds gives corporate investors access to over four-hundred startups and creates a network of venture capital funds that invest in Cincinnati startups. Centrifuse pairs start-ups with potential customers and corporations to start-ups. Big companies like Kroger, USBank, the Greater Cincinnati Foundation and Duke Energy invest in Centrifuse because they depend on Cintrifuse’s help to source innovation for their businesses and grow the region’s startup ecosystem. In turn, Cintrifuse invests in VC firms such as Allos Ventures, Mercury Fund, and Sigma Prime Ventures. Cintrifuse also provides co-working space and entrepreneur education. 
Over-the-Rhine, a neighborhood of Cincinnati , is now home to Centrifuse, CincyTech, and the Brandery. Coordination of the ecosystem creates cohesiveness. The companies going through the Brandery are only feet away from CincyTech’s capital, which provides unique collaboration opportunities.

Venture CincyTech garnered considerable national attention after providing Lisnr, a company that has invented an ultrasonic technology for transmitting data through sound, with Stage A capital. Lisnr came to fruition aboard the 2012 StartupBus, a competition where participants launch a company in 72 hours on a bus headed to Austin for the South by Southwest Festival. Since Lisnr's establishment, they have received $10 million in Series B funding from Intel Capitaland garnered accolades from CNBC’s Disruptor 50 list, Cannes Lions International Festival for Creativity and Fast Company’s Innovation by Design Awards.

No data—most recent VC data Not to be overlooked, Queen City Angels provided the initial stage funding for Assurex Health. Now ten years old, Assurex grew out of research at Cincinnati Children’s Hospital Medical Center and the Mayo Clinic. Its singular product is from 2014 the GeneSight Test, which analyzes twelve genes that influence mental health and has psychoactive drugs that treat a threespectrum of mental-year rolling average of health disorders. Myriad Genetics purchased Assurex Health in April 2016 for $55 225 million. Falls far behind Austin, who is the leader with a threeanother $185 million to come when performance-year rolling average of $1.33 billionmet stipulations are met. 



Compared to Austin’s average number of 29.3 patents per 10,000 employees, Cincinnati has an average of 5.8. However, Cincinnati only sits behind Austin, Raleigh, Minneapolis and Detroit in average number of patents. According to _____, The University of Cincinnati has more invention disclosures per research dollar than MIT, but fewer patents due to the lack of resources According to ____, the University of Cincinnati has more invention disclosures per research dollar than MIT, but fewer patents due to lack of resources. 

It’s generally held that a stable ecosystem closes around thirty to thirty-five deals a year. Cincinnati falls far below this. For an ecosystem that really only started in 2010 with the establishment of the Brandery, Cincinnati is beginning to establish some of the resources it will need in order to emerge as an entrepreneurial ecosystem. However, VC and the number of first rounds need to increase in order to make Cincinnati an attractive ecosystem for startups and investors.