C16 - Braintree Business Development Center

Q.1

In explaining why entrepreneurs need the support of organizations like Braintree and others in the Northeast Ohio ecosystem, which of the following statistics did Mr. Leach cite?

Most new startup companies fail during the first two to four years
The failure rate for startup restaurants is about 80%
The failure rate for startup retail stores is about 70%
All of the above

Q.2

Mr. Leach stated that in his view entrepreneurs generally need three things to be able to succeed: 1) Be expert in their field and have an idea, 2) Have good business sense and make good business decisions, and 3) Keep their finances together and secure needed money. Within that context, what did he say was their (Braintree’s) role?

Braintree’s role is limited to finding funding for prospective entrepreneurs.
As very few firixst time entrepreneurs have all three things needed to succeed, Braintree’s role is to help people find out what it is that they need (that they are missing) for them to become successful.
Braintree role is limited to providing a physical space for prospective entrepreneurs to work.
Braintree’s role is that of a clearing house to refer prospective entrepreneurs to other incubators to work with.

Q.3

Mr. Leach talked about the State of Ohio’s Thomas Edison program that provides state funding support for a network of six Edison Centers (dedicated to specific industries) and eleven Edison Incubators (of which Braintree is one of six in Northeast Ohio). How many states did he say have a funded network like Ohio’s?

Ohio is one of only five states that have a similar program.
Almost every state has a state funded program similar to Ohio’s Edison network.
Two thirds of all US states have a similar program to Ohio’s.
No other state provides funding for a program like Ohio’s.

Q.4

In addition to helping link up prospective entrepreneurs with venture capital, angel investors and banks, Braintree runs the “Appleseed Microfinance Program” that prospective Northeast Ohio startup businesses can apply for. What does this microfinance program involve?

Braintree directly makes small loans of $1,000 - $35,000 to qualified startup businesses that may not be able to obtain financing from banks or other sources.
The program exclusively offers loans of up to $1,000 to students who want to start home businesses.
The program offers loans to farmers that wish to plant apple orchards in Northeast Ohio.
The program works with two area banks that provide very small loans to business startups.

Q.5

Mr. Leach noted that the State of Ohio, through its Third Frontier Program provided funding to establish six regional entrepreneurial organizations in Ohio. What is the name of the Northeast Ohio organization that was established?

The Northeast Ohio Regional Chamber of Commerce
JumpStart
The Council on Smaller Enterprise (COSE)
The Northeast Ohio Entrepreneurship Coalition