C25 - The MAGNET Incubator
Q.1
What did Mr. Crain say is the purpose of an Incubator like the one he runs at MAGNET?
It helps people brainstorm to come up with potential ideas for starting a new business.
Its principal role is to find venture capital financing for new business startups.
It helps hatch people’s business ideas to get them to the point where they can sell their product in the marketplace and hopefully make money.
It provides marketing support services for new businesses that are being started up.
Q.2
How did Mr. Crain say that the MAGNET Incubator helps startup companies grow?
It provides management guidance and helps them develop their management team.
It connects startups to needed programs and services, in MAGNET’s case it provides advanced engineering and manufacturing assistance.
It provides physical space and resources.
All of the above.
Q.3
Mr. Crain outlined five sequential steps that the State of Ohio has identified as being part of an Innovation Continuum. What were those five steps that he mentioned?
Ideation, Intellectual Property Protection, Business Plan Development, Marketing and Sales.
Imagining, Incubating, Demonstrating, Market Entry and Growth & Sustainability.
Research, Idea Creation, Business Plan Development, Venture Capital Funding and Exit Strategy
Idea Development, Business Plan Development, Funding, Marketing and Exit Stratgegy.
Q.4
Mr. Crain also talked about a special start up facility called “the beta space” for student entrepreneurs. What did Mr. Crain say “the beta space” included?
A large co-working space where student entrepreneurs can work.
Access to a number of legal, marketing, finance and other professionals who will give student entrepreneurs some initial free advice and guidance.
It is free to budding student entrepreneurs.
All of the above.
Q.5
One of the new products developed in Northeast Ohio and already being commercialized is the “Boogie Board”. What is a boogie board?
Startup businesses with the potential to be $10-30 million companies in 3-5 years.
Startup businesses with the potential to be $100 million companies in 2-3 years.
Established businesses that have the potential to grow to $100 million companies in 2 years or less.
Established businesses that currently have sales of at least $50 million.