Eleven Companies Begin New Cohort of Scalerator NEO this Week
The fourth cohort of the Scalerator NEO program began June 11, after a slight delay due to COVID-19. While the program launch was virtual, subsequent sessions planned for July through November will be held in-person at Akron’s Bounce Innovation Hub. Scalerator NEO is a six-month, cohort-based educational program for entrepreneurs and leaders who want to deliver immediate growth to their businesses and are open to learning new ways to achieve this goal.
Scalerator® was developed by Daniel Isenberg, founding director of the Babson College Entrepreneurship Ecosystem Project. Over 200 companies have participated in Scalerator to date, with previous cohorts taking place in Northeast Ohio, Milwaukee, Manizales (Colombia) and Rio de Janeiro (Brazil). The Scalerator curriculum, focused on the 3 Cs of growth – Customers, Capacity and Cash – has helped companies from diverse industries and sectors grow, with 75% increasing growth by 25% or more following the program. The target profile for Scalerator NEO is companies between $5 million and $15 million in sales and a desire to grow their businesses. Companies from all sectors were encouraged to apply, as a diverse cohort of companies has proven to provide the most fertile ground for a successful Scalerator experience.
Eleven companies from five Northeast Ohio counties are participating in the upcoming cohort of Scalerator NEO. The participating companies represent a cross-section of the region’s business communities, with a mix of manufacturers, service providers, construction, and tech, averaging roughly $8 million in sales and 33 full-time employees. Cohort members include:
- Carpenter Metal Solutions, Inc. - Alliance
- Custom Fabricators, Inc. - Cleveland
- First Choice Electrical Solutions - Alliance
- Moscarino Landscape + Design - Columbia Station
- OpinionRoute LLC - Cleveland
- Paragon Robotics LLC - Bedford Heights
- Pro-Techs Surfacing, LLC - Akron
- Seaway Bolt & Specials Co. - Columbia Station
- Sgt. Clean's Car Wash - Westlake
- Stainless Specialties - Eastlake
- Stanley M. Proctor Co. - Twinsburg
Scalerator NEO complements other services currently available to support established, growing enterprises in Northeast Ohio by offering highly motivated entrepreneurs an opportunity to learn practical skills with a small, select group of peers. The cohort learning environment has helped to stimulate new growth strategies and inspire entrepreneurs to aggressively grow their businesses. Many local economic development organizations and professionals have rallied behind Scalerator NEO and taken an active part in identifying participants for the program.
Previous Scalerator participants enthusiastically reflect on the impact Scalerator has had on their growth since completing the program. Rich Gent, Co-owner of Gent Machine said, “The Scalerator program has been huge for us, we learned so much in the last six months. It’s helped us change our culture, helped us hire the right people, and helped us increase our sales.”
Julie Brandle, President/Founder of Metis Construction reported her company experienced revenue growth and hired six new employees after completing the Scalerator program. And Simon Melikian, President & CEO of Recognition Robotics, shared that his company has experienced a 15-20% increase in revenue. He and his team learned critical aspects of how to really run the business as a business and recommends Scalerator for every business that wants to grow.
Scalerator NEO is supported by Burton D. Morgan Foundation and the Fasenmyer Fund, established at Morgan Foundation by the former Richard J. Fasenmyer Foundation, a collaboration committed to supporting entrepreneurship and free enterprise in Northeast Ohio through targeted educational opportunities. EDGE, a non-profit economic development organization focused on innovation and entrepreneurship in Northeast Ohio, serves as the administrator of the program. Funds from Morgan Foundation and Fasenmyer Fund cover the costs associated with Scalerator NEO, and there are no fees charged to participating companies.
For more information on how to apply for the next Scalerator NEO cohort, please visit ScaleratorNEO.org or contact Brittany Bush at Brittany@edgef.org.