[M]IC's FAQs

+ WHAT’S THE DIFFERENCE BETWEEN THE MAGNET INCUBATION CENTER AND OTHER PROGRAMS OUT THERE?

While the Northeast Ohio economic development system is filled with great organizations who offer outstanding programs and assistance to startup businesses, the MIC is unique for several reasons:

  1. Our goal is not to get you to spend money with MAGNET over the months and years to come. Instead, we want you to find the answers to the critical assumptions about your product, market, and team necessary for you to succeed in business as quickly and cheaply as possible. We’re in this for the success of your business, so if we aren’t the right fit or your business isn’t ready for our services, we’ll be the first to tell you that.
  2. Our three-month memberships are designed with the utmost flexibility in mind. Everything is tailored to where you are in your company’s development, and we can work with you all the way from the beginning.
  3. Our application process ensures that we understand your business and goals moving forward, as we want to stay focused on helping the region’s most promising product-focused startups. We’ve made sure that our staff is ready and available to help, and if we don’t have the expertise you need on staff, we’ll go out and find it for you using our extensive network.

+ WHY IS MAGNET UNIQUELY POSITIONED TO HELP ME?

MAGNET has over 30 years of experience supporting small manufacturers and entrepreneurs. We have a workshop on-site dedicated to actual client projects filled with tools from traditional lathes to CNC machines, but also including new technologies like laser scanning and 3D printing. Our engineers and Growth Advisors have many years of experience helping to bring product ideas to the market; they can walk you through every aspect of your business, from improving your prototype to preparing for manufacturing.

+ WHY SHOULD I JOIN? WHAT’S IN IT FOR MY STARTUP BUSINESS?

If we are the right fit and your membership application is accepted, we are confident that the $400/month membership fee will accelerate your business growth. Not only do you have access to our experienced incubation team throughout the month, but we also help you maximize your four hours per month with the rest of the MAGNET team for maximum impact; it might be meetings with our sales and marketing team one month and meeting with our engineering team the next. As a nonprofit, our main goal is your company’s success, and our fees are far below what these services actually cost.

+ DO YOU HAVE ANY SUCCESS STORIES FOR STARTUPS THAT MAGNET HAS HELPED?

We do! Check out the stories of exciting startups that we’ve helped, like: • Boxcast • Cleveland Whiskey • Vadxx Energy

+ I WOULD LIKE TO JOIN, BUT I DON’T HAVE THE MONEY. DO YOU HAVE ANY SCHOLARSHIPS?

Contact us anyway! We want to know about your idea, and many of our basic services are free. We can also connect you to other free services in the Northeast Ohio Startup Network. We do have limited scholarships available based on various factors. Don’t let money be the barrier to your success – contact us today!