Mike Belsito and Bryan Chaikin sprouted a business idea after a death in Belsito's family. Both were working at Findaway World, a digital products company, when Belsito's cousin died and he went through the arduous process of planning a funeral.
The two started talking about how difficult it is to find the right funeral home in a time of crisis... and an idea was formed. They started FunerAlly, an online resource for selecting the right funeral home.
"It's nearly impossible to understand each funeral home in the area and what they had to offer and the prices," says Belsito of the wide selection. "When you talk about the importance of finding the right funeral home, you just pick a home and hope for the best. There really aren't a whole lot of options in choosing one."
It was all talk until the two heard about Ohio State University Fisher College of Business' 10-Xelerator, an 11-week boot camp for 10 start-up companies to launch and succeed in their business ventures. "Bryan and I submitted the idea to the 10X program and we were accepted as finalists," says Belsito. "That was the impetus for us to really step out fulltime and launch a business. We're really motivated to make this work."
Through 10X, FunerAlly is getting the guidance it needs to successfully launch. Belsito and Chaikin are spending their summer in Columbus, getting advice and lessons from advisors and mentors.
"10X opened the door to so many individuals we wouldn't have access to otherwise," Belsito says. "Entrepreneurship has always been a passion of mine and definitely our intent is to created jobs in Northeast Ohio."
Source: Mike Belsito
Writer: Karin Connelly
Local entrepreneur and Cleveland State University alumnus, Monte Ahuja, has donated $10 million to his alma mater to fund scholarships and an endowed professorship in business. The announcement was made during a special celebration on June 24 in the university's student center, marking the largest gift in the university's 47-year history.
The founder of Transtar Industries, a $600 million a year global leader in transmission replacement parts, Ahuja got his start at CSU in the 1970s with his business plan for a marketing class. He got an A for the plan that launched his career. He's been an active alumnus ever since, serving as chairman of the board of trustees from 1992 to 1998.
"Monte Ahuja has been a strong supporter of the school for a long time," says spokesperson Joe Mosbrook. "In support of CSU president Ronald M. Berkman's transformation plan, it seemed a good time to step up with this gift."
The majority of the money will be earmarked for scholarships in business, with a portion dedicated for scholarships in engineering. The gift will also fund an endowed professorship in business, the Monte Ahuja Endowed Chair of Global Business.
"The endowed chair will allow Cleveland State to bring in heavy hitters in global business," says Mosbrook. "The business school has a particular focus on global business, more so than any other school in the area."
Before the event, the board of trustees unanimously voted to re-name the college of business the Monte Ahuja College of Business.
Source: Joe Mosbrook
Writer: Karin Connelly
Recent CWRU mechanical engineering graduates Austin Schmidt and Solomon Alkhasov won the 2011 Idea Competition, sponsored by LaunchHouse and CSU's Accelerated MBA program at Nance College of Business. They created a company called Affinity Algorithms, which develops proprietary computer arbitrage software to facilitate transactions between buyers and sellers in various online marketplaces. The software provides greater liquidity and price transparency in the marketplaces.
"We are developing a suite of online software that helps the seller in fragmented marketplaces better manage inventory," explains Schmidt. Although Schmidt and Alkhasov came up with the idea from their experiences buying and selling textbooks in college, they say it can be applied to many online marketplaces.
The idea for Affinity Algorithms came about in January, they set up shop in March, and landed at LaunchHouse this month. They plan to roll out a full build of the software in September.
Students from all Northeast Ohio colleges and universities were invited to pitch a business concept to a panel of entrepreneurs, venture capitalists, CSU faculty and LaunchHouse staff. The contest primarily focused on students who had innovative ideas in the fields of software and internet technology, low-tech medical devices and clean energy.
The second winner is Ronny Shalev, also a student at Case. Shalev created a product known as an autonomous intravenous (IV) insertion tool that will be the most effective replacement for the current procedure of manual vein localization and needle insertion. Shalev's tool will completely replace the need for trained medical staff.
Contest winners were each awarded a $2,500 scholarship to the Global AMBA program along with a prize basket of support services from LaunchHouse, "Additionally, we received a $500 check from LaunchHouse, along with a bunch of services that include legal services, accounting, and free space for three months," says Schmidt. "All in all, a very comprehensive package with everything needed to get a business off the ground."
The winners will also have the opportunity to compete for up to $5000 in follow on funding.
Source: Austin Schmidt
Writer: Karin Connelly