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October 31, 2016 02:00 AM

Magnet announces winners of pitch competition

Rachel Abbey McCafferty,
Crain's Cleveland Business
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    CLEVELAND—The Cleveland-based Manufacturing Advocacy and Growth Network has named nine winners in its first [M]SPIRE pitch competition.

    The winning entries were announced Wednesday, Oct. 19, at Crain's [M]Power event, which was co-presented by Magnet and the Cleveland Engineering Society.

    The online competition, which opened in August, was aimed at entrepreneurs of all kinds. A news release from Magnet stated the competition received more than 70 submissions, which were judged on factors including "growth potential" and "existing business plans." The winners plan to create a variety of products, from no-stick bandages to spice blends.

    In the release, Magnet said the organization and its partners will offer the winners various types of assistance, including grant funding, product development, manufacturing assistance, market research and consulting services. Magnet estimated the winners will receive more than $60,000 in cash, services, and connections, but the release did not break down what each would receive.

    A Magnet spokesman said in an email that the final agreements with the winners are tailored to their needs and under non-disclosure agreements. All of the winners were offered six months of free office space at Magnet.

    The winners and the following descriptions are drawn from Magnet's news release:

    • RVS Rubber Solutions, a startup that's working to recycle rubber from industrial environments;

    • PolyLux L.L.C., a spinoff company from University of Akron creating a no-stick bandage;

    • DesignFlux Technologies, an Akron company making a product called Cognicell that does away with the need for power inverters;

    • Parihug, a group that got its start at Case Western Reserve University and aims to make electronically connected teddy bears;

    • FoodBuggy, small mobile units for chefs and food service provider;

    • Fire Spice Co., a maker of spice blends from Cleveland chef Doug Katz;

    • Studio Stick, a product from a Cleveland State University student that essentially turns smartphones into portable recording studios; and

    • Yeu Patch, a Cleveland company making a way to temporarily patch potholes

    • Terves, a Euclid manufacturer making new technology to improve how magnesium products are made.

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