CLEVELAND, OH, June 8, 2017–After receiving ninety-two submissions by the May 29th deadline, the Cleveland Chain Reaction project has selected twenty-five companies to pitch to the project’s investors. Slavic Village, an east side neighborhood in the city of Cleveland, has been selected as the host neighborhood for Cleveland Chain Reaction. “We exceeded the goals we set for the number of submissions – and the quality of what we received was very good” says Steve Millard, Executive Director of the Council of Smaller Enterprises (COSE). “Our review team had some difficult discussions narrowing the list and we believe the investors are going to be very happy with their choices.” The showcase will take place on Monday, June 12, 2017 from 12:00 noon – 6:00 p.m. at the Alex Theater located within the Metropolitan at the 9. Limited space is available to watch the Showcase. Interested attendees should contact Emily Klemenc at firstname.lastname@example.org. “Now the fun begins,” said Alan Glazen, owner of GlazenUrban and an avid micro-business investor in the City of Cleveland, “our goal is to work with the investors to narrow the Showcase businesses to just ten by the end of June and ultimately pick the five for investment shortly thereafter.”
Five local investors have committed to the project. These city advocates each have made available over $100,000 to invest in a local scale-up business. Collectively, the five new businesses that open during Chain Reaction will bring jobs and additional economic activity to the neighborhood. The five investors - Fred Geis, Andrew Jackson, Lillian Kuri (For the Cleveland Foundation), Justin Miller, and Claudia Young were responsible for choosing Slavic Village as the focus neighborhood for the project. The twenty-four Showcase participants represent a variety of industries serving both current and emerging markets with products and services that range from food to hard goods manufacturing and distribution. Each were selected for their potential growth and impact on jobs and investment in Slavic Village. The Showcase participants include (in alphabetical order):
Summit Selection Provision
About The Cleveland Chain Reaction Cleveland Chain Reaction is an economic development project that will match local investors with local entrepreneurs to open five new businesses in the city in 2017. The total economic boost to the neighborhood will likely exceed $1 Million. While inspired by Cleveland Hustles, The Cleveland Chain Reaction is an independent and unrelated effort with some of the same Clevelanders involved to support the continued economic development opportunity that Hustles sparked. Cleveland Neighborhood Progress is a local community development intermediary working to foster inclusive neighborhoods of choice and opportunity in Cleveland. COSE is a small business support organization providing Northeast Ohio business owners networking and educational events and programs, advocacy on legislative and regulatory issues and cost-effective group purchasing programs. GlazenUrban is a private community development company founded by Alan Glazen, who also served as an investor on Cleveland Hustles. It invests private funds in neighborhood commercial real estate, and in entrepreneurs proven ready to ramp up in those areas to create jobs, attract residents and visitors, and generate sustainable profitability. Cleveland Chain Reaction is also supported by the City of Cleveland, who is committed to enhancing the lives of its citizens by catalyzing investment, development and growth in the City’s neighborhoods, ensuring a vibrant economic future for our City. Learn more about Cleveland Chain Reaction at www.clevelandchainreaction.org.