The Cintrifuse Annual Meeting featured conversations on our region’s opportunity to win with focus, the transformative power of AI, and the importance of diverse and local startup investment.
We were thrilled to welcome over 300 in-Person attendees representing startups, large enterprises, city leaders, venture capitalists, universities and ecosystem partners. Out-of-state partners traveled from California, New York City, Texas, Washington, Washington D.C., the UK and more. Diverse speakers ranging from top city officials and Fortune 500 CEOs to startup founders and academic leaders and a surprise appearance of OTR neighbor FC Cincinnati’s “Supporters’ Shield” at energized the audience at the start of meeting.
Cintrifuse Board Chair Remarks: Homegrown Hustle
We do not have the resources of the coasts or the glitz, but we can rally together like nobody's business. Nobody can rally together like we can. And when we need to get something done, we can make it happen.
Cintrifuse Board Chair Guy Persaud’s address at the Cintrifuse Annual Meeting was firmly grounded in the compelling reality of Cincinnati’s burgeoning innovation ecosystem and his message was clear: Cincinnati possesses the essential talent, attracts significant investments, and fosters an entrepreneurial-centric environment, dispelling the outdated myth that only coastal cities can be true innovation centers. Persaud opened by sharing the incredible entrepreneurial spirit of his mother, which started with a borrowed loan for a car and led her to become a successful real estate agent, an anecdote that underlined the idea of “homegrown hustle” that resonates within Cincinnati’s vibrant startup community.
He stressed that local corporations need not look any further than Cincinnati for their innovation needs. With over 300 startups, like Innovation Girls, 80 Acres and 30+ new Cintrifuse members, the city’s impressive startup landscape and collaborative spirit create a fertile ground for ongoing partnerships between large corporations and startups. This synergy not only fuels innovation but also plays a pivotal role in attracting and retaining the top-tier talent necessary to drive Cincinnati’s entrepreneurial growth. Persaud also announced the launch of Cintrifuse Capital’s third fund, with a bolder more locally focused strategy, showing the commitment to supporting the local community.
He encouraged the audience to get involved by mentoring local entrepreneurs, sourcing projects from local companies, and providing job opportunities for local graduates.
Finally, Persaud underlined the city’s genuine potential and its homegrown hustle, demonstrating that Cincinnati is well on its way to becoming a leading innovation hub, challenging the preconceived notions about where innovation truly thrives.
CEO Business Update: Inspiring Innovation
Our region has a long heritage of trust. Responsible AI is a right to win space for us... Let's seize the moment and harness the potential of AI, enhancing trust, and driving innovation in our community.
Pete Blackshaw discussed the remarkable growth of the Cincinnati startup ecosystem and the collaborative efforts across the region to support entrepreneurs through innovative initiatives such as the StartupCincy Resource Compass, Knowledge Hub, Ecosystem Passport, the NUCLA startup data tracking system, and a wide array of new Cintrifuse member services.
Blackshaw also celebrated the fruitful connections forged between large corporations and startups, notably through initiatives like the Rethink Hack-a-thons and Circularity Roundtables, fostering a dynamic synergy that drives innovation and growth. He proudly announced the launch of Cintrifuse Capital’s third fund, featuring a featuring a bolder more locally focused strategy, further demonstrating the organization’s commitment to the community.
Highlighting Cincinnati’s genuine potential and its spirit of “homegrown hustle,” Blackshaw shared insights on Cintrifuse’s strategic priorities. These encompass driving local startup growth, attracting increased capital and talent to the region, and enhancing the value of both startup and big company projects. Blackshaw also underlined the significance of responsible AI and trust as the region’s core strengths, encouraging the community to seize the moment.
In conclusion, Blackshaw compared the indomitable spirit of Cincinnati’s startup ecosystem to that of the city’s sports teams, characterized by its “homegrown hustle.” His call to action was a poignant reminder to embrace this spirit and collectively unlock the region’s immense potential.
Cintrifuse Fund Review: Looking Local
"It's very clear that we need to support our ecosystem locally. That's what we're going to be working towards. At the end of the day, we need to create more companies locally.
J.B. Kropp, the new Managing Director of Cintrifuse Capital, expressed his enthusiasm for leading Fund III and outlined the fund’s vision. He underlined the fund’s objective to establish Cincinnati as a leading destination for tech startups and emphasized the importance of nurturing and funding local startups. In light of this vision, Cintrifuse Capital is embracing a more assertive and community-focused strategy with a firm focus on three primary pillars: fund-to-funds, direct investments, and venture creation.
Acknowledging the challenges of capital raising in the region, Kropp reiterated that the fund was poised to bridge these gaps by actively supporting startups in a diverse array of sectors.
This support extends to climate tech, FinTech, healthcare, sustainability, and AI-driven startups, aligning with the region’s strengths and opportunities. Cintrifuse Capital’s comprehensive approach spans facilitating deal flow, fostering new venture creation, and collaborating with ecosystem partners to build a strong pipeline of startups.
Moreover, Cintrifuse Capital is prepared to offer crucial seed funding and growth capital to startups at pivotal stages of their development. This will not only help the startups but also elevate Cincinnati’s profile as a hub for innovation and entrepreneurship in a highly competitive tech landscape.
Five Year Strategic Panel Discussion: The Way Forward
Our goal is two things. It's to declare war on friction. We need to help you get there smarter, faster, and better. And the second is one team. Right? From a founder's perspective, you just need what you need and we need to do a better job of meeting you in your moment.
The panel discussion, featuring Jeremy Vaughan of EY Cincinnati, Maddie Bell of Scheduler AI, Stephanie Hogue of Mobile I.T., Ryan Hays of UC, and David Cannady from Bon Secours Mercy Health, highlighted key points about the importance of supporting startups for talent and investment in Cincinnati:
- Front Door to the Ecosystem: Cintrifuse aims to be a central entry point for Cincinnati’s startup ecosystem, facilitating access to resources for a diverse range of startups.
- Supporting Members: Cintrifuse is addressing the needs of its members, by providing them with vital resources such as capital, customers, and talent and scaling and growing startup services. Additionally, Cintrifuse provides critical access to large companies, creating opportunity for pilots.
- Encouraging Collaboration: The focus is on encouraging, not enforcing, collaboration within the entrepreneurial community, fostering a sense of unity.
- Diverse Capital Sources: Diversifying funding sources is essential for attracting talent and investment. Startups need capital from a variety of channels.
- Building Talent: Regional universities are dedicated to supplying talent and resources to startups, making it easier for them to find and utilize these resources, thereby attracting and retaining talent in Cincinnati.
- Tech Transfer and IP: Academic institutions are keen to collaborate with startups, offering access to intellectual property (IP) and supporting technology transfer initiatives to drive innovation.
- Value of Large Companies: Large organizations like Bon Secours Mercy Health are crucial for fostering innovation and entrepreneurship. They have the potential to acquire and nurturel startups, contributing to the growth of Cincinnati’s entrepreneurial ecosystem.
Winning with Focus
Startups are hard, and at the end of the day, your success is a decision. There are no unsolvable problems out there. There's just teams that give up too soon, or are not looking for the right resources. If you can just focus on the problem, you will solve it. And teams that are committed to that, always find answers.
During the Winning With Focus panel discussion, the conversation revolved around the idea that Cincinnati could become a national leader in various sectors, including Fintech, Sustainability, Diverse Founders, and potentially even Responsible AI. Melissa Stevens, Fifth Third’s EVP and CMO, highlighted the importance of improving security and protection in financial services. She also discussed how the unique culture of Cincinnati could support the growth of the FinTech ecosystem.
Candice Matthews, CEO of Lightship Foundation and co-founder of Lightship Capital, emphasized the need for collaboration to address the challenges faced by women and minorities in the tech industry. She pointed out the historic power of Cincinnati in branding, highlighting several case studies of how a rebrand can turn a good idea into a multi-million dollar company.
Ashish Chatterjee, a Cintrifuse Executive in Residence, discussed the role of Cincinnati in developing sustainable supply chains and shared his belief in the region’s “green edge.” He highlighted the importance of recycling and the Rethink initiative in partnership with the city, and how companies could collaborate to make recycling more efficient and valuable.
Mike Zelkind from 80 Acres addressed the challenges facing startups and shared insights on building successful companies. He stressed the need for startups to be prepared for challenges and setbacks, emphasizing that persistence and commitment are key to achieving success.
Overall, the panel highlighted the potential of Cincinnati’s innovation ecosystem in various sectors, including FinTech, sustainability, and responsible AI. The importance of collaboration, diversity, and talent attraction was also emphasized as crucial factors in driving innovation and entrepreneurship in the region.
Cintrifuse in Action Case Study: Rethinking Innovation
Through the Rethink Hack-a-thons, we were able to showcase our beautiful city in hopes to recruit these companies to come move here, to grow their companies here and be part of startups and see a community that is really proud that Cincinnati is leading the way in this.
Liz Keating, a member of Cincinnati City Council, outlined the innovative strides Cincinnati has made, highlighting the Rethink Initiative—a collaborative effort between the city and Cintrifuse aimed at addressing sustainability and recycling challenges. Keating stressed the significance of government innovation, showcasing how the city partnered with major corporate entities, including Coca-Cola and Pepsi, Rumpke, Kroger, and P&G among others, to promote recycling and sustainability.
She underscored the alignment of objectives across sectors, with businesses seeking recycled materials for packaging and the city benefiting economically from increased recycling efforts. Cincinnati also actively recruited entrepreneurs, tech companies, and startups to propose solutions to enhance recycling effectiveness. Keating’s talk demonstrated how Cincinnati is leading the way in innovative government initiatives that bolster sustainability and technology, with more initiatives slated for the future.
Keynote: Collaborative Urgency
Number one for all of us, when we think about why we are not moving faster. How do we create that sense of urgency? Let's be very clear on what matters and be very focused on that.
During the fireside chat with Yael Cosset, Kroger Corporation’s CIO and Chief Digital Officer, the conversation focused on various aspects of Cincinnati’s innovation ecosystem and the challenges and opportunities within the realm of responsible AI and digital transformation. Key points emphasized during the discussion included:
- Urgency in Innovation: Yael stressed the importance of a sense of urgency in driving innovation and transformation, especially when facing challenges or crises like the COVID-19 pandemic. The need to adapt quickly and effectively was a central theme.
- Collaboration: Collaboration, both within the organization and externally, was highlighted as a crucial factor in successful transformations. The discussion emphasized the significance of working together within the Cincinnati ecosystem to drive innovation, particularly in the context of responsible AI.
- Trust and Responsibility in AI: Yael discussed the necessity of trust in AI applications and the importance of responsible AI practices and the lack of standardized frameworks for determining trustworthiness. This highlights the critical role of ethical and trustworthy AI development in the modern business landscape and the need for collaborative efforts to establish responsible AI standards.
Looking forward to the future
The 2023 Cintrifuse Annual Meeting has been an incredible testament to the spirit of innovation and collaboration in Cincinnati. Together, we have the potential to propel our community into the national spotlight. Let’s continue to work collaboratively, harness the momentum, and unlock the limitless possibilities that lie ahead. Dig back into the supplemental content at the links below:
