Business development and investment company Goldstein Caldwell & Associates has a new name and new space — but the same focus it’s had since its inception.
The recently rechristened business incubator, now called Shaker LaunchHouse, is targeting Feb. 1 to move into a 22,000-square-foot facility that previously was a car dealership in Shaker Heights, Ohio.
Managing Partner Todd Goldstein envisions an office buzzing with startups, established companies and mentors that combine to create “a community of innovation and entrepreneurship.”
“Our mission is to provide seed capital at a very early stage to help entrepreneurs go from idea to validation,” Goldstein said.
So far, LaunchHouse has about 12 portfolio companies with plans to invest in another 10-to-15 startups over the next year.
Here’s how LaunchHouse’s model works: Goldstein and partner Dar Caldwell invest a small amount — usually between $5,000 and $15,000 — in a startup and take an equity stake between 2 and 10 percent. In return, the startup gets office space, access to mentors, coaching, legal services and help with business planning.
“We want to work with entrepreneurs who can get to prototype in six months,” Goldstein said.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
The company started in 2008 but recently changed its name to something that sounded less like a law firm, he said.
Goldstein cited several similar organizations that support entrepreneurs, such as Chicago-based Lightbank and Austin, Texas-based Capital Factory, as examples that LaunchHouse is hoping to follow.
Thus far, LaunchHouse’s biggest success story likely is Sunflower Solutions, which has developed a manually movable mount for solar panels and has units operating in five countries. LaunchHouse typically invests in companies in “low-tech” medical devices, health information technology and general technology, Goldman said.
“If someone has the idea for the next great FDA-approved drug, that’s really not our specialty,” he said.
Notable healthcare companies working with LaunchHouse include LifeServe Innovations, which is developing an emergency airway access device, and Intelligent Mobile Support, a mobile education company.
John Steidley, CEO of Intelligent Mobile Support, likely will move into LaunchHouse once the new space is ready. LaunchHouse is “a perfect fit” for an early stage entrepreneur like Steidley because of the advice, mentorship and seed funding the incubator provides, he said.
“The best part about working with them is that they’re so well-connected in the community, they can really help startups,” he said.
