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News and Information Article
CLEVELAND, June 1 // -- JumpStart Inc., Northeast Ohios non-
profit venture development organization announced an investment commitment
of $350,000 in Banyan Technology.
(Logo: http://www.newscom.com/cgi-bin/prnh/20060209/CLJUMPSTARTLOGO)
Banyan Technology, a Great Lakes Innovation and Development Enterprise
(GLIDE) associated company is located in the P.C. Campana Development
Center on the Lorain County Community College campus. It is the second
Lorain County company and the first located in the Campana Development
Center to earn a JumpStart investment.
Banyan has developed and provides a unique web-based software
application that bridges the communication gap between small to mid sized
manufacturers and distributors and their freight carriers. Banyans
proprietary application maintains a direct relationship with each clients
preferred carriers while reducing freight expenses 15-30 percent. Banyan
further enables documentation on each shipping transaction to be instantly
shared across an entire organization.
"Weve worked hard to get to this point, but this is just the beginning
for us," said Lance Healy, co-founder and vice president of Banyan. "It
will let us focus on better serving our clients and expand our offering,"
Healy continued.
Banyan will use the investment to improve its computer infrastructure
and hire several more computer programmers during the next few months.
Beyond investing, the JumpStart team provides a continuum of business
development services to its client companies to help ensure their success.
One of those services is an executive-in-residence who will work with
Banyan on things like positioning and packaging of its services.
"The information that Banyan provides will empower companies to make
much better shipping decisions and have better control over the entire
process. This is becoming increasingly more important as shipping costs
rise and LTL becomes a bigger and bigger percentage of total shipments",
said JumpStart executive-in-residence, Roy Phelan.
Banyan currently has six employees and has hired several computer
programming students from LCCC. As a GLIDE associated company it also has
taken advantage of services offered by the business incubator.
"We are extremely pleased that Banyan Technology, which has been a
GLIDE co-located client company since April 2003, is moving on to the next
phase of its development," said Don Knechtges, Managing Director of GLIDE.
"We think that Banyan Technology has a tremendous future and the working
partnership between GLIDE and JumpStart that resulted in this investment
demonstrates once again that Northern Ohio is fast becoming a truly unique
place to incubate and grow an entrepreneurial enterprise," Knechtges
concluded.
This investment in Banyan Technology represents JumpStarts 16th
investment in 14 different companies, over the last 23 months.
About Banyan Technology
Banyan Technology (http://www.banyantechnology.com) provides small and
mid-market businesses with real time control over their freight costs. The
$65 billion Less-Than-Truckload (LTL) segment is entrenched in industry
averages, gross assumptions, and 20-year-old technology standards. Banyan
establishes a real time communication enabling manufacturers and
distributors to communicate with all their carriers through a single web
based interface.
Banyans services are accessed from any internet connection. Clients
may integrate directly to other business systems to create faster cash
conversion cycles, reduce administrative overhead, and establish powerful
business intelligence.
About JumpStart Inc.
JumpStart (http://www.jumpstartinc.org) accelerates the growth of early-stage
businesses and ideas into venture-ready companies by delivering vital,
focused resources to entrepreneurs in Northeast Ohio. JumpStart identifies
and invests in early-stage companies that have strong potential in the
marketplace, solid prospects for high growth, and are likely to qualify for
later-stage funding. Beyond investing, the JumpStart team provides a
continuum of business development services to its client companies to help
ensure their success.
About GLIDE
Founded in May 2001 and located on the campus of Lorain County
Community College in Elyria, Ohio, The Great Lakes Innovation and
Development Enterprise (GLIDE) is a comprehensive regional innovation
center and resource hub that supports all facets of the start-up,
development, and growth of enterprises.
Created by a unique partnership of the Lorain County Commissioners,
Lorain County Community College and the Lorain County Chamber of Commerce,
GLIDEs objectives are to grow jobs and spearhead economic growth in both
Lorain County and the northern Ohio region.
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