Entrepreneur challenge underway at Ohio State

Columbus, Ohio-based venture capital firm NCT Ventures will award one company $200,000 for winning the 10x Accelerator – a three-month business boot camp at Ohio State University's Fisher College of Business, Columbus Business First reports.

According to Fisher's website, eight ecommerce sites as well as startups in energy and bio-tech fields will spend the next 11 weeks in Columbus working on their projects. The teams will then present their startup opportunities to local, regional and national angel and venture capital investors on September 1.

Each team will receive $20,000 to fund its ideas. The concept was created through a grant from Ohio’s New Entrepreneurs Fund under the state's Third Frontier program.

The majority of teams are focusing on online sales and advertising. Business First notes that projects include an effort to use social media more effectively to drive advertising dollars, streamline the online checkout process for smaller merchants, connect consumers with funeral services and send product samples to dues-paying members.

In addition, the two non-ecommerce teams are creating physical products. One team intends to make fuel cells, while the other has proposed a safer, more effective way to deliver freeze-dried biologic drugs.

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