A Greater Cincinnati startup group that predates both CincyTech and Cintrifuse is investing in its physical space to better compete with peer-sized cities across the U.S. The move follows a recent rebrand in 2022 that aimed to raise its profile across the region.
Alloy Growth Lab has completed a $1.8 million renovation of its Norwood home, a historical paint factory tucked away on Mentor Avenue – a stone’s throw away from Montgomery Road.
The upgrades vary – from a bright new orange exterior touting its ranking as a top 10 incubator in the world, an honor bestowed by UBI Global – to more rentable, and updated, space inside. The changes will allow the organization to better compete with Indianapolis, Nashville, Chicago, Columbus and Pittsburgh when it comes to building strong entrepreneurs and recruiting talent.
To get a look at the upgrades, click through the gallery above.
In addition to its role as a startup incubator, the Norwood facility is home to Alloy’s commercial capital lending and economic development teams. Their spaces got a refresh, too. The lines between the groups are increasingly blurred, said Patrick Longo, Alloy Development Co.’s president and CEO, and for good reason.
“We've always known we have ‘heat’ in the building. Mel Gravely (a civic leader and former CEO of TriVersity) used to say that, and it had nothing to do with the HVAC and everything to do with the passion and the energy and the juice we were programming,” Longo told me.
“I went to our board and said I'd like to have our external match what our internal feels like,” he continued. “The spaces didn’t all look great. I wanted us to be competitive. And they said, 'OK, come up with a plan.'”
By the numbers
- Renovation cost: $1.8 million
- Building square footage: 70,000+
- Jobs housed: 200+
- Member clients: 55
- Fun fact: Alloy was founded in 1983 after the Norwood GM plant – a top 10 employer in Hamilton County – shut down. At the time, the incubator concept was less than 10 years old.
The move follows a rebrand Alloy rolled out in early 2022, changing its long-established name as HCDC, or the Hamilton County Development Co. Inc.
Alloy does work beyond Hamilton County – the state defines its territory as Southwest Ohio, or Hamilton, Butler, Warren and Clermont counties, so the name change made for a better regional play, Longo said.
The organization had a hand in a few recent projects in those latter communities, including in the city of Hamilton, where Miami University and Butler Tech plan to convert the Vora Technology Park into an advanced manufacturing hub.
It also recently signed a partnership agreement with Made Hub in Mason, a manufacturing makerspace for companies in startup or growth mode. It’s about expanding reach.
“We've learned that our lane is small and midsize business. We haven't found others who play in that space quite like we do,” Longo said. “It’s about bringing the good we do in Hamilton County to Mason, Butler County.”
Alloy Growth Lab’s niche is, indeed, advanced manufacturing, deep tech, health tech and more, said Antony Seppi, its vice president. The Norwood building houses dozens of companies like Farmed Materials, which is working to make natural rubber from dandelions; Noxsano, a wound care company; and Re-Assist, an MIT “Solver” startup digitizing the patient referral process.
As part of the building renovation, Alloy gave the 1908-era building a more modern look and feel. The project opened up an additional 1,500 square feet of space. Between its two buildings, its campus encompasses more than 70,000 square feet.
It added three flex spaces by repurposing old conference rooms. A west wing, largely used in the past for storage, also has been white-boxed. Longo said the ideal tenant would be a “stage two” business, or one with one to 50 employees looking for flex or lab space, hackerspace or makerspace.
“In terms of lab and manufacturing space, we doubled down,” Longo said. “Every community we talked to in Hamilton County is asking for more of that.”
In total, there’s dedicated office, lab, workshop, high bay, light manufacturing and warehouse space. Rents are at below-market rates. Sizes range from 150 to 5,000 square feet.
Currently, occupancy at the Mentor Avenue building sits around 80%, so there’s room for more.
“This is where we differentiate ourselves. We have the facilities here and the labs here to help companies build out physical products,” Seppi said.
Longo said the renovation was financed with dollars Alloy has built up over numerous years.
The renovation, of course, is about more than just physical space. “This is a people business,” Longo said.
Companies pay for square footage but not for the coaching that’s provided – Alloy’s bread and butter – and the incubator is looking to expand programs. The group is adding partners, like with Cincinnati-based consulting firm TechSolve, which will now offer consulting services, workshops and hands-on support to Alloy Growth Lab members.
Its flagship program, Morning Mentoring, which has been one of its longest running, continues to grow. A collaborative effort between Alloy Growth Lab and Queen City Angels, it matches participating startups with entrepreneurs, business professionals, VCs, angel investors and subject matter experts.
“It's a great front door into the StartupCincy ecosystem,” Seppi said. Alloy’s pool of mentors sits between 40 to 60 people. The group has tried to replicate Morning Mentoring in other communities, but those markets have not had as much success, Longo added.
“People seek us out because of that expertise,” he said.
The incubator in 2023 launched OhioXcelerate, a statewide initiative that pairs selected entrepreneurs with business mentors. Alloy saw a doubling in the number of applicants for the 2024 cohort, and the program will continue.
And for Alloy, about 70% of companies that have come through its program are still viable, five years later, or more. More than 30 of its incubator companies have been acquired. Many others graduate to their own space where they continue their impact.
“This (renovation) really raised the bar of our awareness,” Longo said. “For our tenants, there's a wow factor. Instead of just offering really good coaching and mentoring, they’ve got great access to some of those tangible things. We've always wanted to make the space is a non-issue, and I think we are there.”
