As the founders of Ecolibrium Solar, Coupsmart and other startups can attest, pre-seed funding is helping Ohio companies find their footing when their founders don’t have the financial resources to get started on their own.
Whether it is health care, information technology, clean tech or business and consumer products, Cleveland's increased level of startup activity is attracting funding from venture capital firms in Northeast Ohio and beyond. But experts say there's a ways to go before the Silicon Valley comparisons stick.
The Austen Bioinnovation Institute in Akron harnesses some of the region's core strengths -- namely polymer science, orthopedics, wound healing processes and musculoskeletal studies -- to advance its status as a health care innovator.
Whether they are tackling the obesity epidemic, manufacturing new medical devices or growing microorganisms to save patients' lives, Ohio's bioscience companies are on the rise. Investment by Third Frontier along with medical commercialization and workforce development efforts have played a key role in developing the industry and creating good-paying jobs across the state.
It's never been easier to validate an idea and launch a new company. Yet access to capital remains a critical issue for entrepreneurs. The upcoming National Association of Seed and Venture Funds Conference, to be held in Cleveland from October 15th-17th, will bring together a community of aspiring entrepeneurs and investors to explore ways to advance innovation capital.
If you're looking for evidence that venture capitalists are increasingly flocking to Ohio, look no further than the success of Athenian Venture Partners, whose 2003 AVP Ohio fund was recently ranked the top fund of its vintage by Preqin. That success is testament to the increasingly vibrant entrepreneurial ecosystem in Ohio, which is drawing venture capital.
New biomedical companies are a source of growth in Ohio's high tech economy, yet currently, only a fraction of them are helmed by African-American and Latino entrepreneurs. The first ever Minority Biomedical Entrepreneurship Conference aims to connect minorities in Ohio to greater opportunities while also growing the state's biomedical workforce.
MedCity Media was created in 2009 to highlight Ohio's burgeoning biomedical industry. Since then it has expanded into two other markets and has become a go-to resource for those tracking developments few others are reporting.
Earlier this year, construction began for the new Medical Mart and Convention Center, a project that has received a lukewarm response from skeptical taxpayers. Working hard to prove them wrong is Tony Prusak, who as Director of Convention Sales is tasked with booking events. As a lifelong Clevelander, Prusak is driven by a desire to improve Cleveland's economic future. How? By "selling more cheeseburgers."
In the past, the idea of a company turning to a competitor for outside expertise just wasn't done. Today both small and large companies realize they can't do everything in-house, and that holds true for the growing biomedical industry where innovation through collaboration has become the norm.
Lester A. Lefton became Kent State University's 11th president in July 2006. Ranked by the Carnegie Foundation for the Advancement of Teaching among the nation's best public research universities and among the best colleges and universities in community engagement, Kent State has been at the forefront of high-tech innovation in Northeast Ohio. hiVelocity asked Lefton about Kent State's role in Ohio's new economy and his vision for the region.
At a cost of $1 billion, ProjectOne is the largest construction project in Ohio State University's history. It's also expected to be one of the largest job-generators in central Ohio history, with as many as 10,000 new full-time positions by 2015.
A year ago tomorrow, hiVelocity hit the webstand. In this issue, we take a look back -- why we ventured forth, what our goals were and what our readers have found most appealing.
Steve Arless has more than 35 years of international experience in the development, marketing and sales of medical devices. Seventeen of those years were spent at London-based Smith & Nephew, where he served as president for five years. His fame, though, accrued while president of CryoCath, which sold in 2006 for $380 million. Now CEO of Cleveland-based CardioInsight, this Montreal native is bringing his talents south.
A camera that can read your fingerprints from six feet away. A system that can catch criminals in a 16-square-mile area. Tiny planes that can soar over an urban battlefield and tell friend from foe. All are signs that Ohio is emerging as a major force in 21st century sensor technology.
Of the 10,000 or so African American students who enroll in U.S. engineering programs each year, fewer than 3,500 graduate with engineering degrees. The National Society of Black Engineers wants to change that, and one of its targets is Ohio.
If home really is special – offering a combination of the personal and professional fulfillment you crave – one day you'll come back. These entrepreneurs did.
Israel boasts the highest number of start-ups per capita in the world. Ohio wants to be a second home to some of these businesses as they build their worldwide markets. Thanks to the aggressive efforts of business developers across the state, Ohio has become one of the most successful states in attracting investment from Israeli companies.
The risk of starting a new business is great, the rewards uncertain. But some people enjoy the process. These "serial entrepreneurs" do it over and over again. Lather, rinse and repeat.
Geoff Greenfield is an example of the type of entrepreneur who is becoming the modern face of the economy in Appalachian Ohio. As founder and president of Third Sun Solar and Wind Power in Athens, Greenfield is part of a thriving alternative energy industry that is making its home in Athens County.
Since its formation in 1983, Ohio University's Innovation Center
has nurtured more than 80 companies, creating more than 1,000 jobs. The university itself has helped develop nine spinoff companies from university-invented technology. And faculty and staff are responsible for the startup of another 27 companies. Today, the OU Innovation Center -- the state's first university-small business incubator -- is home to 13 startups with big plans for the future. hiVelocity
recently caught up with Center Director Jennifer Simon to find out what gives southeastern Ohio its entrepreneurial chemistry.
Are you laid off from work in the middle of the worst economic meltdown since the Great Depression? Start a business.That's some of the advice given by entrepreneur Mike Hooven, who in 1994 at the age of 38, took $22,000 in stock options from his comfortable position at Ethicon to start his first company.
"I came to Akron because I was quite impressed with the vision of what the BioInnovation Institute could become," says Dr. Frank Douglas. "There is a tremendous desire here to do something that improves the health of the economy in this region – and that's why this will succeed."
President and CEO of BioEnterprise Baiju Shah never stops moving. And neither does BioEnterprise. Shah's organization has been a part of a growing campaign that -- in the last eight years -- has developed 120 biomedical companies, attracted $925 million in funding and created more than 2,100 jobs (and counting) in northeastern Ohio. hiVelocity recently caught up with Shah to get the inside scoop on how BioEnterprise is helping to define an industry and a region.
Tony Giordano has been around the block. He's started successful companies in both Philadelphia and Pittsburgh. He has a good job as assistant dean of research and business development at Louisiana State University's Health Sciences Center in Shreveport. So why is he moving his new cardiovascular company from Louisiana to Cleveland? Quite simply, he says, there's no place like Ohio.
The Cleveland Clinic may have hemorrhaged millions of dollars during this recession, but the setback hasn't stopped the prestigious healthcare organization as a regional growth catalyst poised to bring life back into a lagging job market and local economy.
If you were to walk into Jeffrey Van Buren's physical therapy practice, you might see him working with clients using a self-designed platform that helps muscles react more quickly when presented with unexpected challenges. Van Buren now has dreams of getting his unique apparatus into the marketplace. And while that goal is still a dream, an innovative collaboration between his employer and TechColumbus is making it closer to reality every day.
Ohio is quickly becoming a leader in new economy industries, and there's no better example than what's happening in the biomedical industry. Ohio has emerged as a consensus top ten state, with more than 1,141 bio-related entities operating here in 2008. We spoke with Tony Dennis, BioOhio's president and chief executive officer, to find out what's behind the growth.
Ohio is at the forefront of a new economy, creating new ideas, innovative businesses and new jobs needed for the 21st century. It's an important story. Now, hiVelocity is here to tell it.