Burton D. Morgan
MENTORING PROGRAM
2020 ANNUAL REPORT
LETTER TO STAKEHOLDERS 2019 was the year that our mentoring program began to spread its wings. Our focus was starting to expand our reach and impact. So far, so good! Our mentors have helped more entrepreneurs generate more revenue and raise more capital than ever before. Their efforts have resulted in $181.5M revenue and $143.4M capital which is an increase of 60% and 52%! ON TOP OF THE FANTASTIC REVENUE AND FUNDING GROWTH WE HAVE BEEN ABLE TO: • Help university entrepreneurs via event involvement, speed mentoring and dedicated office hours • Provide necessary expertise to programs like Bounce’s product accelerator, UARF’s STRIDE and gBeta • Experience some of the pillars of our entrepreneurial ecosystem firsthand via the mentor lunches “on the road” at venues such as the Burton D. Morgan Foundation, MAGNET, Bounce and think[box] • Deliver needed expertise to non-tech businesses interested in scaling • Support entrepreneurs representing all of our collaborating organizations We want to thank the team at the Burton D. Morgan Foundation for their continued support, the time and talent donated by our mentors and everyone’s dedication to the entrepreneurs that are helping Northeast Ohio Entrepreneurship thrive. We look forward to further expanding our impact this year as we roll out new programs designed to make entrepreneurial assistance and sophisticated mentoring available to more entrepreneurs.
BILL NEMETH | Director, Burton D. Morgan Mentoring Program
PROGRAM GOALS
BURTON D. MORGAN MENTORING PROGRAM IS AN INITIATIVE OF JUMPSTART
OUR GOAL IS SIMPLE: We believe that by channeling the experience and expertise of mentors in support of the region’s newest technology entrepreneurs, we can accelerate their progress toward capital and revenue. And, by doing so, we will be creating the future employers for our community.
RESULTS
$181.5M
REVENUE COLLECTIVELY GENERATED BY CLIENTS
11,000+
HOURS DONATED BY MENTORS
$143.4M
CAPITAL RAISED BY CLIENTS
190
TOTAL FULL TIME EMPLOYEES (ACTIVE OR GRADUATED COMPANIES)
18
GRADUATES OF THE PROGRAM
OVERALL SATISFACTION
MENTORS
97%
SATISFIED WITH THEIR PARTICIPATION IN THE PROGRAM
CLIENTS
89%
SATISFIED WITH THEIR PARTICIPATION IN THE PROGRAM
BURTON D. MORGAN MENTORING PROGRAM | 2020 annual report
PROGRAM GROWTH
200
223
MENTORS ONBOARDED
MENTORS
CLIENTS SERVED
220 200 180 160 140 120 100 80 60 40 20 0 JAN 2012
JAN 2013
JAN 2014
JAN 2015
JAN 2016
JAN 2017
JAN 2018
JAN 2019
JAN 2020
PARTICIPATING CLIENTS & THEIR CORRESPONDING INDUSTRIES 35%
IT PRODUCTS & SERVICES 54% MENTORS WITH EXPERIENCE
6%
IN THE COMMUNITY Our program is focused on becoming a central part of the Northeast Ohio entrepreneurial ecosystem. The mentors are engaging with aspiring entrepreneurs at the universities where the first sparks of a startup idea form. We are there to fan the flame, provide direction and encouragement. Our mentors are also engaged with programs like the accelerators meant to help entrepreneurs validate and more fully form promising startup ideas. At this early stage the expertise of a mentor can make the difference between choosing a viable path and one that will most likely end in frustration. These numbers outlined here provide a bit of insight into some of these engagements and the reach they provide. It is a great start and momentum will certainly build from here.
Mentor Meetings On The Road October 2018 -Magnet December 2018 -think[ box] June 2019 -Bounce October 2019 -Burton D. Morgan Foundation
December 2019 -Ohio City Galley
ADVANCED SPECIALTY MATERIALS
Speed Dating Events
28% MENTORS WITH EXPERIENCE
Fourth Annual Meet a Mentor 16 mentors, 80 attendees
35%
BUSINESS & CONSUMER PRODUCTS 55% MENTORS WITH EXPERIENCE
9%
ENERGY 19% MENTORS WITH EXPERIENCE
15%
HEALTHCARE 41% MENTORS WITH EXPERIENCE NOTE: mentors don’t add up to 100% because some have experience in multiple industries
June 2019
-Startup Scaleup
Mentors at Universities Speed Dating Events April 2019
-CWRU
October 2019
-CWRU
6 mentors, 20 students/entrepreneurs 7 mentors, 40 students/entrepreneurs
Mentors at Universities Office Hours January 2020
-Kent State
2 mentors, 6 students
February 2020 -U of Akron 2 mentors, 6 students
BURTON D. MORGAN MENTORING PROGRAM | 2020 annual report
CLIENT CAPITAL & REVENUE MI L L I ON S OF DOL L A RS
Per Reporting Year 200 180 160 140 120 100 80 60 40 20 $0
REVENUE
CAPITAL
TOTAL
340 320 300 280
324 M
181 M
143 M
0.3 M 1.3 M 1.6 M
2013
2014
2015
2016
2017
2018
2019
2020
Since Joining The Program: $181.5 M
REVENUE
$114.4 M
ANGEL INVESTMENTS
$8.2 M STRATEGIC PARTNERS $6.6 M LOANS $5.2 M GRANTS $3.4 M JUMPSTART INNOVATION FUND $2.6 M GLIDE GLIDE A: $0.7 5 M — GLIDE B: $1.8 6 M
$1.3 M ACCELERATORS
55.8% 35.2% 2.5% 2.0% 1.6% 1.0% 0.8% 0.4% 0.3% 0.08%
TOTAL CAPITAL & REVENUE
$324.9M
NORTH COAST OPPORTUNITY
$1.1 M TECH FUND (NCOTF) $0.3 M CROWD FUNDING
BURTON D. MORGAN MENTORING PROGRAM | 2020 annual report