2011 Annual Community Report

the

entrepreneurial real people • real [resources] • real outcomes

effect

2011 Community Report

“

[We came to Northeast Ohio]

because of what’s been done

by JumpStart...

your region has been thinking creativel President Barack Obama

February 22, 2011

ly.

table of contents real people real [resources] real outcomes 2

message to our community

4

assistance

14

numbers

6

investment

16

jobs

8

partnerships

17

transformation

10

experience

18

voice

12

possibilities

19

recognition

20

donors

21

board

real support

real people

A message to our community.

Everything affects an entrepreneur’s ability to transform an idea

capital, mentoring, and connections they need to increase their

into a company. From the speed of getting a patent to the cost of

successes. Our work is often evaluated using numbers. We

gas, even the slightest changes in an entrepreneurial ecosystem

have invested $21 million in 56 companies. These companies,

impact their work. In turn, entrepreneurs affect everything, from

along with those we’ve assisted, have created or retained

creating job opportunities to inspiring a culture that embraces

1,566 direct jobs and raised $402 million in additional risk

risk with the promise of economic prosperity. That is why

capital. A portion of these companies generated $155 million

every person with whom JumpStart works, in any capacity, is

in economic benefits for Northeast Ohio in 2010 alone. These

part of something greater. They are a part of the tremendous

metrics, while important, illustrate only a few of the ways we

cumulative “entrepreneurial effect” that transforms a region.

contribute to the entrepreneurial effect.

JumpStart provides entrepreneurs leading high growth

In the pages of this report, you’ll get to know some of the people

companies and the organizations assisting them with the

transforming their communities, including an entrepreneur

driven to make a difference, an experienced mentor sharing

work, particularly JumpStart’s unwavering public, private, and

expertise, and a mayor raising money to invest in entrepreneurs.

philanthropic partners and our client entrepreneurs. Together,

This dynamic collective—bonded by a new economic reality—

we are making significant commitments to our ecosystem and

makes the work of JumpStart and our entire innovation and

generating real economic outcomes.

entrepreneurial ecosystem come to life. They make it real.

As you read these personal stories, you’ll see how the transformational nature of an evolving entrepreneurial ecosystem touches the lives of many. JumpStart is proud to play a role in Northeast Ohio’s efforts to increase entrepreneurship and innovation and to share the progress with our community and nation. Thank you to all who contribute to this critical

Ray T. Leach, CEO

Doug Weintraub, Board Chair

3

(left to right) JumpStart’s management team: Jerry Frantz, Cathy Belk, Duke Jankura, Mike Mozenter, Lynn-Ann Gries, Ray Leach, John Dearborn, Darrin Redus, and Doug Weintraub JumpStart Inc. • jumpstartinc.org

Helping Entrepreneurs Test the Waters Entrepreneurs need to test new technologies with established companies.

Sean Arnold went through JumpStart’s First Client Pilot Initiative to try out his company’s water-saving device. The program is a partnership between JumpStart and the Northern Ohio Minority Supplier Development Council and helps minority and women entrepreneurs establish parameters for a pilot, prepare a project plan, and pitch to established companies. Since its January 2011 launch, the initiative has connected diverse entrepreneurs with 21 corporations, representing $5.8 million in potential post-pilot revenue over the next six months.

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Sean Arnold • CFRC Water and Energy Solutions • cfrcsolutions.com

http://j.mp/realassistance*

Sean Arnold needed a challenge.

CFRC Water and Energy Solutions needed a CEO.

real [assistance] Together, they wanted to take a new innovation to market: a

armed with a well-honed investor pitch. Gregory Zucca, Strategic

sensor-based showerhead that conserves water and reduces

Program Officer for the County, remembers the presentation well.

energy costs. As CEO, Sean’s first task was to launch pilot trials

“Sean came to us knowing precisely how he wanted to use the

for CFRC’s technology, but he needed some help. Serving as an

funds and had already formed partnerships. It was impressive.”

advisor, JumpStart’s Johnny Hutton suggested a two-fold strategy.

Sean received $85,000 to launch trials at Baldwin-Wallace

Sean would approach the North Coast Opportunities Technology

College, Case Western Reserve University, and Kent State

Fund of Cuyahoga County and take part in JumpStart’s First Client

University. As Sean awaits the data, he’s raising additional funds

Pilot Initiative to get in front of an organization that would test

to build production-quality products based on the feedback, and

the technology. As their preparations intensified, Johnny and

he’ll continue to use JumpStart as a resource. “Johnny has been

Sean got CFRC’s finances and projections in order, finalized a

there every step of the way and each step has required something

strategic plan, and perfected the pitch that could empower

different,” Sean says. “Sometimes it’s an introduction, sometimes

Sean’s first entrepreneurial steps.

it’s help with the business case, and sometimes it’s climbing

With colleges lined up to pilot the showerheads, Sean walked into

through walls to find access to showers.” Meaningful assistance

a room at the Cuyahoga County Department of Development

can be, as Sean says, any and all of those things.

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real people • real [assistance] • real outcomes *QR (Quick Response) codes accompany each feature story in this report. Use your phone’s QR scanner or go to the URL beneath each code to access additional content.

real [investment] Maria Bennett became an entrepreneur to change lives.

http://j.mp/realinvestment

A couple of years ago, she was VP of Clinical Affairs at NDI Medical,

team and bringing in more patients for multiple trials.

testing a neurostimulation technology to treat chronic pain. When

Throughout the trials, Maria has witnessed the difference the

the technology was ready to be spun out, the company’s founder

therapy could make in the quality of patients’ lives. “I get

gave Maria the chance to run with it. Armed with experience and

very emotional hearing how dramatically chronic pain affects

vision, she took on the challenge, but needed funding to bring the

people,” Maria says. “They can’t sleep in their own beds. They

pain-relieving technology out of the lab and into people’s lives.

can’t bathe themselves. They can’t hold their grandchildren.”

Maria’s first external capital, a grant from the Innovation Fund,

So far, the results of the trial are promising. Patient pain has

helped her launch a clinical trial on ten patients suffering from

been reduced and, in some cases, eliminated. Naturally, Maria

chronic shoulder pain. She then approached JumpStart.

is eager to get the technology into the market where it can make

Maria received a $250,000 investment, but knew it meant more.

a difference for millions of people suffering from chronic pain,

“JumpStart’s funding was not just capital—it was validation to

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raise more.” She leveraged JumpStart’s investment to raise another $1 million, which went to building the SPR Therapeutics

real people • real [investment] • real outcomes

but she is touched by the difference her team is making now.

“Improving lives is what drives SPR Therapeutics. It’s a great reward to see the impact of our technology.”

“

JumpStart’s funding process helped validate my company’s story.

Now we are impacting patients’ lives.

Maria Bennett • SPR Therapeutics • sprtherapeutics.com

Helping Communities Invest in Their Entrepreneurs JumpStart has helped Northeast Ohio communities launch four new sources of seed stage capital: Wooster Opportunities Loan Fund, Canton Entrepreneur Launch, Barberton Growth Fund, and Appleseed Microfinance. The newest members of the JumpStart Entrepreneurial Network provide more than $1 million in new capital to regional entrepreneurs and have received 78 applications.

(left) Mayor Robert Breneman • City of Wooster • woosteroh.com (right) Brian Boyer • ManuscriptTracker • manuscripttracker.com

real [partnerships] Bob Breneman, Mayor of Wooster, saw a need in his close-knit community. He wasn’t alone.

http://j.mp/realpartnerships

Several years ago, Mayor Breneman and members of City Council

journals. He came to show his support and see if the fund

began identifying ways to encourage and nurture entrepreneurs

could support him. In July 2011, Brian received a check from

in the college town. Committed to the idea of supporting small

the Wooster Opportunities Loan Fund and is using the money

businesses, the Council needed to find a way to make it work for

to hire a sales representative and get the product to market.

the community. Chris Schmid, a member of the Wooster Growth

“We had a prototype and a couple customers, but we needed

Corporation and former JumpStart board chair, recognized the

just enough capital to get the ball rolling.” Providing resources

synergies between the regional venture development organization

to entrepreneurs like Brian so they can take a great idea

and what Wooster was trying to accomplish. In December 2010,

and turn it into a competitive product is exactly what Mayor

years of planning came to fruition with the launch of the Wooster

Breneman wanted to do. It’s an idea that also appealed to

Opportunities Loan Fund. Mayor Breneman spoke about benefits

Cascade Capital Corporation. The economic development

of a local source of capital for young high potential companies at

finance company committed $100,000 to the fund to expand

the fund’s kickoff, saying, “New businesses are the lifeblood of

its reach throughout Wayne County in September 2011. “We

any community. They build jobs.”

didn’t know of any other communities doing this when we

Among those in the crowd was young entrepreneur and

started,” Mayor Breneman says. “JumpStart has been a great

Wooster native, Brian Boyer. While in college, he and a

partner in helping us move forward and now entrepreneurs

business partner developed ManuscriptTracker, a web-based

and other economic development leaders are seeing the

software that automates the peer review process of academic

advantage of local funds like ours.”

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real people • real [partnerships] • real outcomes

real [experience]

Elevate Ventures opened its doors to Indiana entrepreneurs in April 2011.

Steve Hourigan thinks it’s just what starving high potential companies need.

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http://j.mp/realexperience

In June 2010, the Economic Development Administration,

Entrepreneurship Action Plan. It was during that process that the

the Surdna Foundation, and the John S. and James L. Knight

State of Indiana created Elevate Ventures, recognizing its ecosystem

Foundation awarded JumpStart $2.5 million to use its experience

required more than capital to support entrepreneurs. Elevate

supporting Northeast Ohio entrepreneurs to help six Midwest

Ventures was formed based on JumpStart’s venture development

regions, including Northeast and Northwest Indiana, do the same.

model, which combines economic development activity with the

“JumpStart’s impact has captured the attention of community

best practices of business mentoring and venture capital investing.

and business leaders looking for a novel approach to foster

In fall 2011, JumpStart delivered the action plan, which targets

entrepreneurship and innovation,” says Steve Hourigan, CEO

two measureable goals: growing more high potential companies

of Elevate Ventures. JumpStart’s collaborative approach in

and building a stronger ecosystem to support them. Elevate

Northeast Ohio resonated with area leaders, especially those

Ventures will manage the plan’s implementation, ensuring it

representing North Central Indiana, who wanted to participate.

translates into immediate resources for entrepreneurs. “Elevate

JumpStart, the Indiana Economic Development Corporation,

Ventures provides additional assets that leverage existing

and regional leadership raised funding to include North Central

resources,” says Karen Goldner of Main Street Venture Fund. Its

Indiana in the project. “No one community has all the resources it

entrepreneurs-in-residence are now helping entrepreneurs bring

needs to support entrepreneurs,” says Jan Fye of the North Central

their high potential ideas to market. “Innovation is taking place

Indiana Small Business Development Center. “A collaborative

here,” says O’Merrial Butchee of Ivy Tech Community College’s

approach leads to bigger impact more quickly.”

Gerald I. Lamkin Innovation & Entrepreneurship Center. “This

JumpStart met with representatives from all three regions, spending

project provides guidance and money to entrepreneurs, helping

hundreds of hours identifying innate strengths to create a Regional

them realize even more successes.”

real people • real [experience] • real outcomes

Helping Regions Accelerate Their Entrepreneurial Ecosystems JumpStart is applying the expertise it has gained in Northeast Ohio to help nine other regions accelerate their own entrepreneurial successes and is engaged with dozens of others interested in this work. In each community, the team identifies assets and needs before developing an actionable plan that plays to the region’s unique strengths. IdeaCrossing, JumpStart’s free online community connecting entrepreneurs with regional and national online and offline resources, is a tool regions are using in the process. The site gives entrepreneurs a private “Workspace” where they can describe and gather feedback on their business ideas. ideacrossing.org

Elevate Ventures’ management team: (left to right) Ting Gootee, Steve Hourigan and Linda O’Keefe • Elevate Ventures • elevate-ventures.com

“

National leaders are inspired by Northeast Ohio’s transformation.

They want to learn about it and be a part of it.

Doug Weintraub

”

(left to right) Ray Leach and Doug Weintraub • JumpStart Inc. • jumpstartinc.org

real [possibilities]

JumpStart is meeting with national leaders about Northeast Ohio’s entrepreneurial ecosystem and what it could mean for the country.

JumpStart is currently guiding nine Midwest communities through

One month after the announcement, President Obama kicked

a process similar to the one Northeast Ohio’s business and

off the Winning the Future Forum on Small Business in

philanthropic leadership experienced when creating JumpStart in

Cleveland. He pointed to JumpStart’s collaborative approach

2004, but that’s just the beginning. “National leaders are inspired by

while addressing the audience, saying, “[We came to Northeast

Northeast Ohio’s transformation,” says Doug Weintraub, JumpStart’s

Ohio] because of what’s been done by JumpStart . . . your region

Board Chair. “They want to learn about it and be a part of it.” These

has been thinking creatively.” Thinking creatively is exactly

leaders recognize that over the past 30 years, all net new job growth

what Ray wants to help regions throughout the United States—

has stemmed from young entrepreneurial companies. In JumpStart,

including Northeast Ohio—continue to do. “By helping other

they see a way to leverage experience and expertise to generate

regions and building partnerships with national funders, we’re

economic impact in regions across the country.

better able to bring additional resources back to Northeast Ohio,

In January 2011, JumpStart launched the JumpStart America

creating a more sustainable entrepreneurial ecosystem here,”

initiative in partnership with the Obama Administration’s

Ray says. “We’re excited to bring JumpStart’s spirit, energy,

Startup America initiative to help communities throughout the

and expertise to other communities in a way that increases

United States build or accelerate their regional entrepreneurial

our entire nation’s competitiveness.”

ecosystems. One of Startup America’s goals is to create http://j.mp/realpossibilities

strategies that build partnerships—a core element of JumpStart’s approach. “Our work has always been supported by public, private, institutional, and philanthropic partnerships,” says Ray Leach, CEO. “We want to help other regions understand how to leverage collaborations and partnerships to accelerate innovation and create high impact companies.”

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real people • real [possibilities] • real outcomes

real outcomes Every personal story told throughout this report is part of something greater. There are hundreds of people and organizations contributing to Northeast Ohio’s transformation. JumpStart’s primary role is to support

Northeast Ohio Entrepreneurial Company Outcomes (July 1, 2004 - June 30, 2011)

entrepreneurs leading high growth companies directly,

In addition to our direct work with Northeast Ohio entrepreneurs, JumpStart has $ helped raise million for other entrepreneurial support organizations.

investing both time and dollars.

We also manage the JumpStart Entrepreneurial Network, a connected group of

In 2010, 90 companies receiving investment and/or assistance from JumpStart generated $

155 million in economic

benefits for Northeast Ohio.

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the entrepreneurial effect

22

20 partner organizations supporting diverse companies at various stages of development. Here are the results of the Network’s client companies:

Risk Capital Raised $988 million

41% by JumpStart Client Companies ($402M)

Direct Jobs Created and Retained 4,425

Current Annual Revenue Rate $86 million

77% by JumpStart

Client Companies ($66M)

35% by JumpStart

Client Companies (1,566)

JumpStart Client Companies are those in which JumpStart has invested dollars and/or intensive assistance.

A National Influence Northeast Ohio’s ongoing transformation and the collaborative approach behind it are influencing outcomes and national strategies.

The collective work of JumpStart, our partners in the ecosystem,

Some of these changes are transforming the way the nation thinks. In

and the entrepreneurs we all assist, invest in, and mentor is

2011, members of the Regional Innovation Acceleration Network, including

transforming Northeast Ohio. Take a look at where we are today

JumpStart CEO Ray Leach, defined “venture development organization”

compared to where we were just six years ago.

nonprofits can transform innovation into an economic driver.

Northeast Ohio: Then and Now Risk capital raised by companies 2004 2010

and created a national platform to illustrate how these emerging

Other effects are more tangible and deeply tied to the shift toward collaboration and partnership. As a member of the National Advisory

Council on Innovation and Entrepreneurship, Ray is helping to drive national conversations around creating partnerships at every level of

113 million $ million

$

241

entrepreneurship and advocating for policies that foster innovation, entrepreneurship, and commercialization.

These efforts have resulted in more government resources for entrepreneurs:

Number of companies raising risk capital 2004 2010 Number of investments made in companies 2004 2010 Early stage funds in the region 2004 2011

35

106

• The U.S. Small Business Administration created two $1 billion dollar

programs to fund investments in the nation’s highest growth companies.

• The U.S. Department of Commerce’s Office of Innovation and Entrepreneurship and Economic Development Administration announced

38

137

the i6 Challenge, a $12 million innovation competition in partnership with the National Institutes of Health and the National Science Foundation.

• The Obama Administration announced the Jobs and Innovation

Accelerator Challenge, a $37 million multi-agency competition to support <10

36 and growing

the advancement of 20 high growth, regional industry clusters. In

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September 2011, Northeast Ohio was selected as a winner, receiving

a $2 million grant for its Northeast Ohio Speed-To-Market Accelerator.

These collaborative programs set an example for the nation. It’s an approach that can transform every region across the country in the same way it is transforming Northeast Ohio.

real people • real [resources] • real outcomes

jobs Julie Maurer works for Echogen

Helping Entrepreneurs Create and Fill Jobs Before Julie Maurer was hired, Echogen

Power Systems, an Akron company

Power Systems looked to JumpStart’s

commercializing a technology to

Robert Hatta for talent support. As

convert waste heat into clean,

VP of Entrepreneurial Talent, Robert

emission-free electricity. As VP of

helps Northeast Ohio’s venture-backed companies create and fill new jobs. Since

Human Resources, she spends her

2009, he has delivered more than 1,000

days finding, recruiting, developing,

hours of intense advisory services around

and retaining talent. “I am getting this

talent and HR. He’s helped startups hire

company ready to scale from 25 to 50 employees in the next year,” Julie says.

more than 180 employees, including 38 C-level, vice president, and board member appointments.

During her first six months on the job, Julie helped Echogen fill 12 positions, and in doing so, she is living the impact Julie Maurer • Echogen Power Systems • echogen.com

entrepreneurial companies can have.

“Our economy is suffering and here I

it inspires Julie. “While each day presents a new challenge, I can see the difference

sit, not able to fill jobs fast enough.”

I make every single day.” Working for a

Since 2004, JumpStart’s client

green technology startup is indeed making a

companies have created or retained

difference. If Julie’s young children asked

1,566 direct jobs. Meanwhile, startups

about her work, she knows what she

supported by organizations within the

would say. “I would tell them I make Akron

JumpStart Entrepreneurial Network

a better place to be, one job at a time.”

have created and retained 4,425 direct

That’s just what innovative job creators

jobs. The energy from working at one of

like Echogen are doing for all of Northeast

these fast-paced startups is intense, but

Ohio and the nation.

transformation

David Morgenthaler knows Northeast Ohio missed some opportunities. But he thinks the region is on to something now. venture capital firms in 2004. Over

area for 50 years, Mr. Morgenthaler has

the past eight years, however, civic,

seen its many ups and downs. “Northeast

community, and philanthropic leaders

Ohio had a marvelous economic driver

have launched pre-seed funds for

for 60 years. The trouble is, we rode it for

entrepreneurs at the earliest stages of

100,” he says, referring to the region’s

their businesses, seed funds bridging

leadership in automotive manufacturing.

the investment continuum’s “valley of

Today, Mr. Morgenthaler sees a new region

death,” incubators offering advisors

taking root. He is witnessing economic

and a place to advance technologies,

development groups foregoing competition

and accelerators with experienced

and instead collaborating to identify

entrepreneurs-in-residence. These new

regional strengths, build an infrastructure

assets, focused on building high growth

to support entrepreneurship, and actively

businesses, helped regional companies

look for that next wave of innovation.

raise more than $1 billion in the last five

“There are many organizations working

years. They are enabling Northeast Ohio

together to create a more innovative and

entrepreneurs to build new economic

entrepreneurial Northeast Ohio, which

drivers. Mr. Morgenthaler is encouraged

is something that wasn’t happening ten

by the change taking place, but experience

years ago,” he says. “Our foundations

tells him transformations take time,

have done a brilliant job stepping up to

patience, and unwavering support. “We

support these efforts.”

have some tremendous organizations in

Northeast Ohio was home to a handful of

place. We need to stand behind them.”

David Morgenthaler • Morgenthaler Ventures • morgenthaler.com

As someone who has lived in the Cleveland

voice

Mark Heesen • National Venture Capital Association • nvca.org

“ 8

Ohio is reinventing itself. The venture capital community and the country are taking notice.

The President of the National Venture

around venture capital, innovation,

Capital Association doesn’t consider Ohio

and entrepreneurship. To Mark, the

a fly-over state. Mark Heesen believes

most impressive piece of Ohio’s story

Ohio is proving to entrepreneurs they don’t

is not just its transformation, but the

have to live in Silicon Valley or Boston to

approach: marrying public programs

start and grow a successful company. It’s

with private investment. Public, private,

a relatively new story the region is telling,

and philanthropic partnerships like

but one that Mark’s organization, with

JumpStart, largely supported by the

support from board member Ray Leach,

State of Ohio’s Third Frontier program,

is sharing far and wide.

provide a new way of looking at

The NVCA advocates for national public

economic growth. And economic growth

policies that encourage innovation and

is the NVCA’s ultimate goal. “Venture

reward long-term investment. Recognizing

capital, innovation, and job creation all

the need to represent funds that are

go hand-in-hand,” Mark says. “By giving

diverse in both size and location, the

entrepreneurs more say in Washington

NVCA appointed JumpStart’s CEO to

D.C., they can create more innovative

its board of directors in April 2011. Ray

companies that venture capitalists like

accepted the position, giving Ohio and

to back—companies that create jobs.”

the Midwest a national policy voice

• The Advocate • Akron Beacon Journal • AkronNewsNow • Bloomberg Businessweek • The Boston Globe • Bradentown Herald • Buffalo Business First • Buffalo News •

recognition

Northeast Ohio’s entrepreneurial transformation and the innovative approach leading it have garnered national attention. The region is becoming one from which the rest of the country can learn.

February 22, 2011

USA Today: Obama Praises Cleveland as the ‘Tech Belt’

Business Journal Daily • The ChronicleTelegram • Cleveland Business Connects • Cleveland Jewish News • Columbus Business First • The Columbus Dispatch • Columbus Underground • Crain’s Cleveland Business • The Daily Record • The Deal • Direct Marketing News • Dow Jones VentureWire • eTruth • Forbes • Fort Wayne Monthly • Fresh Water • Greater Fort Wayne Business Weekly •

March 2, 2011

Reuters: Entrepreneurs Powering Cleveland Makeover “…Cleveland, dubbed the Forest City, is emerging as a hotbed of innovation in areas such as healthcare and IT.” May 4, 2011

Buffalo News: Small Firms Called Key to Stimulating Economy “Ohio’s efforts have turned an area in northeastern Ohio that once was ‘scorched earth’ for entrepreneurial activity into a place that now has a healthy base of development-stage firms.”

June 27, 2011

The Nonprofit Quarterly: A Job Creation Model that Begins with a Nonprofit “The old saying, ‘As Ohio goes, so goes the nation,’ got an added jolt of relevance recently with the creation of a new national nonprofit...”

Green Investing Times • GreenMuze • hiVelocity • The Huffington Post • Inside Business • Inside INdiana Business with Gerry Dick • International Business Times • InventorSpot • The Line • Los Angeles Times • MassDevice • MedCity News • MetaEfficient • The Miami Herald • MicrOHscope • Minneapolis / St. Paul Business Journal • The Modesto Bee • NEOtropolis • New Jersey TechNews • New Scientist • The Nonprofit Quarterly • NPR • NVCAccess •The Observer • Pacific Business News • PC Magazine •

August 5, 2011

The Deal: JumpStarting Startups and with Them New Jobs August 7, 2011

The Plain Dealer: JumpStart CEO Ray Leach named to National Venture Capital Association Board

Pioneer Press • Pittsburgh Business Times • The Plain Dealer • Popular Mechanics • The Repository • Reuters • Rochester Business Journal • Sacramento Bee • Seattle Times • Smart Business • Smart

September 2011

NPR “State of the RE: Union”: Cleveland, OH: Entrepreneurs at Work “This is a now a city of entrepreneurship…”

Money • State of the Re:Union • The Street • The Suburbanite • Sun News • TechEye • TEMPO • TIME Magazine • The TimesPicayune • Tribune Chronicle • USA Today • The Vindicator •The Wall Street Journal •

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real support JumpStart’s exceptional philanthropic partners are the cornerstone of our work. In this report, JumpStart acknowledges our leadership donors and donor community for gifts received during the July 1, 2010–June 30, 2011 fiscal year. The support from our partners is the reason we are able to contribute to the entrepreneurial effect.

The Richard J. Fasenmyer Foundation The Richard J. Fasenmyer Foundation supports significant, innovative, collaborative efforts in clinical immunology, particularly those that relate to patient support, education, and research in the areas of HIV/AIDS and its attendant illnesses; fosters business

Leadership Donors

The Cleveland Foundation The Cleveland Foundation improves the lives of Greater

Ohio Third Frontier

Clevelanders now and for generations to come by building

entrepreneurship and promotes the free enterprise spirit; and encourages economic development in partnership with the arts.

The FirstEnergy Foundation

community endowment, addressing needs through grant

Forest City Enterprises Charitable Foundation, Inc.

Ohio Third Frontier is innovation

making, and providing leadership on vital issues.

The Fund for Our Economic Future

creating opportunity. The $2.3 billion

The Frank H. and Nancy L. Porter Fund

initiative supports applied research and

An advised fund established with a bequest from the estate of Frank and

commercialization, entrepreneurial

Nancy Porter, the fund enables the Porter children to recommend support

of The Cleveland Foundation

The Fund for Our Economic Future unites philanthropy in Northeast Ohio to strengthen the region’s economic competitiveness through grant making, research, and civic engagement.

in their parents’ names to organizations and causes they supported

Greater Cleveland Partnership

during their lifetimes for the good of the Greater Cleveland region.

As an association of business members, the Greater Cleveland

and expansion of a skilled talent pool that

COSE

Partnership mobilizes private-sector leadership, expertise, and

can support technology-based economic

COSE is Northeast Ohio’s largest small business support

growth. Ohio Third Frontier’s strategic intent

organization and provides cost-effective group purchasing

assistance, early stage capital formation,

resources to create jobs and leverage investment to improve the economic vitality of the region.

programs, advocacy on legislative and regulatory issues, and

KeyBank Foundation

networking and educational resources to help the region’s small

The objective of the KeyBank Foundation is to improve the quality

that supports the efficient and seamless

businesses maintain their independence and grow.

of life and economic vibrancy of the places where our customers,

transition of great ideas from the laboratory

The Economic Development Administration

employees, and shareholders live and work.

is to create an “innovation ecosystem”

to the marketplace.

of the U.S. Department of Commerce

The Economic Development Administration’s mission is to lead the federal economic development agenda by promoting innovation and competitiveness, preparing American regions for growth and success in the worldwide economy.

the entrepreneurial effect

John S. and James L. Knight Foundation The John S. and James L. Knight Foundation promotes excellence in journalism worldwide and invests in the vitality of 26 U.S. communities where the Knight brothers owned newspapers.

Donor Community The Abington Foundation The American Society for Artificial Internal Organs

The Fred A. Lennon Charitable Trust The Burton D. Morgan Foundation The mission of the Burton D. Morgan Foundation is to strengthen the free enterprise system by investing in organizations and institutions that foster the entrepreneurial spirit.

The Donald and Alice Noble Foundation PNC Foundation The PNC Foundation actively supports organizations that provide services for the benefit of the community, especially those services that assist in the development of preschool children for success in school and life. The PNC Foundation receives its principal funding from The PNC Financial

An Anonymous Northeast Ohio Family Baker Hostetler Calfee, Halter and Griswold The Charter One Foundation The Katherine and Lee Chilcote Foundation The George W. Codrington Foundation

Dix & Eaton Dollar Bank The Dominion Foundation The Eaton Charitable Fund Ernst & Young Fifth Third Bank The GAR Foundation Huntington National Bank

Jones Day

Mr. Anthony Petti

JumpStart gratefully

The Ewing Marion Kauffman Foundation

Squire, Sanders & Dempsey

acknowledges 100

The Lincoln Electric Foundation

STERIS

its board of directors and

The David and Lindsay Morgenthaler Foundation The Nord Family Foundation The William J. and Dorothy K. O’Neill Foundation

percent participation of

The Summers Family Foundation

associates in financially supporting

Third Federal Foundation

the organization.

Thompson Hine The Raymond John Wean Foundation

The Parker Hannifin Foundation

Board of Directors Mr. Doug Weintraub, CPA Board Chair Mr. Mark Williams Vice Chair

Services Group (NYSE: PNC).

The Frances G. and Lewis Allen Davies Endowment Fund of The Cleveland Foundation

Surdna Foundation

Dr. Jacqueline Acho

The Surdna Foundation seeks to foster just and sustainable

Ms. Barbara Brown

communities in the United States—communities guided

Ms. Lauren Rich Fine

Observers

Mr. Larry Goddard

Mr. Ray T. Leach

Mr. R. Louis Schneeberger

Ms. Rebecca O. Bagley

Mr. Jack Harley

Mr. Rich Lunak

Mr. William R. Seelbach

Ms. Lisa Delp

Mr. Jim Hickey

Ms. Amy Millman

Mr. Ken D. Semelsberger

Ms. Deborah Hoover

Mr. Bob Hurwitz

Ms. Carmen Ortiz-McGhee

Dr. Rachel Talton

Mr. David Morgenthaler

Mr. Joseph Jankowski

Dr. Frank Papay

Mr. David Wilhelm

Mr. Chris Schmid

Dr. Eric Anthony Johnson

Mr. Patrick Pastore

Ms. Jennifer Thomas Mr. Steve Walling

by principles of social justice and distinguished by healthy environments, strong local economies, and thriving cultures.

Sources and Uses (July 1, 2004 - June 30, 2011) Sources of Funds $58.6M Individuals and Program Fees $1.6 (3%)

State of Ohio $26.1 (44%)

Private and Community Foundations $20.6 (35%)

Uses of Funds $58.6M Funds to Assist and Invest in Northeast Ohio Entrepreneurs $42.1 (72%) Funds to Accelerate Northeast Ohio’s Ecosystem $9.0 (15%) Funds for Operations $5.2 (9%)

Corporate Foundations $7.0 (12%)

Funds to Accelerate Ecosystems Nationally $2.3 (4%)

Federal Government $3.3 (6%)

real people • real [resources] • real outcomes

Pictured throughout this book are just some of the real entrepreneurs, advisors, funders, interns, mentors, investors, educators, students, civic leaders, journalists, volunteers, and government officials making the work of JumpStart and the entire innovation and entrepreneurial ecosystem come to life.

Contributors Writing: Leigh Keeton; Editing: Samantha Fryberger; Design: Meg Lalley Photography: Laura Webb, Cassandra Tabora, Harold Lee Miller, Karen Sayre, and Lauren Parsells