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.
4
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.
5
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.”
9
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.
10
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.
4
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
15
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