Transforming: THe Increasing Impact OF NorthEast Ohio Entrepreneurs and One of
America’s Best Ecosystems
2010 COMMUNITY REPORT
Message To Our Community Transforming. Our region’s entrepreneurs are transforming
Given our work and the work occurring by many others across
their ideas into businesses and their businesses into job
Northeast Ohio, this annual report celebrates Northeast Ohio’s
creators. And it’s due in part to our entrepreneurial ecosystem’s
entrepreneurial ecosystem, its many committed members,
own transformation— it’s strengthening and growing.
and the transformative effect it is having on our region’s entrepreneurs and economy. As you read on, you’ll see that
These transformations have been occurring for several years.
a robust entrepreneurial ecosystem is part of our region’s
Since JumpStart’s inception in 2004, we have supported
legacy. The elements available today were available before and
thousands of entrepreneurs directly through our programs and
contributed to the success of our region’s iconic entrepreneurs,
services, so they can transform their ideas into plans and plans
some of whom created companies that remain Northeast
into businesses. Supporting entrepreneurs with high growth
Ohio’s largest employers. You’ll see how today’s entrepreneurs
companies in Northeast Ohio by providing intensive technical
have utilized these same elements to accelerate the trajectory of
assistance and investment dollars has been, and continues to
their businesses. Lastly, you’ll discover that the collective work
be, at the core of our mission.
of the entire region has been recognized nationally, ensuring that our leaders are invited to influence the development of
At the same time, the desire to transform Northeast Ohio’s
America’s entrepreneurial ecosystems.
entrepreneurial ecosystem into one with the scale and robustness we collectively need has resulted in JumpStart
The highlight of this year’s report is a salute to our collective
supporting broader efforts in the region and the state.
work: a visual representation of Northeast Ohio’s transforming,
JumpStart has directly and indirectly advocated for,
and transformative, entrepreneurial and innovation ecosystem.
supported, and helped to expand some of the programs addressing the needs of innovation and entrepreneurship in
As for JumpStart’s work, it is only because of the continued
the region. This work includes the launch of the North Coast
support JumpStart receives from all its philanthropic partners
Angel Fund, the passage of two expansions of Ohio Third
that the organization creates impact. Thank you for your
Frontier, and the attraction of six new venture funds that have
inspiring commitment to our region and its entrepreneurial
opened offices here.
support system.
To that end, we are enhancing the collaboration formerly known as TechLift and funded by Ohio Third Frontier. Now, this network will be called the JumpStart Entrepreneurial Network to reflect a coordinated service model that is easier for entrepreneurs to access. The JumpStart Entrepreneurial Network’s non-profit members work together to optimize the support provided to entrepreneurs, connecting them to the most appropriate resources and capital across the network’s members and in the broader ecosystem.
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Ray T. Leach
Douglas L. Weintraub
Chief Executive Officer
Chairperson
Elements of the Northeast Ohio
Entrepreneurial
Ec system
Culture
The entrepreneurial and innovation ecosystem in Northeast Ohio is made up of entrepreneurs and eight critical elements. Each element is unique and essential, yet connected to all the other elements in order to provide the continuum of support entrepreneurs need. The visual above reflects these interrelated components in relationship to entrepreneurs.
Idea Creators
Sources of
Advocates Organizations,
The
Ecosystem Funders
intellectual property or commercializable
government officials, and business
include government entities, private
ideas from centers of research and
organizations that advocate for the needs
foundations, individuals, and
entrepreneurs themselves.
of entrepreneurs to policy makers and
corporations that financially support the
leaders who can influence government
ecosystem and its participants. Without
funding and programmatic opportunities.
them, the ecosystem would not exist.
Investors Sources of risk capital available to companies not likely to qualify for, or receive, traditional financing.
Resource Providers Tangible and intangible resources that enable entrepreneurs to advance their skills and increase their likelihood of success.
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Stories & Storytellers
An entrepreneurial
Culture is the
Inspiring stories of past entrepreneurial
outcome of a thriving ecosystem and
successes that inspire youth and would-
is a culture in which entrepreneurs are
be entrepreneurs, and those who tell
understood, appreciated, and celebrated;
them.
diversity is embraced; risk investing is
Educators Organizations
encouraged; uncertain outcomes and failures are accepted; and entrepreneurial
and higher education institutions
activity levels are high and thriving. It
that introduce entrepreneurs into the
surrounds, is created by, and is nurtured
ecosystem and increase their knowledge.
throughout the ecosystem. 3
Northeast Ohio’s Entrepreneurial Ecosystem of the Past
Northeast Ohio has a legacy of a rich entrepreneurial ecosystem, which grew organically. At the turn of the 19th century and shortly thereafter, the ecosystem contributed to the economic success of Northeast Ohio’s entrepreneurs and resulted in a thriving entrepreneurial culture.
Idea Creators Working as a janitor in a Canton department store, the carpet sweeper James Spangler was using aggravated his asthma. He used a fan motor, soap box, broom handle, and pillowcase to fashion a portable, electric vacuum cleaner. The company he formed to manufacture his new technology, Electric Suction Sweeper, later became
Photo courtesy of The Sherwin-Williams Company
known as Hoover.
Sherwin-Williams has grown from a small operation in Cleveland to be a global leader in the coatings industry
Investors savings in a Cleveland shop that made and mixed pigments, painting supplies, and oils.
Advocates
When he and his initial partners split the
The successful recruitment
company, his former partners focused on
of Carl “Charles” Diebold’s
manufacturing linseed oil, leaving Henry
Cincinnati-based safe
with little assistance running the paint
building company to
business. With a $15,000 investment from
Canton might have been the
Edward Williams, Henry and Edward took
result of some persuasive
their ideas and knowledge and started
salesmanship by the local
Sherwin, Williams & Co. The funding
town fathers. The anecdote goes that many of those townsmen put up their own money to
allowed the company to invent new
assure the company’s relocation. As a result, Charles rebuilt Diebold, Incorporated in
products, innovations that revolutionized
Northeast Ohio and started again building the company’s first product.
the paint industry. 4
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Photo courtesy of Diebold, Incorporated
In 1866 Henry Sherwin invested his life’s
Photo copy of an original in the Special Collections Research Center, Kelvin Smith Library, Case Western Reserve University, Cleveland, Ohio
Resource providers When Charles Brush quit his day-job selling iron ore in 1877 to develop his idea for a dynamo electric engine and a powered arc lamp, he looked to a childhood friend for assistance. George Stockly was Vice President of Cleveland’s Telegraph Supply Company, and with George’s vote of confidence, the company gave Charles space to work and paid for the development, manufacturing, marketing, and sale of his dynamo. By 1891, the company Charles built around his arc lamp system had merged with a top competitor and Thomas
Educators Many of today’s colleges and universities that offer programs focused on entrepreneurship were founded in the late 19th century.
Photo courtesy of the Cleveland Public Library
Photo courtesy of Case Western Reserve University Archives
Edison’s company to form General Electric.
Map of original five buildings on the campus of Case Western Reserve University predecessor institutions
Stories and Storytellers When Charles Brush unveiled his arc lamp system on Cleveland’s Public Square on April 29, 1879, The Plain Dealer was there to share the story. Sherwin-Williams used its own publication, The Chameleon, to announce company milestones to its employees. And several other publications like the Cleveland Gazette, the Commercial Register, and the Akron Beacon Journal were founded during the 19th century, a time when there were many entrepreneurial success stories to be told.
J U M P S TA R T 2 0 1 0 CO M M UNI T Y R E P O R T
This 1899 edition of The Chameleon features events at the 19th annual Sherwin-Williams sales meeting Photo courtesy of The Sherwin-Williams Company
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Northeast Ohio’s Entrepreneurial Ecosystem of Today Today’s entrepreneurial ecosystem is more vital and robust than ever. That’s why in the following stories, we profile entrepreneurs who have accessed many elements of the ecosystem, including members of the JumpStart Entrepreneurial Network*. With this support, Northeast Ohio entrepreneurs are building businesses, creating jobs, and achieving success.
Entrepreneur: Wendell
Turner Food Technologies Accessing: Idea Creators Company: HF
When Wendell Turner was looking for a new venture, he turned to NASA Glenn Research Center’s Garrett Morgan Program. That’s where he discovered a USDA technology that reduces the fat content in food systems, while maintaining the taste of full-fat products. Wendell founded HF Food Technologies, licensed the technology, and came to JumpStart Ventures* for financing and business assistance. The initial funding allowed Wendell to begin working with industry consultants on commercializing the technology, called Nutrigras. With assistance from JumpStart Inclusion Advisors*, Wendell developed formulations for the company’s product, a Nutrigras-branded line of beef patties. Nutrigras received USDA, FDA, and Ohio Department of Agriculture approval in March 2010. Wendell has since formed relationships with meat suppliers through the National School Lunch Program. “Having technologies ready for commercialization like the one behind Nutrigras can have a big impact on the region’s ecosystem,” said Wendell. *Organizations are members of the JumpStart Entrepreneurial Network, a collaborative network supported by Ohio Third Frontier. 6
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Tony Giordano Company: TheraVasc Accessing: Educators Entrepreneur:
Cleveland native Tony Giordano came across a drug to treat peripheral artery disease while Entrepreneur: David
levine Company: Wireless Environment Accessing: Resource Providers
at Louisiana State University, but chose to commercialize it and start his company, TheraVasc, in Northeast Ohio. “Northeast Ohio offers an active and enthusiastic environment for
After David Levine founded Wireless Environment, which designs batteries and
entrepreneurs,” Tony said. Tony received introductions from an Entrepreneur-in-
control systems for LED light bulbs, he
Residence in the JumpStart Entrepreneurial Network*, office
needed inexpensive office space to build a
space from BioEnterprise, industry-specific resources from the
patent strategy. The company became a client
Global Cardiovascular Innovation Center, and capital from the
of the Great Lakes Innovation and Development Enterprise
Innovation Fund, founded by the Lorain County Community
(GLIDE)*, which gave him space and access to the Innovation
College Foundation*, JumpStart Ventures*, and Portal Capital.
Fund, founded by the Lorain County Community College
But an equally important element of the ecosystem has been
Foundation*. His company was awarded a $100,000 grant.
the colleges and universities encouraging students to learn
The resource David found most helpful however, was
about entrepreneurship first hand. “Educators offering
the people. “At incubators, quick hellos in the hallway lead
entrepreneurship-focused internships provide young companies
to deeper conversations about raising money, hiring, and
like TheraVasc with eager-to-learn, hardworking researchers and
selling,” David said. The conversations helped him build
support staff at a reasonable cost.”
a network of successful entrepreneurs on which to rely.
Tony’s staff of interns has done everything from redesigning
“Northeast Ohio is loaded with entrepreneurs who see it as
the company’s website to helping write an Investigational New
their responsibility to help other entrepreneurs.”
Drug (IND) application to the FDA. The IND will study the
David’s network led him to JumpStart Ventures*, which
safety and biological activity of TheraVasc’s lead drug. Beyond
provided the funding he needed to expand his patent portfolio,
the value internships provide his company, Tony enjoys giving
launch an initial product line, and begin developing a second.
students real-life experiences and a broad understanding of
The ‘smart bulb’ line bundles the company’s intellectual
how the ecosystem works. “These interns often already have a
property into a single LED light compatible with the 21.4
passion for entrepreneurship and by placing them at growing,
billion bulb sockets worldwide. David also used the JumpStart
innovative companies, that desire can grow. They might become
Ventures talent program to build another resource: a Board of
entrepreneurs themselves.”
Directors to which David now looks for strategic guidance.
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Northeast Ohio’s Entrepreneurial Ecosystem of Today
PHIL BRENNAN Power Systems Accessing: Advocates Entrepreneur:
Company: Echogen
Organizations including JumpStart, the City of Akron, and the region’s Chambers of Commerce, advocate with policy makers to
MIKE Broderick Company: Turning Technologies Accessing: STories & Storytellers
secure resources that support the region’s
Entrepreneur:
entrepreneurial ecosystem. The ecosystem can then support companies like ECHOGEN Power Systems, which is commercializing a thermal engine that captures industrial waste
After developing the technology at the Youngstown Business Incubator*, Turning
Ohio Third Frontier, a statewide program fueling economic
Technologies, led by Chief Executive Officer
growth by funding research, development, and commercialization
Mike Broderick, launched hardware devices
projects, has indirectly supported the company since it started
for audience participation used in conjunction
working with Ohio Third Frontier-supported Akron Global
with its already popular software designed to poll presentation
Business Accelerator* and JumpStart Ventures*. Ohio Third
audiences, classroom students, or boardroom executives. Its
Frontier also awarded ECHOGEN a $4.3 million grant directly.
seamless integration with presentation software made it easy to
With the support, the ECHOGEN team, led by Chief Executive
use and affordable.
Officer Phil Brennan, developed a pilot engine 12 months earlier
In three years, Turning Technologies grew over 3,000 percent
than planned, doubling its staff in the process. The company now
and Inc. magazine named it the fastest growing privately held
plans to install a second pilot engine, expected to produce up to
software company in the U.S. The company has sold products
eight megawatts of electricity—enough electricity to power over
and services to organizations in over 90 countries and recently
3,200 homes—in a Northeast Ohio industrial plant. “The ecosystem
opened an office in Amsterdam, bringing its employment to over
is, as its name suggests, a number of interrelated and co-dependent
180 people.
organizations and stakeholders working together to support the
Turning Technologies’ success has brought national
growth and development of young companies,” Phil said. “Without
recognition to the region. This year Mike posed alongside
organizations like JumpStart and NorTech advocating for the
the Youngstown Business Incubator’s Chief Evangelist, Jim
growth and strengthening of the ecosystem, companies like ours
Cossler, for a spread in Inc. magazine. “The YBI and the region’s
wouldn’t be making the progress we are today.”
entrepreneurial ecosystem helped us with the resources most
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heat and transforms it into electricity.
When Ohio Third Frontier was up for renewal, the same
needed to accelerate our growth,” Mike said. “I hope the success
organizations provided the public with information on Ohio Third
Turning Technologies has experienced, with the clear benefits
Frontier’s results. ECHOGEN supported the effort, and Ohio
of the support we’ve received, serves as inspiration to others
citizens voted to approve a $700 million extension of the program
thinking about entrepreneurship.”
in May 2010.
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Stephen Spoonamore Company: ABSMaterials Accessing: Investors Entrepreneur:
ABSMaterials’ technology, discovered by Dr. Paul Edmiston at The College of Wooster, is a swelling glass that absorbs toxins in liquids.
Charu Ramanathan Company: CardioInsight Accessing: Idea Creators Entrepreneur:
Paul applied for a $25,000 grant from the Innovation Fund, founded by the Lorain
Former Case Western Reserve University
County Community College Foundation* to develop a business
faculty member Dr. Yoram Rudy and his
plan for the idea.
research team, including doctoral students
That’s when he met Stephen Spoonamore, a startup executive who came on as Chief Executive Officer and helped the company
Ping Jia and Charu Ramanathan, were working on a new technology. It combined
win the grant, as well as a $100,000 loan from the Innovation
electrical information gathered from a “vest” placed on a
Fund. With the funding, Stephen built a pilot-scale production
person’s body with internal images of the heart from a CT
system, hired his first employees, and delivered a product to two
scan. The combination resulted in a 3-D map of the heart’s
initial customers. The technology and business validation helped
electrical activity.
ABSMaterials receive a $250,000 investment from JumpStart
The team knew commercializing the technology would
Ventures*. The company then closed a $2.4 million Series A
mean providing critical information in guiding arrhythmia
round with investment from Ohio-based North Coast Angel
ablation and cardiac resynchronization therapy. To do that,
Fund*, several private Ohio investors, Harris & Harris Group,
Charu and Ping co-founded spin-out company CardioInsight
and Vivero Group.
Technologies and licensed the technology from Case. “We
ABSMaterials is now manufacturing glass to absorb toxins,
were confident this technology could deliver significant
including fuel oils and hexamine. It won funding from the
clinical value, and we were committed to developing it into a
Department of Energy and National Science Foundation and
commercial product,” said Charu.
secured deals with 11 customers, including BP and Emerson.
Shortly after the spin out, CardioInsight received
“Part of what made ABSMaterials an attractive local investment
investments from JumpStart Ventures*, Case Technology
was qualifying for the Ohio Technology Investment Tax Credit,”
Ventures, and Draper Triangle Ventures. The company used
Stephen said. “Programs like these, coupled with the growing
the funding to conduct 75 pre-procedural patient studies, the
availability of pre-seed, seed, and venture funding in the region,
results of which proved the technology’s strengths in guiding
have had direct impact on ABSMaterials’ progress and job
the treatment of arrhythmia and heart failure. To take the
creation in Northeast Ohio.”
technology through the final phases of commercialization, the team brought on an experienced Chief Executive Officer in Steve Arless and closed a $6 million Series B round.
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the Impact
…of an Organization’s Work JumpStart’s results in Northeast Ohio reflect our effort to engage the region’s entrepreneurial community, assist entrepreneurs in growing their high potential businesses, invest in the highest potential companies, and continuously champion for the needs of entrepreneurs. While not close to finished, JumpStart’s work is successfully moving our entrepreneurial economy forward.
Community Engagement Results Engaged
JumpStart Ventures Results
Impact on Northeast Ohio
Invested
Generated economic impact of
37,300
$18.1 million
$267 million
entrepreneurs and community members
in 49 companies, 14 founded by
in the past four years, including
(7,500 women or minority)
women or minority entrepreneurs
$90 million in 2009, as reported by Cleveland State University
Approached by
8,307 entrepreneurs (1,412 women or minority) Received
JumpStart Ventures portfolio companies have Raised
$127 million
Created and supported
811
direct and indirect jobs
2,317
– leverage of 7x on the investment
business plans from entrepreneurs
($36 million raised by companies founded
$12.1 million
(771 from women or minorities)
by women or minority entrepreneurs)
in taxes in 2009, more than JumpStart’s
Provided
Reached annualized revenues of
87,750 hours of free assistance to entrepreneurs (21,800 hours to women or minorities)
JumpStart Inclusion Advisors Results Assisted
48
client companies that hold 15 patents
$30 million Created and supported
431 direct jobs
104
patents with another 152 in process JumpStart Ventures portfolio company
Launch100 initiative and began building a pipeline of up to
was acquired in 2010
15
annual investing and operating budgets Directly and indirectly advocated for, supported, or helped to expand: ## The creation of the North Coast Angel Fund, North Coast Opportunities Fund, Emerging Market Fund and the Innovation
Received
DIY Real Estate Solutions
Launched the JumpStart
Generated
Fund of Lorain County Community College Foundation ## Six new venture funds that opened offices in Northeast Ohio since 2006 ## Commitments of over $65 million from public and private sources supporting entrepreneur-focused organizations
client companies per year (Results through August 31, 2010) 10
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the Impact
JumpStart is just one member of the JumpStart Entrepreneurial Network and just one funding recipient
…of a Network and a State
of the Ohio Third Frontier. Both have achieved results greater than any single organization.
JumpStart Entrepreneurial Network
Ohio Third Frontier
The three-year-old JumpStart Entrepreneurial Network
Ohio Third Frontier is a technology-
(formerly known as TechLift) is a connected group of our region’s entrepreneurial support entities, all funded by Ohio Third Frontier. Members* of the JumpStart Entrepreneurial Network include:
based initiative of the State of Ohio that is successfully changing the trajectory of the economy in Ohio. It has contributed to Northeast Ohio’s success through the
## The region’s incubators including MAGNET, Great Lakes Innovation and Development Center (GLIDE), Braintree Development Center, Youngstown Business Incubator, and the Akron Global Business Accelerator ## BioEnterprise
programs it funds. But the impact of this program reaches beyond Northeast Ohio; Ohio is rapidly becoming a leader in the country, and the envy of many states, because of its vast system of
## Glengary, LLC
entrepreneurial support programs and
## JumpStart and its programs
the resulting transformation underway.
## JumpStart Higher Education Collaboration Council ## North Coast Angel Fund ## North Coast Opportunities Technology Fund of Cuyahoga County
Ohio Third Frontier Results
## NorTech
Created, attracted, and capitalized
## Innovation Fund founded by Lorain County Community College Foundation
637
companies
## Ohio Aerospace Institute
Created
JumpStart Entrepreneurial Network Results Approached by
7,640 entrepreneurs
Meaningfully engaged with
2,600
entrepreneurs Meaningfully worked with
1,000
client companies
Client companies have Raised
$319 million in follow-on capital
54,983 direct and indirect jobs with the average salary of $65,815 Generated
$6.6 billion in economic activity
Received
$69 million
(Results through December 30, 2009)
in federal and state grants Reached annualized revenues of
$100 million Created and supported
850
direct jobs at an average salary of $67,020 (Results through June 30, 2010) J U M P S TA R T 2 0 1 0 CO M M UNI T Y R E P O R T
*Members of the JumpStart Entrepreneurial Network are entities in Northeast Ohio that have received funding from Ohio Third Frontier’s Entrepreneurial Signature Program. 11
the Impact
…of One of America’s Best Ecosystems As our country grapples with the current
This is one reason why the Economic
other communities and funding partners
recessionary conditions, leaders from
Development Administration (EDA)
have engaged with JumpStart. This work
economically distraught communities
selected JumpStart to collaborate
continues to focus a national spotlight
across the nation and in Washington D.C.,
with leaders of other Midwestern
on the successes of the entrepreneurial
have been looking for models and best
communities to create entrepreneurial
ecosystem in Northeast Ohio and Ohio
practices that can make a difference. The
action plans. With funding from the
broadly; it also helps sustain the ongoing
successful transformation underway in
EDA, Surdna Foundation, and The
work of JumpStart in Northeast Ohio.
Northeast Ohio has been identified as one
Knight Foundation, JumpStart, through
of the leading stories and communities
JumpStart Community Advisors, began
from which to learn.
work in summer 2010. Since that time,
DULUTH, MN
MINNEAPOLISST. PAUL, MN
ROCHESTER, NY
SYRACUSE, NY
BUFFALO, NY DETROIT, MI GARY, IN SOUTH BEND, IN FT. WAYNE, IN
As part of this work, JumpStart
IdeaCrossing Results:
has received funding to expand the functionality and reach of IdeaCrossing. The free online community provides entrepreneurs access to resources, including capital, technical assistance and mentors, which are necessary to turn innovative ideas into thriving businesses. Use of this tool will be an important part of each region’s entrepreneurial plan while also benefitting the entrepreneurs, mentors, investors, and
111,036
9,170
visits to IdeaCrossing
matches between entrepreneurs
126,334
and business mentors
matches between investors
4,919
and entrepreneurs
registered users
service providers using the service across the country. (Results through October 7, 2010) 12
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Northeast Ohio’s Story on the National Stage As a result of the story of Northeast Ohio’s transformation,
## JumpStart CEO Ray Leach was selected as a member of the National
Advisory Council on Innovation and Entrepreneurship. Ray was among
JumpStart now has
several innovators and entrepreneurial
the opportunity
the group, which supports the nation’s
thought leaders named as a member of
to participate in
innovation strategy by helping to develop
national discussions
economic growth, and create jobs. Others named to the council include Steve Case,
and innovation,
CTO of Cisco Systems; and Jerry Yang, Co-
to policies that will further support the creation of a national
client companies have been covered by over 4,600 media vehicles, of which 74 have a national or global audience. • Inc.: “Incubation Nation: Where Great Ideas are Born”
policies that foster entrepreneurship, drive
on entrepreneurship and to contribute
## Stories of JumpStart and portfolio and
Co-Founder of AOL; Judith Estrin, former Founder of Yahoo! ## JumpStart CEO Ray Leach will lead the
• The Wall Street Journal: “Cleveland Rocks? JumpStart Wants to Make it So” • PARADE: “How Cleveland,
Economic Development Administration’s
Ohio, is becoming… A City for
Regional Innovation Acceleration Network (RIAN), a
Entrepreneurs”
entrepreneurial
network of leaders from 50 states who will
economy.
also providing recommendations regarding
collaborate to share best practices while actions to foster entrepreneurship, drive economic growth, and create jobs. ## In 2010 JumpStart was named, for the second year in a row, a recipient of the State Science and Technology Institute’s (SSTI) Excellence
in TechnologyBased Economic Development Awards. After 2009’s recognition in the Increasing Access to Capital category, JumpStart received the 2010 award for Building Entrepreneurial Capacity. ## JumpStart was recognized by the U.S. Commerce Department with an Excellence
in Economic
Development Award for Excellence in Urban or Suburban Economic
• Bloomberg BusinessWeek: “Helping Urban Startups Get Started” • JumpStart Ventures portfolio companies were selected for national Bloomberg BusinessWeek lists: “The World’s 25 Most Intriguing Startups” (Phycal and Freedom Meditech) “25 Most Promising Social Entrepreneurs of 2010” (MAR Systems) “America’s Most Promising Startups” (MAR Systems)
• This recognition builds on four years of media coverage telling JumpStart’s story, including features in The New York Times, USA Today, The Chronicle of Philanthropy, and Entrepreneur magazine.
Development.
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JumpStart would like to recognize Ohio Third Frontier for its leadership and support of Northeast Ohio’s entrepreneurial ecosystem. This
Recognizing Our Donors JumpStart’s philanthropic supporters make this work happen. It is because of their support that JumpStart is transforming Northeast Ohio’s entrepreneurial ecosystem into one of national prominence.
program of the State of Ohio catalyzes the innovation that is transforming Ohio’s economy by creating new technologies, companies, industries, and jobs. The JumpStart Entrepreneurial Network, and all of JumpStart’s programs, would not exist without Ohio Third Frontier.
Leadership Donors 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 Cleveland Foundation The Cleveland Foundation improves the lives of Greater Clevelanders now and for generations to come by building community endowment, addressing needs through grant making, and providing leadership on vital issues. COSE COSE is Northeast Ohio’s largest small business support organization and provides cost-effective group purchasing programs, advocacy on legislative and regulatory issues, and networking and educational resources to help the region’s small businesses maintain their independence and grow. The Economic Development Administration, a division 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.
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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 entrepreneurship and promotes the free enterprise spirit; and encourages economic development in partnership with the arts.
KeyBank Foundation The objective of the KeyBank Foundation is to improve the quality of life and economic vibrancy of the places where our customers, employees, and shareholders live and work. The 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.
The FirstEnergy Foundation Forest City Enterprises Charitable Foundation, Inc. The Fund for Our Economic Future 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. Greater Cleveland Partnership As an association of business members, the Greater Cleveland Partnership mobilizes private-sector leadership, expertise, and resources to create jobs and leverage investment to improve the economic vitality of the region.
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 Services Group (NYSE: PNC). Surdna Foundation The Surdna Foundation seeks to foster just and sustainable communities in the United States—communities guided by principles of social justice and distinguished by healthy environments, strong local economies, and thriving cultures.
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SOURCES & Uses July 1, 2004 through June 30, 2010 All figures are in millions
Sources of Funds – investments 6%
l State of Ohio l Foundations l Corporations
32% 62%
Donor Community Baker Hostetler Calfee, Halter and Griswold The Charter One Foundation The Kathryn and Lee Chilcote Foundation The Cleveland Clinic Foundation
State of Ohio
$10.8
62%
Foundations
$5.6
32%
Corporations
$1.1
$17.5
6% 100%
The George W. Codrington Foundation Dix & Eaton
Sources of Funds – Operations
Dollar Bank Foundation
4%
The Dominion Foundation
16%
The Eaton Charitable Fund
l l l l l
34%
Ernst & Young Fifth Third Bank
38%
8%
The GAR Foundation Huntington National Bank Jones Day The Ewing Marion Kauffman Foundation The Fred A. Lennon Charitable Trust The Lincoln Electric Foundation Mentor Economic Assistance Corporation Minority Contractors Business Assistance Program of the Ohio Department of Development
State of Ohio Federal Government Foundations Corporations Individual & Prog. Fees
State of Ohio
$9.5
Federal Government
34%
$2.1
Foundations
$10.6
38%
Corporations
$4.5
16%
Individuals & Program Fees
$1.2
$27.9
8%
4% 100%
The David and Lindsay Morgenthaler Foundation The Nord Family Foundation Oberlin Research Group
uses of funds
The Parker Hannifin Foundation
11%
Squire, Sanders & Dempsey
12% 39%
STERIS The William & Pamela Summers Family
38%
Third Federal Foundation
l Investments l Ventures/Entrepreneurial Network/Inclusion l Marketing/IdeaCrossing l Admin/Finance/Shared Services/IT/Fundraising
Thompson Hine The Raymond John Wean Foundation
Investments
$17.5
39%
An Anonymous Northeast Ohio Family
Ventures/ Entrepreneurial Network/Inclusion $17.4
38%
Marketing/ IdeaCrossing
$5.6
12%
Admin/Finance/ Shared Services/ IT/Fundraising
$4.9
$45.4
JumpStart gratefully acknowledges 100 percent participation of its associates and board of directors in financially supporting the organization.
J U M P S TA R T 2 0 1 0 CO M M UNI T Y R E P O R T
11% 100%
15
Board of Directors Mr. Doug Weintraub, CPA Board Chairperson, JumpStart Inc. Serial Entrepreneur
Mr. Mark J. Williams Vice Chairperson, JumpStart Inc. Executive Vice President, KeyBank
Dr. Jacqueline Acho, Ph.D. President, The Acho Group
Ms. Barbara Brown Principal and Co-Founder, BrownFlynn
Ms. Judith Cone Special Assistant to the Chancellor for Innovation & Entrepreneurship, University of North Carolina at Chapel Hill
Mr. Mark E. Coticchia Vice President for Research & Technology Management, Case Western Reserve University
Mr. Larry Goddard President, The Parkland Group, Inc.
Ms. Bonnie W. Gwin Managing Partner, Heidrick & Struggles
Mr. Peter D. Hancock Executive Vice President, Finance, Risk, and Investments, AIG, Inc.
Mr. Jack Harley President, JWH Group Inc
Mr. Jim Hickey President and Founder, Arras Group
Dr. Jagdish D. Kulkarni, M.D. President and CEO, J & J Enterprise
Mr. Ray T. Leach Mr. Richard Lunak President and CEO, Innovation Works
Ms. Amy Millman Co-founder and President, Springboard 2000 Enterprises, Inc.
Ms. Carmen Ortiz-McGhee President, The Marathon Club
Mr. R. Louis Schneeberger Chief Financial Officer, Panther Expedited Services, Inc.
Mr. William R. Seelbach Operating Executive, The Riverside Company
Mr. Ken Semelsberger Senior Vice President – Finance and Planning, Industrial Sector, Eaton Corporation
Mr. Steve Walling Chairman and CEO, Plasticolors, Inc.
Mr. David Wilhelm Founder and Partner, Adena Ventures
JumpStart Inc. | 737 Bolivar Road, Suite 3000 | Cleveland, OH 44115 Phone: 216.363.3400 | Fax: 216.363.3401 | www.jumpstartinc.org
Design: Boondock Walker; Photography: Diann Mistelske, Cassandra Tabora
CEO, JumpStart Inc.