Venture Capitalists and Angel Investors Find Success in Northeast Ohio
CLEVELAND, Oct. 15 /PRNewswire/ -- Venture capitalists and angel investors are tapping into Northeast Ohio's wealth of entrepreneurial resources on an increasing basis and finding success. Over $500 million has been invested in start-ups in Northeast Ohio in the last three years. Additionally, the Cleveland area has attracted several venture capital firms to open offices here and the region has seen the formation of two new Angel groups.
Northeast Ohio has also benefited from the professional and comprehensive business accelerator network that spans industries and geographies. These groups are working together to create an environment that nurtures entrepreneurial firms into viable enterprises by providing business mentorship, facilities, connections to service providers, and introductions to national investment funds.
One such organization, JumpStart Inc., has created an online resource called IdeaCrossing(R) that facilitates connections between entrepreneurs and investors.
"IdeaCrossing's primary goal is to facilitate venture capital investments in Northeast Ohio," said Ray Leach, CEO of JumpStart. "Venture capitalists are excited about Northeast Ohio for several reasons, including our growing entrepreneurial economy, excellent higher education institutions and research and development facilities, and solid infrastructure."
What is it about Northeast Ohio that has Venture capitalists so interested in our region?
An entrepreneurial-friendly business environment
The Northeast Ohio region was deemed one of the hottest regions for entrepreneurs in 2006 by Entrepreneur Magazine - ranking higher than San Francisco, Seattle and New York. Northeast Ohio is transforming into a hub for emerging and diverse technologies and leads the nation in polymers, chemicals and plastics. The region's leadership extends into healthcare, bioscience research, emerging advanced energies, and financial and legal services.
Significant research, development and educational facilities
Ohio boasts over 50 scientific and research facilities, which employ nearly 18,000 people. In the last few years, over 600 new patents have been issued within the region. Northeast Ohio benefits from world-class healthcare facilities including the Cleveland Clinic, the Summa Health System, and University Hospitals Health System, as well as several other top-ranked medical research institutions and healthcare facilities. Thirty colleges and universities contribute to a $5 billion annual impact and infinite innovation.
Generous business incentives, grants and tax credits
Ohio has initiated statewide tax reforms that will cut taxes by up to 63 percent by 2010. Northeast Ohio is also home to thriving foreign trade zones, enterprise zones and community reinvestment areas. Tax credits such as the Ohio Job Creation Tax Credit Program (JCTC) and the Technology Investment Tax Credit (TITC) are also enticing to investors seeking to make smart use of venture capital funds.
Solid transportation and logistics
Centrally located and easily accessible, Northeast Ohio is home to a well- developed highway and waterway system including Lake Erie and the Ohio River. The Cleveland Hopkins and Akron Canton Regional Airports also enable efficient transportation, while foreign trade zone #181 ranks 8th in national activity. This transportation infrastructure positions Northeast Ohio as a prime business location in today's global economy.
Above-average quality of life
The Economist Magazine recently ranked Cleveland as the "#1 Livable City" in the United States. The region's cost of living ranges between 12 and 20 percent lower than the national average. A diverse ethnic community, several professional sports teams, and a thriving cultural community offer residents many opportunities to get out and enjoy life. Lake Erie provides many recreational activities, as do the area's spacious and well-maintained state and national parks. And the typical commute for a Northeast Ohio employee is just 24 minutes.
About IdeaCrossing
IdeaCrossing ( http://www.ideacrossing.org/ ) is a free Internet resource available to all individuals and organizations with an interest in supporting and promoting entrepreneurial activity. IdeaCrossing helps entrepreneurs find the assistance and investment capital they need to launch promising new business ventures. Additionally, IdeaCrossing serves the Angel and Venture Capital community by identifying and screening new investment opportunities. Simply stated, IdeaCrossing is about creating the connections that build businesses.
For more information contact Tiffan Clark at tiffan@jumpstartinc.org or call 216.363.3400.
CONTACT: Tiffan Clark of JumpStart, Inc. for IdeaCrossing,
+1-216-363-3400, tiffan@jumpstartinc.org
Web site: http://www.ideacrossing.org/
SOURCE IdeaCrossing