Cleveland Clinic Innovations has launched a spinoff company, Shield Biotech, out of the Lerner Research Institute. Led by Vincent Tuohy, the company is developing a vaccine for breast cancer.
The vaccine uses the body’s own immune system to fight off and kill cancerous tumors. Tuohy, who serves as Shield’s chief science officer, has been working on this theory for the past 11 years.
The next step is to secure FDA approval for human clinical trials, probably within the next two years. Researchers found that a single vaccination could prevent breast tumors from occurring in mice genetically bred to develop breast cancer, while also inhibiting the growth of already existing breast tumors. The research was originally published in Nature Medicine in 2010.
“It works in animals,” says Tuohy. “It’s safe and very effective. We’d like to see women live longer without tumors, not women live longer with tumors.”
Tuohy sees the vaccine as particularly effective in breast cancers that are aggressive and tend to recur. “Triple-negative breast cancer has a higher recurrence rate than other forms of breast cancer and is insensitive to current forms of adjuvant therapy,” he says. “It’s the predominant form of breast cancer that occurs, for example, in women with BRCA1 mutations. “
Tuohy sees potential in eventually immunizing against prostrate and ovarian cancers as well.
Source: Vincent Tuohy
Writer: Karin Connelly
The vaccine uses the body’s own immune system to fight off and kill cancerous tumors. Tuohy, who serves as Shield’s chief science officer, has been working on this theory for the past 11 years.
The next step is to secure FDA approval for human clinical trials, probably within the next two years. Researchers found that a single vaccination could prevent breast tumors from occurring in mice genetically bred to develop breast cancer, while also inhibiting the growth of already existing breast tumors. The research was originally published in Nature Medicine in 2010.
“It works in animals,” says Tuohy. “It’s safe and very effective. We’d like to see women live longer without tumors, not women live longer with tumors.”
Tuohy sees the vaccine as particularly effective in breast cancers that are aggressive and tend to recur. “Triple-negative breast cancer has a higher recurrence rate than other forms of breast cancer and is insensitive to current forms of adjuvant therapy,” he says. “It’s the predominant form of breast cancer that occurs, for example, in women with BRCA1 mutations. “
Tuohy sees potential in eventually immunizing against prostrate and ovarian cancers as well.
Source: Vincent Tuohy
Writer: Karin Connelly
The Cleveland Clinic’s annual Medical Innovation Summit will be the first event held at Cleveland’s brand new Global Center for Health Innovation. The event will be held October 14-16, and organizers expect it to draw more than 1,200 people.
"We’ll have CEOs from major companies, investors, venture capitalists and entrepreneurs,” says Gary Fingerhut, acting executive director and general manager of information technology commercialization at the Clinic. “Deals come out of this summit. Past innovation deals have been made on the buy-side and in research.”
More than 1,000 jobs and $700 million in investments have been created from the regional spinoff companies.
On the first day, 12 startup healthcare companies will have a chance to pitch their companies to a panel of executives. “The winner gets a year engagement with StartUp Health Academy."
The theme this year is Finding Balance through Innovation: Obesity, Diabetes and the Metabolic Crisis. Fingerhut says the topic was chosen because of the growing international concern about diabetes. "Clearly, it's an economic problem in the world," he says. Demonstration and panel discussions will focus on the impacts of type 2 diabetes.
Dr. Mike Roizen and a panel of experts will discuss the Clinic's top 10 medical innovations for 2014. Fresh Water readers can receive a discount to the summit. Go to the registration page and use promo code FRE2013 for a special $500 rate on registration.
Source: Gary Fingerhut
Writer: Karin Connelly
"We’ll have CEOs from major companies, investors, venture capitalists and entrepreneurs,” says Gary Fingerhut, acting executive director and general manager of information technology commercialization at the Clinic. “Deals come out of this summit. Past innovation deals have been made on the buy-side and in research.”
More than 1,000 jobs and $700 million in investments have been created from the regional spinoff companies.
On the first day, 12 startup healthcare companies will have a chance to pitch their companies to a panel of executives. “The winner gets a year engagement with StartUp Health Academy."
The theme this year is Finding Balance through Innovation: Obesity, Diabetes and the Metabolic Crisis. Fingerhut says the topic was chosen because of the growing international concern about diabetes. "Clearly, it's an economic problem in the world," he says. Demonstration and panel discussions will focus on the impacts of type 2 diabetes.
Dr. Mike Roizen and a panel of experts will discuss the Clinic's top 10 medical innovations for 2014. Fresh Water readers can receive a discount to the summit. Go to the registration page and use promo code FRE2013 for a special $500 rate on registration.
Source: Gary Fingerhut
Writer: Karin Connelly
Nine local biomedical companies were named to this year’s Inc. 5000 list, a tally of the fastest growing companies in the country in terms of jobs and revenue. Inc. measured revenue growth from 2009 to 2012.
The list represents companies across every industry, but the number of area biomed companies named to the list is encouraging to the growing biomed industry in Cleveland.
“It’s a very exciting time right now in Northeast Ohio for the biomedical industry," says Aram Nerpouni, president and CEO of BioEnterprise. “It’s a little bit of validation here that you can really grow and thrive in the region.”
Nerpouni says the list reflects a combination of young startups and more established companies. Cleveland-based Bravo Wellness, founded in 2008, ranked 888 overall on the Inc. 5000 list. The company, which provides health insurance consulting, ranked 68 on the top 100 health companies. Bravo added 94 jobs in the past three years.
Twinsburg-based CoverMyMeds ranked at the top of the Ohio healthcare companies at 96 on the Inc. 5000 list. The company added 32 employees in the past three years.
“You’re beginning to see a lot of young companies looking at the area,” says Nerpouni of the Health Tech Corridor, located between University Circle and the Campus District. “We should start seeing more and more activity.” Already, 500,000 square feet have opened up in the area in the last six months, with 80 percent occupancy.
In 2012, 43 Cleveland biomedical companies raised $227 million in equity funding.
Source: Aram Nerpouni
Writer: Karin Connelly
The list represents companies across every industry, but the number of area biomed companies named to the list is encouraging to the growing biomed industry in Cleveland.
“It’s a very exciting time right now in Northeast Ohio for the biomedical industry," says Aram Nerpouni, president and CEO of BioEnterprise. “It’s a little bit of validation here that you can really grow and thrive in the region.”
Nerpouni says the list reflects a combination of young startups and more established companies. Cleveland-based Bravo Wellness, founded in 2008, ranked 888 overall on the Inc. 5000 list. The company, which provides health insurance consulting, ranked 68 on the top 100 health companies. Bravo added 94 jobs in the past three years.
Twinsburg-based CoverMyMeds ranked at the top of the Ohio healthcare companies at 96 on the Inc. 5000 list. The company added 32 employees in the past three years.
“You’re beginning to see a lot of young companies looking at the area,” says Nerpouni of the Health Tech Corridor, located between University Circle and the Campus District. “We should start seeing more and more activity.” Already, 500,000 square feet have opened up in the area in the last six months, with 80 percent occupancy.
In 2012, 43 Cleveland biomedical companies raised $227 million in equity funding.
Source: Aram Nerpouni
Writer: Karin Connelly
When Andy Halko founded Insivia right out of college in 2002, he was more of a freelancer, picking up projects piece by piece. Today, the company is a full-service marketing firm working out of the Agora in Midtown.
“We’ve really evolved into a strategic marketing firm for our clients,” says Rick Scheeser, Insivia's director of operations. “Nowadays we’re their entire marketing department. We have a more strategic partnership with our clients, and we have a lot more control over what we do.”
Over the past year Insivia has developed its client base, grown into a 16-person company, and is looking to add a back-end developer and an account executive.
“Before we had lots of one-off projects,” says Scheeser. “Now our clients are more our partners; we’re working with them on a long-term basis.”
Scheeser says Insivia has developed a niche market in the manufacturing industry. “It really helps us understand how we can use technology in their businesses and communicate with their clients,” he says regarding developing an expertise in the market. “I don’t think you could be in Cleveland without helping manufacturing companies.”
Another niche evolves around small tech startups. But Scheeser says no matter what the industry, Insivia gets to know the inner workings of the client. "It’s all about learning about our clients,” he says. “We focus on long-term objectives from a marketing perspective. It allows us to really own the results, instead of just one small piece.”
Source: Rick Scheeser
Writer: Karin Connelly
“We’ve really evolved into a strategic marketing firm for our clients,” says Rick Scheeser, Insivia's director of operations. “Nowadays we’re their entire marketing department. We have a more strategic partnership with our clients, and we have a lot more control over what we do.”
Over the past year Insivia has developed its client base, grown into a 16-person company, and is looking to add a back-end developer and an account executive.
“Before we had lots of one-off projects,” says Scheeser. “Now our clients are more our partners; we’re working with them on a long-term basis.”
Scheeser says Insivia has developed a niche market in the manufacturing industry. “It really helps us understand how we can use technology in their businesses and communicate with their clients,” he says regarding developing an expertise in the market. “I don’t think you could be in Cleveland without helping manufacturing companies.”
Another niche evolves around small tech startups. But Scheeser says no matter what the industry, Insivia gets to know the inner workings of the client. "It’s all about learning about our clients,” he says. “We focus on long-term objectives from a marketing perspective. It allows us to really own the results, instead of just one small piece.”
Source: Rick Scheeser
Writer: Karin Connelly
Since 1988, Beachwood-based Acendex has been the go-to IT consulting company for businesses looking for information and communications systems. “We’re like the IT department for companies too small to afford the talent and too large to not have high-end support for their systems,” says Jonathan Husni, founder and president of Acendex.
The Acendex philosophy is to let their clients focus on what they do, while Husni and his team build the right voice and data networks to help them do those jobs.
With the local economy improving, business has picked up. To cover the increased business, Acendex is looking to add three or four senior network engineers to its 14-person team. But Husni is having trouble finding talented people to keep up with client demands.
“Just finding folks who have the skill set I’m looking for is very, very difficult,” he says. “The guys who have been with me who are successful have been with me 10 to 15 years.” Like many IT companies, Husni finds that applicants have the training, but they don’t have the hands-on experience. “A lot of people have the credentials, but they don’t have the experience to back it up,” he says.
So in the meantime, Husni came up with a solution. He hires entry-level people and puts them in the field with clients who want someone on-site 40 hours a week. They have the knowledge for basic support and at the same time have the backup of senior level staff if there’s a more advanced problem.
“They get the opportunity to get real world experience, but when they get stuck they can call our senior engineers.” Husni says. “It’s a sort of proving ground. It works for the client because they get 40 hours of help at a low cost. It works for me because they get the training they need.”
Source: Jonathan Husni
Writer: Karin Connelly
The Acendex philosophy is to let their clients focus on what they do, while Husni and his team build the right voice and data networks to help them do those jobs.
With the local economy improving, business has picked up. To cover the increased business, Acendex is looking to add three or four senior network engineers to its 14-person team. But Husni is having trouble finding talented people to keep up with client demands.
“Just finding folks who have the skill set I’m looking for is very, very difficult,” he says. “The guys who have been with me who are successful have been with me 10 to 15 years.” Like many IT companies, Husni finds that applicants have the training, but they don’t have the hands-on experience. “A lot of people have the credentials, but they don’t have the experience to back it up,” he says.
So in the meantime, Husni came up with a solution. He hires entry-level people and puts them in the field with clients who want someone on-site 40 hours a week. They have the knowledge for basic support and at the same time have the backup of senior level staff if there’s a more advanced problem.
“They get the opportunity to get real world experience, but when they get stuck they can call our senior engineers.” Husni says. “It’s a sort of proving ground. It works for the client because they get 40 hours of help at a low cost. It works for me because they get the training they need.”
Source: Jonathan Husni
Writer: Karin Connelly
When Good Greens launched in 2011, the founders were confident their wellness bars would be popular. They’re packed with protein, completely natural and provide 100 percent of daily fruit and vegetable requirements.
Within four months, the Good Greens bars were the top nutrition bar sold at Heinen’s stores, and they also landed shelf space at Dave’s Markets and Marc’s stores.
Two years later, the LaunchHouse portfolio company continues to be a best seller at Heinen’s. The company sold close to 480,000 bars with Heinen’s last year. They’re good for kids with allergies and people have supposedly lost 25 pounds eating Good Greens bars.
Good Greens are so popular, in fact, that Good Greens struggled to keep up with demand. Heinen’s wanted more and more bars, and the company lost accounts because it couldn't keep up with demand.
The company hired a national distributor and is now in 200 Chicago stores, 150 Iowa stores and 100 Wisconsin stores. Good Greens also is the top selling bar on Ohio college campuses, including Ohio State.
Good Greens has grown from three employees in 2011 to 10 full-time and 22 part-time employees. John Huff recently joined as COO/CFO. The company is growing so fast that Shaker Heights invested $100,000 in renovations to the second floor of LaunchHouse's building and offered Good Greens a two-year lease in the four-office space.
Today, Good Greens sells 10 varieties, six of which are vegan and dairy free. Good Green’s new soy Greek yogurt line includes four flavors, and the company plans to introduce two more flavors by the end of the year. Coming soon is a superfood brownie.
Source: John Huff
Writer: Karin Connelly
Within four months, the Good Greens bars were the top nutrition bar sold at Heinen’s stores, and they also landed shelf space at Dave’s Markets and Marc’s stores.
Two years later, the LaunchHouse portfolio company continues to be a best seller at Heinen’s. The company sold close to 480,000 bars with Heinen’s last year. They’re good for kids with allergies and people have supposedly lost 25 pounds eating Good Greens bars.
Good Greens are so popular, in fact, that Good Greens struggled to keep up with demand. Heinen’s wanted more and more bars, and the company lost accounts because it couldn't keep up with demand.
The company hired a national distributor and is now in 200 Chicago stores, 150 Iowa stores and 100 Wisconsin stores. Good Greens also is the top selling bar on Ohio college campuses, including Ohio State.
Good Greens has grown from three employees in 2011 to 10 full-time and 22 part-time employees. John Huff recently joined as COO/CFO. The company is growing so fast that Shaker Heights invested $100,000 in renovations to the second floor of LaunchHouse's building and offered Good Greens a two-year lease in the four-office space.
Today, Good Greens sells 10 varieties, six of which are vegan and dairy free. Good Green’s new soy Greek yogurt line includes four flavors, and the company plans to introduce two more flavors by the end of the year. Coming soon is a superfood brownie.
Source: John Huff
Writer: Karin Connelly
What has been a lifelong love of comics and video games for Tamar Medina has turned into an interesting business. Medina and his co-founders developed J-Lynn Entertainment in 2011, which makes video game comics -- interactive comics where the reader controls the outcome of the comic or an entire series of comics.
In July, Medina began test marketing the video game comics at conventions. “The feedback we got at the comic conventions was great,” says Medina.
But at the conventions Medina also got an unexpected reaction. Parents and teachers approached him to say his video game comics would be a helpful tool for children with autism. After some research into autism, Medina and his team discovered their games were perfect for cognitive training, collecting performance data, and research in autism spectrum disorders.
“Kids with autism have trouble reading and comprehending certain words,” Medina explains. “But reading a comic and seeing what’s going on with pictures, the kids really adhere to technology.” Because the comics are interactive, they also help autistic children develop their social and decision-making skills.
Medina went to top experts for help in developing a line of games specific to kids with autism. “At the end of the game, we put statistics on the social choices they made,” says Medina of one feature he’s incorporated. “We wanted to have it be fun and be interactive.”
J-Lynn Entertainment is still developing its regular line of video game comics and is talking to investors. The company has five employees. Medina says they are hoping to bring on a full-time programmer, and envisions J-Lynn will employ 25 to 50 people within the next five years.
“The passion is awesome and we think our product will be great, not only in improving the autism condition, but also identifying it,” says Medina. “I believe we have the ability and skills for growth. J-Lynn is currently polishing its prototype and hopes to release it this fall for android.
Source: Tamar Medina
Writer: Karin Connelly
In July, Medina began test marketing the video game comics at conventions. “The feedback we got at the comic conventions was great,” says Medina.
But at the conventions Medina also got an unexpected reaction. Parents and teachers approached him to say his video game comics would be a helpful tool for children with autism. After some research into autism, Medina and his team discovered their games were perfect for cognitive training, collecting performance data, and research in autism spectrum disorders.
“Kids with autism have trouble reading and comprehending certain words,” Medina explains. “But reading a comic and seeing what’s going on with pictures, the kids really adhere to technology.” Because the comics are interactive, they also help autistic children develop their social and decision-making skills.
Medina went to top experts for help in developing a line of games specific to kids with autism. “At the end of the game, we put statistics on the social choices they made,” says Medina of one feature he’s incorporated. “We wanted to have it be fun and be interactive.”
J-Lynn Entertainment is still developing its regular line of video game comics and is talking to investors. The company has five employees. Medina says they are hoping to bring on a full-time programmer, and envisions J-Lynn will employ 25 to 50 people within the next five years.
“The passion is awesome and we think our product will be great, not only in improving the autism condition, but also identifying it,” says Medina. “I believe we have the ability and skills for growth. J-Lynn is currently polishing its prototype and hopes to release it this fall for android.
Source: Tamar Medina
Writer: Karin Connelly
Enterprise Community Partners is hosting its second annual Leadership in Community Innovation Awards, providing the winner with a $25,000 unrestricted grant for non-profit organizations that are creating community development solutions in Cleveland.
Last year’s winner was the Ohio City Market District, which attracted 30 new businesses to the neighborhood through its grant program, creating 300 jobs.
This year, Enterprise is introducing the Nurture an Idea Award, which recognizes a group with an innovative idea. The winner will receive $10,000 and a team of advisors that will help bring the idea to fruition.
“The Nurture an Idea Award is about the future,” says Kathy Matthews, an Enterprise program director. “It’s an award for an idea that hasn’t been implemented yet and needs the wind at its back to move it forward.”
In addition to the $10,000 awarded to the winner, a few finalists will be selected to participate in a Crowdrise fundraising campaign. Ohio Savings Bank will award $10,000 to the organization that raises the most money.
The application deadline is September 6.
Sources: Kathy Matthews
Writer: Karin Connelly
Last year’s winner was the Ohio City Market District, which attracted 30 new businesses to the neighborhood through its grant program, creating 300 jobs.
This year, Enterprise is introducing the Nurture an Idea Award, which recognizes a group with an innovative idea. The winner will receive $10,000 and a team of advisors that will help bring the idea to fruition.
“The Nurture an Idea Award is about the future,” says Kathy Matthews, an Enterprise program director. “It’s an award for an idea that hasn’t been implemented yet and needs the wind at its back to move it forward.”
In addition to the $10,000 awarded to the winner, a few finalists will be selected to participate in a Crowdrise fundraising campaign. Ohio Savings Bank will award $10,000 to the organization that raises the most money.
The application deadline is September 6.
Sources: Kathy Matthews
Writer: Karin Connelly
Bad Girl Ventures recently was honored by the SCORE Foundation as Outstanding Non-Profit Organization for its work with entrepreneurs in starting their businesses. BGV works with SCORE mentors in its business education classes.
“BGV has been using SCORE mentors and services since 2010,” says Reka Barabas, director of BGV Cleveland. “We tap into their expertise and we match up our finalists with SCORE mentors.”
Additionally, BGV is now a Kiva Zip trustee, meaning it can recommend businesses for zero-interest loans for up to $10,000 through that organization. “Bad Girl Ventures is the first Kiva Zip trustee in Ohio,” says Barabas. “We have a two-pronged approach to helping female-owned businesses. We provide education, and if they have a strong business plan and are ready to go, they have access to capital. Having these partnerships really helps our mission.”
Two BGV Cleveland graduates already have been identified as candidates for the Kiva Zip loan. Anne Hartnett received a 2012 $5,000 BGV loan for Harness Cycle, which is opening this fall in Ohio City. Paula Hershman, owner of Storehouse Tea Company, is one of the first Cleveland graduates of the BGV program and will use the Kiva Zip loan to expand her business. One more graduate will be endorsed this year.
BGV business education courses also offer the opportunity to receive a $25,000 low-interest loan. The application deadline for the fall session is September 1.
Source: Reka Barabas
Writer: Karin Connelly
“BGV has been using SCORE mentors and services since 2010,” says Reka Barabas, director of BGV Cleveland. “We tap into their expertise and we match up our finalists with SCORE mentors.”
Additionally, BGV is now a Kiva Zip trustee, meaning it can recommend businesses for zero-interest loans for up to $10,000 through that organization. “Bad Girl Ventures is the first Kiva Zip trustee in Ohio,” says Barabas. “We have a two-pronged approach to helping female-owned businesses. We provide education, and if they have a strong business plan and are ready to go, they have access to capital. Having these partnerships really helps our mission.”
Two BGV Cleveland graduates already have been identified as candidates for the Kiva Zip loan. Anne Hartnett received a 2012 $5,000 BGV loan for Harness Cycle, which is opening this fall in Ohio City. Paula Hershman, owner of Storehouse Tea Company, is one of the first Cleveland graduates of the BGV program and will use the Kiva Zip loan to expand her business. One more graduate will be endorsed this year.
BGV business education courses also offer the opportunity to receive a $25,000 low-interest loan. The application deadline for the fall session is September 1.
Source: Reka Barabas
Writer: Karin Connelly
When the Gay Games come to Northeast Ohio next August, 30,000 athletes and spectators are expected to descend upon Cleveland, visiting the city’s attractions, staying in area hotels, eating in restaurants and using other services.
Organizers are making sure small businesses know the impact the games could have on them, as well as how they can get their names out there. A local staff of 10 organizers has hosted two events targeted at small business sponsorship. A third event will be held Tuesday, August 27 at Stonetown Restaurant at 5:30 p.m.
"Gay Games 9 will have a $50 million economic impact on the region,” says Mary Zaller, director of development for the Gay Games. “I want as many small businesses as possible to get a piece of that pie.”
Small business sponsorships range from $500 to $14,000, making it affordable for companies of almost any size to get involved. “For just $500, a small business can be a sponsor of the Gay Games and get our logo on their website and their logo on our website, program and social media,” notes Zaller. “It gives small businesses the power to put themselves out there and show their support of the LGBT community and of equality and equal rights.”
Seventy-five percent of the events planned will take place in downtown Cleveland, with the remaining being held in Akron. “You don’t have to be gay, you don’t have to be good, you just have to be 18 to participate,” says Zaller. “We’re all about inclusion, participation and your personal best.”
Cleveland is the smallest city to ever host the Gay Games, which started in 1980 and takes place every four years. Previous host cities include San Francisco, New York, Chicago, Sydney, Amsterdam and Vancouver.
Source: Mary Zaller
Writer: Karin Connelly
Organizers are making sure small businesses know the impact the games could have on them, as well as how they can get their names out there. A local staff of 10 organizers has hosted two events targeted at small business sponsorship. A third event will be held Tuesday, August 27 at Stonetown Restaurant at 5:30 p.m.
"Gay Games 9 will have a $50 million economic impact on the region,” says Mary Zaller, director of development for the Gay Games. “I want as many small businesses as possible to get a piece of that pie.”
Small business sponsorships range from $500 to $14,000, making it affordable for companies of almost any size to get involved. “For just $500, a small business can be a sponsor of the Gay Games and get our logo on their website and their logo on our website, program and social media,” notes Zaller. “It gives small businesses the power to put themselves out there and show their support of the LGBT community and of equality and equal rights.”
Seventy-five percent of the events planned will take place in downtown Cleveland, with the remaining being held in Akron. “You don’t have to be gay, you don’t have to be good, you just have to be 18 to participate,” says Zaller. “We’re all about inclusion, participation and your personal best.”
Cleveland is the smallest city to ever host the Gay Games, which started in 1980 and takes place every four years. Previous host cities include San Francisco, New York, Chicago, Sydney, Amsterdam and Vancouver.
Source: Mary Zaller
Writer: Karin Connelly
Lakewood is looking for a few entrepreneurs to join its business community through its third annual Ideation Challenge. Anyone with a business idea is welcome to submit a business plan for consideration. “We make it really simple,” says Mike Belsito, director of Ideation for Startup Lakewood and co-founder of e-Funeral. “All it takes is a simple two- to three-page summary. And if people qualify we invite them to give a quick elevator pitch.”
Applicants have until Friday to submit their summaries. Four finalists will be chosen to give a two-minute elevator pitch in front of an audience and a panel of judges at a Startup U event on August 27. Two winners will be announced at the September Startup U event.
The theme of this year’s challenge is “access,” as in access to resources often out of reach to new entrepreneurs. The winners of the challenge will receive a lunch meeting with Lakewood mayor and entrepreneur Michael Summers; a half hour meeting with investor Christopher Celeste; an elevator pitch session with Belsito, SociaGram co-founder Ryan O’Donnell and DecisionDesk co-founder John Knific; a scholarship to a nine-week Bad Girl Ventures course; and other useful tools to get their businesses started.
All applicants are invited to ask for feedback on their business plans. While only one of the winners must be a Lakewood resident, the hope is that both winning businesses will set up shop in the city. “We hope that some of these businesses get started in Lakewood, but it’s all about helping people,” says Belsito. “The goal of the competition is to help people take the next step with their ideas for new products or businesses.”
Source: Mike Belsito
Writer: Karin Connelly
Applicants have until Friday to submit their summaries. Four finalists will be chosen to give a two-minute elevator pitch in front of an audience and a panel of judges at a Startup U event on August 27. Two winners will be announced at the September Startup U event.
The theme of this year’s challenge is “access,” as in access to resources often out of reach to new entrepreneurs. The winners of the challenge will receive a lunch meeting with Lakewood mayor and entrepreneur Michael Summers; a half hour meeting with investor Christopher Celeste; an elevator pitch session with Belsito, SociaGram co-founder Ryan O’Donnell and DecisionDesk co-founder John Knific; a scholarship to a nine-week Bad Girl Ventures course; and other useful tools to get their businesses started.
All applicants are invited to ask for feedback on their business plans. While only one of the winners must be a Lakewood resident, the hope is that both winning businesses will set up shop in the city. “We hope that some of these businesses get started in Lakewood, but it’s all about helping people,” says Belsito. “The goal of the competition is to help people take the next step with their ideas for new products or businesses.”
Source: Mike Belsito
Writer: Karin Connelly
BioMotiv, a pharmaceutical accelerator formed last year to speed early-stage medical developments to market, announced last week that the company has now raised $46 million in total capital, adding Nationwide Mutual Insurance and several individual investors to original investors University Hospitals and the Harrington Family Foundation.
Additionally, BioMotiv announced Monday that the company has formed a multi-million dollar, seven-year partnership with San Diego-based Torrey Pines Investment, a specialty life sciences investor. “We have now raised $46 million in total funding,” says BioMotiv CEO Baiju Shah. “This further investment partnership will expand capital available for projects by up to $20 million through co-investment by Torrey Pines.”
Shah says BioMotiv has just started to identify projects of interest and started development work on those projects. The partnership with Torrey Pines expands the scope of BioMotiv’s work. “We’re pleased with the prospective partnership,” says Shah. “It’s been in the works for about nine months now. In the partnership we will jointly invest in projects -- one in the cancer area and two projects in neuroscience.”
Shah says BioMotiv is also working on developments in several other fronts, including anti-inflammatory and blindness. “Our mission is to accelerate breakthrough discoveries in medications that actually benefit patients,” says Shah. “These are medications that are in the early stages of clinical validation -- phase one or two patient studies. Once we prove it works in patients, then we’re in a place to partner with agencies to get it to market.”
Cleveland is the hot spot for companies like BioMotiv, Shah says, making it attractive to companies like Torrey Pines. “Cleveland is an incredible medical innovation environment,” he says. “We are on the global radar for medical innovations, so it’s easy for us to find partners. In many ways, healthcare is our defining industry as a community.”
BioMotiv currently has eight employees, but Shah says they will be adding staff as the company continues to grow.
Source: Baiju Shah
Writer: Karin Connelly
Additionally, BioMotiv announced Monday that the company has formed a multi-million dollar, seven-year partnership with San Diego-based Torrey Pines Investment, a specialty life sciences investor. “We have now raised $46 million in total funding,” says BioMotiv CEO Baiju Shah. “This further investment partnership will expand capital available for projects by up to $20 million through co-investment by Torrey Pines.”
Shah says BioMotiv has just started to identify projects of interest and started development work on those projects. The partnership with Torrey Pines expands the scope of BioMotiv’s work. “We’re pleased with the prospective partnership,” says Shah. “It’s been in the works for about nine months now. In the partnership we will jointly invest in projects -- one in the cancer area and two projects in neuroscience.”
Shah says BioMotiv is also working on developments in several other fronts, including anti-inflammatory and blindness. “Our mission is to accelerate breakthrough discoveries in medications that actually benefit patients,” says Shah. “These are medications that are in the early stages of clinical validation -- phase one or two patient studies. Once we prove it works in patients, then we’re in a place to partner with agencies to get it to market.”
Cleveland is the hot spot for companies like BioMotiv, Shah says, making it attractive to companies like Torrey Pines. “Cleveland is an incredible medical innovation environment,” he says. “We are on the global radar for medical innovations, so it’s easy for us to find partners. In many ways, healthcare is our defining industry as a community.”
BioMotiv currently has eight employees, but Shah says they will be adding staff as the company continues to grow.
Source: Baiju Shah
Writer: Karin Connelly
An annual study conducted by CSU’s Center for Economic Development at the Levin College of Urban Affairs shows that start-up companies in Northeast Ohio contribute significantly to the economy. The study surveyed tech-based companies that received assistance, either financially or in services, through JumpStart or the North Coast Angel Fund.
The 127 companies who participated in the study generated $211 million in economic benefits in Northeast Ohio in 2012, $270 million state-wide. These companies helped create and retain 1,100 in-state direct jobs, with a total Ohio employment impact of 2,140. The companies and their suppliers also increased total Ohio household earnings by $125 million and contributed nearly $12 million in state and local tax impact.
As the early-stage companies grow, their impact increases, according to the study. Among those surveyed, 44 companies participated over three years -- from 2010 to 2012, showing 53 percent job growth and a 36 percent increase in economic impact over those three years.
“These numbers quantify the impact small companies made,” says Cathy Belk, JumpStart COO. “Small companies make a big difference. It’s exciting to see the impact the companies we see every day are having. We see how hard these companies are working.”
With all of the organizations in Cleveland that support start-ups, in addition to support from Ohio Third Frontier, which provides funding to organizations like JumpStart, the region is ideal for new businesses.
“We continue to believe that Northeast Ohio is the best place in the country to have a small business or a new business,” says Belk. “We have such a robust ecosystem for startups and small business.”
Source: Cathy Belk
Writer: Karin Connelly
The 127 companies who participated in the study generated $211 million in economic benefits in Northeast Ohio in 2012, $270 million state-wide. These companies helped create and retain 1,100 in-state direct jobs, with a total Ohio employment impact of 2,140. The companies and their suppliers also increased total Ohio household earnings by $125 million and contributed nearly $12 million in state and local tax impact.
As the early-stage companies grow, their impact increases, according to the study. Among those surveyed, 44 companies participated over three years -- from 2010 to 2012, showing 53 percent job growth and a 36 percent increase in economic impact over those three years.
“These numbers quantify the impact small companies made,” says Cathy Belk, JumpStart COO. “Small companies make a big difference. It’s exciting to see the impact the companies we see every day are having. We see how hard these companies are working.”
With all of the organizations in Cleveland that support start-ups, in addition to support from Ohio Third Frontier, which provides funding to organizations like JumpStart, the region is ideal for new businesses.
“We continue to believe that Northeast Ohio is the best place in the country to have a small business or a new business,” says Belk. “We have such a robust ecosystem for startups and small business.”
Source: Cathy Belk
Writer: Karin Connelly
Arteriorcyte, a developer of stem cell products and medical devices, has launched Compass Biomedical to speed up the delivery to patients three Arteriocyte stem cells products. Created in December 2012, Compass officially got underway in June.
“The purpose of Compass is to help solve the issues in getting stem cells to patients,” says Kolby Day, Compass Biomedical vice president and general manager of research and development. “The challenges are having enough stem cells and improving the tools used.”
Compass supplies three product lines used to grow stem cells for research and in clinical settings. The products mimic bone marrow and promote the growth of stem cell cultures. “Arteriocyte is more the research and development company, while Compass is more of the team that sells, markets and gets those products into the hands of people who can use them,” says Day.
Compass has hired four people since December. As Arteriocyte develops new products, Day expects Compass will in turn expand its team. “We want to continue to build the sales team and continue finding products to sell,” he says. “We anticipate bringing in at least two to three products in the next six months, and we will be hiring based on demand.”
Source: Kolby Day
Writer: Karin Connelly
“The purpose of Compass is to help solve the issues in getting stem cells to patients,” says Kolby Day, Compass Biomedical vice president and general manager of research and development. “The challenges are having enough stem cells and improving the tools used.”
Compass supplies three product lines used to grow stem cells for research and in clinical settings. The products mimic bone marrow and promote the growth of stem cell cultures. “Arteriocyte is more the research and development company, while Compass is more of the team that sells, markets and gets those products into the hands of people who can use them,” says Day.
Compass has hired four people since December. As Arteriocyte develops new products, Day expects Compass will in turn expand its team. “We want to continue to build the sales team and continue finding products to sell,” he says. “We anticipate bringing in at least two to three products in the next six months, and we will be hiring based on demand.”
Source: Kolby Day
Writer: Karin Connelly
After more than a two year wait and construction of its very own building, the Cleveland Clinic took delivery of and installed an A-7 Tesla full-body MRI on Friday. It is the only one of its kind in Northeast Ohio, and one of only about a dozen in the country.
While the 1.5 Tesla MRI is more common, and the Clinic even has several 3 Tesla MRIs, the 7 Tesla provides a better look, even down to the cellular level. “It has special resolution where we can actually see much finer detail than a 3 Tesla or 1.5 Tesla,” says Mark Lowe, director of high field MRI at the Clinic. “With this higher special resolution you can see things you’ve never seen before.”
The MRI will be used for neuroscience research into disorders such a multiple sclerosis and Alzheimer’s. The finer detail will allow researchers to see focal dysplasia in epilepsy patients, or greater vascular detail in angiography. The acquisition of the new machine created two new jobs, with the potential for more future jobs with grant funding.
“The bottom line is, for years MRI has been very good at imaging soft tissue contrast, but it’s not as good in spatial resolution,” says Lowe. “This provides that spatial resolution.”
It was no easy task to get the 40-ton machine to Cleveland. Lowe and his team secured funding for the $10.5 million endeavor two and a half years ago. It was scheduled for delivery in December. But a shortage of helium, which is used to cool the MRI magnet, caused further delays.
The 7 Tesla is housed in a specially constructed building next to the Mellen Center for Multiple Sclerosis. The roof was lifted off the building to lower the MRI into place, which also comes with 350 miles of superconducting wire.
Source: Mark Lowe
Writer: Karin Connelly
While the 1.5 Tesla MRI is more common, and the Clinic even has several 3 Tesla MRIs, the 7 Tesla provides a better look, even down to the cellular level. “It has special resolution where we can actually see much finer detail than a 3 Tesla or 1.5 Tesla,” says Mark Lowe, director of high field MRI at the Clinic. “With this higher special resolution you can see things you’ve never seen before.”
The MRI will be used for neuroscience research into disorders such a multiple sclerosis and Alzheimer’s. The finer detail will allow researchers to see focal dysplasia in epilepsy patients, or greater vascular detail in angiography. The acquisition of the new machine created two new jobs, with the potential for more future jobs with grant funding.
“The bottom line is, for years MRI has been very good at imaging soft tissue contrast, but it’s not as good in spatial resolution,” says Lowe. “This provides that spatial resolution.”
It was no easy task to get the 40-ton machine to Cleveland. Lowe and his team secured funding for the $10.5 million endeavor two and a half years ago. It was scheduled for delivery in December. But a shortage of helium, which is used to cool the MRI magnet, caused further delays.
The 7 Tesla is housed in a specially constructed building next to the Mellen Center for Multiple Sclerosis. The roof was lifted off the building to lower the MRI into place, which also comes with 350 miles of superconducting wire.
Source: Mark Lowe
Writer: Karin Connelly
When Gordon Daily founded BoxCast in 2008 after a funeral director asked his business partners to create a way for family members to privately observe funeral services at his chapel, he had no idea the concept of simple, live streaming video would be so popular.
Today, business is booming, especially in the church and on athletic fields. BoxCast allows anyone with a camera to stream live video to BoxCast’s cloud-based service. Users can then watch the video anytime, anywhere.
“We have eclectic audiences looking to do things they’ve never been able to do before,” explains Daily. “It’s simple and affordable because no one has to be a technical expert to stream live video.”
With JumpStart’s recent $250,000 investment, things are moving even more quickly. “The JumpStart funding was the jump start of our company, it really was,” says Daily. “Until we had the funding, we couldn’t do what we really needed to do.”
What BoxCast needed to do was hire the right people to implement and market the company’s technology and build the right business relationships. “Now, it’s all happening,” says Daily. “The pieces are coming together. A lot of partnerships are coming together.”
Daily says a lot of high schools, colleges and churches are interested in BoxCast for their sporting events and other activities. But he says he’s also seen a lot of unique potential customers surfacing. “There are a lot of neat ideas -- interesting and unique entertainment venues that never had video,” he says. “People with specific, eclectic interests that didn’t realize they could do it.”
BoxCast has grown to 12 employees and Daily is looking for an administrative person to help around the office. To accommodate the growth, BoxCast recently moved into a 4,000-square-foot office at Burke Lakefront Airport.
Source: Gordon Daily
Writer: Karin Connelly
Today, business is booming, especially in the church and on athletic fields. BoxCast allows anyone with a camera to stream live video to BoxCast’s cloud-based service. Users can then watch the video anytime, anywhere.
“We have eclectic audiences looking to do things they’ve never been able to do before,” explains Daily. “It’s simple and affordable because no one has to be a technical expert to stream live video.”
With JumpStart’s recent $250,000 investment, things are moving even more quickly. “The JumpStart funding was the jump start of our company, it really was,” says Daily. “Until we had the funding, we couldn’t do what we really needed to do.”
What BoxCast needed to do was hire the right people to implement and market the company’s technology and build the right business relationships. “Now, it’s all happening,” says Daily. “The pieces are coming together. A lot of partnerships are coming together.”
Daily says a lot of high schools, colleges and churches are interested in BoxCast for their sporting events and other activities. But he says he’s also seen a lot of unique potential customers surfacing. “There are a lot of neat ideas -- interesting and unique entertainment venues that never had video,” he says. “People with specific, eclectic interests that didn’t realize they could do it.”
BoxCast has grown to 12 employees and Daily is looking for an administrative person to help around the office. To accommodate the growth, BoxCast recently moved into a 4,000-square-foot office at Burke Lakefront Airport.
Source: Gordon Daily
Writer: Karin Connelly
Cleveland Clinic Innovations (CCI) announced last month that Wisconsin’s Marshfield Clinic Applied Sciences is the seventh clinic to join the Clinic’s Healthcare Innovation Alliance. The collaboration will help Marshfield develop and commercialize its innovations and improve healthcare.
The alliance, formed two years ago based on CCI’s 13 years of experience, is a way for the Clinic to share its knowledge while also improving upon its reputation within the healthcare industry. In Marshfield’s case, the Clinic is hiring a senior commercialization officer who will be embedded in Wisconsin.
The officer will help to advance diagnostic tools and treatments created by Marshfield Clinic physicians, researchers and staff. The Innovation Alliance also will foster the transfer of Marshfield Clinic technology into commercialization.
“It’s about getting the technology quickly to the patient,” says Brian Kolonick, associate general manager of the Innovation Alliance. “It’s all collaboration, these are not bilateral relationships. We look for ways to collaborate, to share knowledge.”
There are 65 Clinic employees working within the alliance. “If someone in the alliance has an idea, we get a person on the ground there,” says Kolonick. “We find the right person with the right expertise. It’s getting the right people to the table.”
Conversely, the Clinic also learns about what other researchers are doing around the country. “We’re about going in there and getting fresh ideas, flushing them out and commercializing them,” says Kolonick. “It’s about getting in there and shaking trees.”
The Innovation Alliance gets a percentage of the revenues from any idea that goes to market.
Source: Brian Kolonick
Writer: Karin Connelly
The alliance, formed two years ago based on CCI’s 13 years of experience, is a way for the Clinic to share its knowledge while also improving upon its reputation within the healthcare industry. In Marshfield’s case, the Clinic is hiring a senior commercialization officer who will be embedded in Wisconsin.
The officer will help to advance diagnostic tools and treatments created by Marshfield Clinic physicians, researchers and staff. The Innovation Alliance also will foster the transfer of Marshfield Clinic technology into commercialization.
“It’s about getting the technology quickly to the patient,” says Brian Kolonick, associate general manager of the Innovation Alliance. “It’s all collaboration, these are not bilateral relationships. We look for ways to collaborate, to share knowledge.”
There are 65 Clinic employees working within the alliance. “If someone in the alliance has an idea, we get a person on the ground there,” says Kolonick. “We find the right person with the right expertise. It’s getting the right people to the table.”
Conversely, the Clinic also learns about what other researchers are doing around the country. “We’re about going in there and getting fresh ideas, flushing them out and commercializing them,” says Kolonick. “It’s about getting in there and shaking trees.”
The Innovation Alliance gets a percentage of the revenues from any idea that goes to market.
Source: Brian Kolonick
Writer: Karin Connelly
Researchers have found that the Athersys stem cell product, MultiStem, has been effective in preventing rejection in organ transplant patients. The drug might someday eliminate the need for transplant recipients to take a life-long regime of immunosuppressant drugs that have potentially detrimental side effects.
Athersys has been developing MultiStem for the past six to eight years. The company developed the drug from human stem cells harvested from adult bone marrow. Potentially millions of doses of MultiStem can be created from one donor.
Researchers found that when MultiStem was used in animal heart transplants, permanent organ acceptance was achieved without the need for long-term immunosuppressants. Researchers in Germany are now moving into human trials with liver transplant patients using MultiStem and short-term immunosuppressants.
“This is pretty important for the field of transplantation,” says Athersys president and COO B.J. Lehmann. “Using MultiStem just after transplant allows the body to recognize the organ its own. If we can do this in humans it will change the way to do transplants today.”
MultiStem has proven effective in treatments for heart attacks, strokes and graft versus host disease. “This is just another example of the effect MultiStem therapy has,” says Lehmann. “Our goal is to develop cell therapy in areas where there is substantial need. We wanted to change the game, and this is a perfect example.”
Source: B.J. Lehmann
Writer: Karin Connelly
Athersys has been developing MultiStem for the past six to eight years. The company developed the drug from human stem cells harvested from adult bone marrow. Potentially millions of doses of MultiStem can be created from one donor.
Researchers found that when MultiStem was used in animal heart transplants, permanent organ acceptance was achieved without the need for long-term immunosuppressants. Researchers in Germany are now moving into human trials with liver transplant patients using MultiStem and short-term immunosuppressants.
“This is pretty important for the field of transplantation,” says Athersys president and COO B.J. Lehmann. “Using MultiStem just after transplant allows the body to recognize the organ its own. If we can do this in humans it will change the way to do transplants today.”
MultiStem has proven effective in treatments for heart attacks, strokes and graft versus host disease. “This is just another example of the effect MultiStem therapy has,” says Lehmann. “Our goal is to develop cell therapy in areas where there is substantial need. We wanted to change the game, and this is a perfect example.”
Source: B.J. Lehmann
Writer: Karin Connelly
Palo Alto-based Technology Crossover Ventures (TCV) recently invested $66 million in Beachwood-based TOA Technologies, the largest ever venture-backed investment in an Ohio software company and the fourth largest of its kind in the nation last year.
TOA, which provides on-demand mobile workforce management solutions, began looking for investors about a year ago as part of its long-term growth plan. “We were looking at our ability to meet the opportunity ahead of us,” explains John Opdycke, vice president of worldwide marketing for TOA. “More and more companies are looking to manage their mobile employees, and more and more companies are depending on mobile employees to be the face of the company. Now we’re better prepared for rapid growth.”
In January TOA executives began talking to several investment firms. TOA had TCV on their short list, and TCV was looking for investment opportunities in the mobile workforce management industry. Founded in 2003, TOA has steadily grown. Prior to TCV’s investment, TOA announced its cumulative annual contract value had increased 444 percent from 2008 to 2012 and doubled its customers from 2011 to 2012. Additionally, the company developed strategic partnerships and successfully launched a new product, ETAdirect Professional.
The investment will go toward all aspects of the business, Opdycke says, including R&D, marketing and hiring. “Department heads are already talking about their hiring plans,” he says. TOA has 56 employees in Cleveland and expects to expand to 80 by the end of the year. Globally, TOA expects to increase employees from 450 to 600. “We’ll have an immediate uptick in the next six months and that will probably continue into 2013.”
Additionally, Opdycke sees the investment as good for Northeast Ohio. “It’s great to see a big VC looking outside Silicon Valley for investments,” he says. “We are more than happy to carry the light for other companies to look for investments outside the region. Such an infusion of cash in Northeast Ohio shows these things can happen in our part of the country.”
Source: John Opdycke
Writer: Karin Connelly
TOA, which provides on-demand mobile workforce management solutions, began looking for investors about a year ago as part of its long-term growth plan. “We were looking at our ability to meet the opportunity ahead of us,” explains John Opdycke, vice president of worldwide marketing for TOA. “More and more companies are looking to manage their mobile employees, and more and more companies are depending on mobile employees to be the face of the company. Now we’re better prepared for rapid growth.”
In January TOA executives began talking to several investment firms. TOA had TCV on their short list, and TCV was looking for investment opportunities in the mobile workforce management industry. Founded in 2003, TOA has steadily grown. Prior to TCV’s investment, TOA announced its cumulative annual contract value had increased 444 percent from 2008 to 2012 and doubled its customers from 2011 to 2012. Additionally, the company developed strategic partnerships and successfully launched a new product, ETAdirect Professional.
The investment will go toward all aspects of the business, Opdycke says, including R&D, marketing and hiring. “Department heads are already talking about their hiring plans,” he says. TOA has 56 employees in Cleveland and expects to expand to 80 by the end of the year. Globally, TOA expects to increase employees from 450 to 600. “We’ll have an immediate uptick in the next six months and that will probably continue into 2013.”
Additionally, Opdycke sees the investment as good for Northeast Ohio. “It’s great to see a big VC looking outside Silicon Valley for investments,” he says. “We are more than happy to carry the light for other companies to look for investments outside the region. Such an infusion of cash in Northeast Ohio shows these things can happen in our part of the country.”
Source: John Opdycke
Writer: Karin Connelly