Street Level
According to BioEnterprise,
Cleveland continues to be a leader in the Midwest when it comes to
raising money for start-up healthcare companies. Last year, healthcare-related start-ups in Cleveland raised just over $135 million
in investments. Cleveland was third in the Midwest in start-up
allocations behind Chicago and Minneapolis, according to the Midwest
Healthcare Venture Report released by Cleveland's BioEnterprise, which
supports the growth of bioscience enterprises.
Cleveland-based start-ups benefited from the generosity of 64 national investors, according to the report. The area is also home to numerous healthcare investment companies, which contributed to local and out-of-region start-ups in 2010. These investors include Bridge Investment Fund, Primus Capital and Riverside, which completed 24 acquisitions in 2010.
Baiju Shah, president and CEO of BioEnterprise, says that the number of companies receiving investments has stayed high even through the recession. While 2010 was somewhat of a difficult year, Shah says that investment activity picked up toward the end of 2010.
Read the full prospectus here.
SOURCE: BioEnterprise
WRITER: Diane DiPiero
Cleveland-based start-ups benefited from the generosity of 64 national investors, according to the report. The area is also home to numerous healthcare investment companies, which contributed to local and out-of-region start-ups in 2010. These investors include Bridge Investment Fund, Primus Capital and Riverside, which completed 24 acquisitions in 2010.
Baiju Shah, president and CEO of BioEnterprise, says that the number of companies receiving investments has stayed high even through the recession. While 2010 was somewhat of a difficult year, Shah says that investment activity picked up toward the end of 2010.
Read the full prospectus here.
SOURCE: BioEnterprise
WRITER: Diane DiPiero
Here's hoping we don't see any more oil spills like the one last year in the Gulf of Mexico, but should one occur, a discovery by researchers at Case Western Reserve University may provide expert assistance. It's an ultra-lightweight sponge made of clay and a touch of high-grade plastic. The combination of the two materials manages to draw oil out of contaminated water while leaving the fresh water behind.
David Schiraldi, PhD, professor and chair of the university's macromolecular science and engineering department, came up with the idea of the low-density, foam-like sponge a few years ago while conducting experiments on clays and polymers. Now Schiraldi is advancing the capabilities of Aeroclay(r), which is created by mixing clay, polymer and water in a blender and then freeze-drying it; the material can float on water and soak up oil, which can then be squeezed out of the sponge.
Last year, Aeroclay, Inc. was formed as an Ohio C Corporation, licensing the underlying intellectual properties from Case. A staff of five, including Schiraldi, is developing and marketing the product for a variety of functions: packaging, insulation and absorption.
A YouTube video offers a small-scale example of how the composite sponge can absorb oil, but Schiraldi and his team believe Aeroclay could be highly effective in cleaning up a major spill. "I'd like to make sure it is in place to help out in case of a future oil disaster," Schiraldi says.
SOURCE: David Schiraldi
WRITER: Diane DiPiero
David Schiraldi, PhD, professor and chair of the university's macromolecular science and engineering department, came up with the idea of the low-density, foam-like sponge a few years ago while conducting experiments on clays and polymers. Now Schiraldi is advancing the capabilities of Aeroclay(r), which is created by mixing clay, polymer and water in a blender and then freeze-drying it; the material can float on water and soak up oil, which can then be squeezed out of the sponge.
Last year, Aeroclay, Inc. was formed as an Ohio C Corporation, licensing the underlying intellectual properties from Case. A staff of five, including Schiraldi, is developing and marketing the product for a variety of functions: packaging, insulation and absorption.
A YouTube video offers a small-scale example of how the composite sponge can absorb oil, but Schiraldi and his team believe Aeroclay could be highly effective in cleaning up a major spill. "I'd like to make sure it is in place to help out in case of a future oil disaster," Schiraldi says.
SOURCE: David Schiraldi
WRITER: Diane DiPiero
new case wind turbine spins out green power
Sleepy Case Western Reserve University
students on their way to or from finals last semester may have gotten a
surprising visual wake up call: a 156-foot-tall wind turbine that
sprang up near the Veale Athletic Center in late November. The
100-kilowatt unit is being used for alternative energy research and will
supply about 19 percent of the power used annually by the athletic
center.
David Matthieson, an engineering professor at Case, is credited with the idea of creating a wind turbine on campus. His thought was to use "a wind turbine as a research instrument to allow companies to demonstrate their products." Companies that helped with funding of the project, including Cleveland Electric Labs, will have the opportunity to use the wind turbine to further their own research.
Case plans three more wind turbines as part of its analysis on creating wind energy in an urban environment. But the intent goes beyond research. The university has undertaken a number of issues to reduce its carbon footprint and bring awareness to faculty and students about the need for being eco-friendly. Solar-powered trash compactors are another initiative recently established on campus.
SOURCE: David Matthieson
WRITER: Diane DiPiero
David Matthieson, an engineering professor at Case, is credited with the idea of creating a wind turbine on campus. His thought was to use "a wind turbine as a research instrument to allow companies to demonstrate their products." Companies that helped with funding of the project, including Cleveland Electric Labs, will have the opportunity to use the wind turbine to further their own research.
Case plans three more wind turbines as part of its analysis on creating wind energy in an urban environment. But the intent goes beyond research. The university has undertaken a number of issues to reduce its carbon footprint and bring awareness to faculty and students about the need for being eco-friendly. Solar-powered trash compactors are another initiative recently established on campus.
SOURCE: David Matthieson
WRITER: Diane DiPiero
No brakes are being applied now on the new Bike Rack parking station in Downtown Cleveland. The City of Cleveland is overseeing the transformation of a city-owned parking garage at East 4th Street and Huron Road, expected to be completed this spring.
A search for a bike station operation manager was announced last month by Downtown Cleveland Alliance (DCA), and the position was offered, but the name of the applicant has not yet been identified. DCA says it was in search of an entrepreneurial-spirited individual to manage the Bike Rack and make it a self-sustaining business. The goal is for the Bike Rack to eventually be owned and operated by the manager without DCA involvement. In addition to the full-time operation manager, the Bike Rack will initially employ two part-time staffers.
More than just a place to park your two-wheeler, the Bike Rack will offer lockers, bicycle repair services, bike rental and an information center. The garage will be open 24/7 and will have room for at least 50 bikes, according to Josh Taylor, marketing and public relations manager for DCA. If this first venture into bike parking is as successful as experts predict, other stations will likely open around the city in the future, Taylor adds.
SOURCE: Josh Taylor
WRITER: Diane DiPiero
A search for a bike station operation manager was announced last month by Downtown Cleveland Alliance (DCA), and the position was offered, but the name of the applicant has not yet been identified. DCA says it was in search of an entrepreneurial-spirited individual to manage the Bike Rack and make it a self-sustaining business. The goal is for the Bike Rack to eventually be owned and operated by the manager without DCA involvement. In addition to the full-time operation manager, the Bike Rack will initially employ two part-time staffers.
More than just a place to park your two-wheeler, the Bike Rack will offer lockers, bicycle repair services, bike rental and an information center. The garage will be open 24/7 and will have room for at least 50 bikes, according to Josh Taylor, marketing and public relations manager for DCA. If this first venture into bike parking is as successful as experts predict, other stations will likely open around the city in the future, Taylor adds.
SOURCE: Josh Taylor
WRITER: Diane DiPiero
social media studio teaches ins and outs of new-economy tools
Just when you thought you knew everything about social media, or were afraid to ask anymore questions, a new resource arrives on the scene. Social Media Studio (SMS), a partnership between Rapid Fire Media and Virginia Marti College, launched on January 1 of this year, and is off to a speedy start with the announcement of six upcoming events and the release of its daily e-zine.
"The intent of forming SMS was to create a forum for the best social media practitioners and educators," says Michael DeAloia, the former tech czar of the City of Cleveland and social media guru, who is helping to spearhead this new learning community.
The learning opportunities began on January 11, with an intro to social media led by DeAloia. On January 25, there's a class on effective Twitter tools. "We have planned our first six events for 2011," DeAloia says, "but I suspect we will produce between 20 and 24 events over the course of the calendar year." Experts in social media, marketing and branding will lead various classes. "The Northeast Ohio area is blessed with a rich number of social media experts," he says.
In addition to fee-based classes, SMS recently launched its inaugural Social Media Studio Daily, containing local and national news.
Through classes and the online publication, SMS seeks to broaden Northeast Ohioans' understanding and use of social media. "We have actually created a class where we are going to teach students how to be social media entrepreneurs," DeAolia says.
SOURCE: Michael DeAloia
WRITER: Diane DiPiero
"The intent of forming SMS was to create a forum for the best social media practitioners and educators," says Michael DeAloia, the former tech czar of the City of Cleveland and social media guru, who is helping to spearhead this new learning community.
The learning opportunities began on January 11, with an intro to social media led by DeAloia. On January 25, there's a class on effective Twitter tools. "We have planned our first six events for 2011," DeAloia says, "but I suspect we will produce between 20 and 24 events over the course of the calendar year." Experts in social media, marketing and branding will lead various classes. "The Northeast Ohio area is blessed with a rich number of social media experts," he says.
In addition to fee-based classes, SMS recently launched its inaugural Social Media Studio Daily, containing local and national news.
Through classes and the online publication, SMS seeks to broaden Northeast Ohioans' understanding and use of social media. "We have actually created a class where we are going to teach students how to be social media entrepreneurs," DeAolia says.
SOURCE: Michael DeAloia
WRITER: Diane DiPiero
Making good on a 2010 goal to build and strengthen its interests in the healthcare industry, The Riverside Company this month announced the acquisition of Physicians Pharmacy Alliance
(PPA). The North Carolina-based company specializes in drug dispensing
to at-home chronically ill patients. PPA was founded in 2002 and has
been recognized as one of the fastest growing companies in the region by
the Triangle Business Journal.
Riverside, a private equity firm with offices in Cleveland, considers itself a generalist when it comes to acquisitions; nevertheless, the company has made strides specializing in the healthcare, education and training industries. Riverside benefits from the knowledge and input of senior advisers in these fields. "We bring them into the fold to complement our investment professionals," says Graham Hearns, Riverside's director of marketing and communications.
Also this month, Riverside announced the add-on acquisition of CareFacts Information Systems, a St. Paul, Minnesota provider of software for home care, hospice and public health organizations. CareFacts will join Riverside's HEALTHCAREfirst, which provides web-based software to home care and hospice agencies.
SOURCE: The Riverside Company
WRITER: Diane DiPiero
Riverside, a private equity firm with offices in Cleveland, considers itself a generalist when it comes to acquisitions; nevertheless, the company has made strides specializing in the healthcare, education and training industries. Riverside benefits from the knowledge and input of senior advisers in these fields. "We bring them into the fold to complement our investment professionals," says Graham Hearns, Riverside's director of marketing and communications.
Also this month, Riverside announced the add-on acquisition of CareFacts Information Systems, a St. Paul, Minnesota provider of software for home care, hospice and public health organizations. CareFacts will join Riverside's HEALTHCAREfirst, which provides web-based software to home care and hospice agencies.
SOURCE: The Riverside Company
WRITER: Diane DiPiero
Some said it would never happen, but the day is finally arriving: A groundbreaking ceremony for the Cleveland Medical Mart and Convention Center takes
place this Friday, January 14. Construction has already gotten underway
near Lakeside Avenue, though, signifying that the much-anticipated,
often-controversial $465 million project will become a reality.
Completion of the project is expected to be sometime in 2013.
For many, the building's external progress will be almost as significant as the list of committed exhibitors inside. According to MMPI, the Chicago-based trade show and property management firm, the first 40-plus companies that have signed letters of intent to lease showroom space will be also be revealed on January 14. According to Dave Johnson, spokesperson for the Medical Mart, 31 conferences and trade shows have also committed to hosting their events in the new convention center.
The Medical Mart is targeting healthcare manufacturers and service providers to show off their wares and services inside the complex. The latest innovations and products are likely to be housed within the facility. The interiors will feature 235,000 square feet of display space, 60,000 square feet of meeting rooms, 230,000 square feet for exhibitions and a 30,000-square-foot ballroom.
SOURCE: Dave Johnson,
Cleveland Medical Mart and Convention Center
WRITER: Diane DiPiero
For many, the building's external progress will be almost as significant as the list of committed exhibitors inside. According to MMPI, the Chicago-based trade show and property management firm, the first 40-plus companies that have signed letters of intent to lease showroom space will be also be revealed on January 14. According to Dave Johnson, spokesperson for the Medical Mart, 31 conferences and trade shows have also committed to hosting their events in the new convention center.
The Medical Mart is targeting healthcare manufacturers and service providers to show off their wares and services inside the complex. The latest innovations and products are likely to be housed within the facility. The interiors will feature 235,000 square feet of display space, 60,000 square feet of meeting rooms, 230,000 square feet for exhibitions and a 30,000-square-foot ballroom.
SOURCE: Dave Johnson,
Cleveland Medical Mart and Convention Center
WRITER: Diane DiPiero
E pluribus unum. If this motto hadn't already been snatched for the United States seal, it might have worked nicely for Cleveland's Corporate United. The group-purchasing organization manages the contracts and suppliers of its member companies, which include Akron General Health System, Caribou Coffee, Malt-o-Meal, PolyOne, Progressive, Sherwin Williams and Toro.
According to president Marc Rosen, the purchasing strength of the companies it serves fuels Corporate United's growth. "As a member-based organization, we measure success by the bottom-line value we generate for our members. This value leads to the positive growth of Corporate United as a whole," Rosen says.
Corporate United enjoyed 91 percent growth in 2010, and was recognized locally and nationally for its efforts. Corporate United ranked 56 on the Weatherhead 100, was named a Crain's Leading EDGE award winner for its service to a 17-county region in Northeast Ohio and made it onto Inc's list of the 5,000 fastest-growing small- to mid-sized companies in America. Supply & Demand Chain Executive Magazine also recognized Corporate United for its role in preparing member companies for post-recessionary growth.
Corporate United added three members to its staff last year, and plans to make another new hire in the first half of 2011.
Source: Corporate United
Writer: Diane DiPiero
According to president Marc Rosen, the purchasing strength of the companies it serves fuels Corporate United's growth. "As a member-based organization, we measure success by the bottom-line value we generate for our members. This value leads to the positive growth of Corporate United as a whole," Rosen says.
Corporate United enjoyed 91 percent growth in 2010, and was recognized locally and nationally for its efforts. Corporate United ranked 56 on the Weatherhead 100, was named a Crain's Leading EDGE award winner for its service to a 17-county region in Northeast Ohio and made it onto Inc's list of the 5,000 fastest-growing small- to mid-sized companies in America. Supply & Demand Chain Executive Magazine also recognized Corporate United for its role in preparing member companies for post-recessionary growth.
Corporate United added three members to its staff last year, and plans to make another new hire in the first half of 2011.
Source: Corporate United
Writer: Diane DiPiero
JumpStart Ventures closed out 2010 strong, adding to its portfolio and making second investments in two existing companies. A $250,000 investment in Cleveland-based MedCity Media, formerly MedCity News, will allow the online news service to expand its healthcare-specific content to Philadelphia and Raleigh/Durham. JumpStart Ventures president, Lynn-Ann Gries, says that MedCity's media model has created a unique niche in the industry.
JumpStart also announced an investment in another Cleveland company, Caralon Global. This startup is producing a thermal insulating material that because of its ultra-thin design can be used in very small spaces. Caralon Global received a loan in early 2010 from Cuyahoga County's North Coast Opportunities (NCO) Technology Fund, which allowed the company to create molds for the manufacturing process.
JumpStart also showed support for the continued growth of two of its existing portfolio companies: Tursiop Technologies and OnShift. Tursiop Technologies received a second investment of $150,000 for the development of its MRI coil devices. OnShift, which provides employee scheduling and communications technology, also received a $150,000 second investment from JumpStart. That was part of a total $2.3 million venture capital investment rounds in OnShift.
In 2010 alone, JumpStart invested in 15 companies, with a total financial offering of more than $3 million.
SOURCE: JumpStart Ventures
WRITER: Diane DiPiero
JumpStart also announced an investment in another Cleveland company, Caralon Global. This startup is producing a thermal insulating material that because of its ultra-thin design can be used in very small spaces. Caralon Global received a loan in early 2010 from Cuyahoga County's North Coast Opportunities (NCO) Technology Fund, which allowed the company to create molds for the manufacturing process.
JumpStart also showed support for the continued growth of two of its existing portfolio companies: Tursiop Technologies and OnShift. Tursiop Technologies received a second investment of $150,000 for the development of its MRI coil devices. OnShift, which provides employee scheduling and communications technology, also received a $150,000 second investment from JumpStart. That was part of a total $2.3 million venture capital investment rounds in OnShift.
In 2010 alone, JumpStart invested in 15 companies, with a total financial offering of more than $3 million.
SOURCE: JumpStart Ventures
WRITER: Diane DiPiero
The Garland Co. may not be a household name to everyone in Cleveland,
but the fact is that the company has been providing roofing solutions
for businesses, industrial facilities and public properties for about
115 years. "Garland has a great local story to tell," says Brain
Lambert, director of products and systems. That story involves having a
presence in the area since 1895, a reputation for innovation that
includes green building and a common sense approach to business that has
resulted in zero layoffs during tough economic times.
An employee-owned business, Garland makes products for new construction, renovation, retrofit and maintenance projects. The company also services companies through engineering, design-build construction management and computerized roof asset management. Garland has been "going green" before it was a popular thing to do. In the mid-1990s, Garland introduced a modified roofing system using post-consumer recycled tires. Garland Energy Systems, Inc., created as a subsidiary of the company in 2007, focuses solely on alternative energy solutions such as thin-film solar rooftop cells.
Being forward-thinking while respecting its strong history seems to be a successful combination for Garland, which has received numerous awards and recognitiions over the last year. Garland's Green-Lock product, a polymer-based, VOC-free flood coat, made it to the list of Top Products of 2010 by Building Operation Management magazine. Garland has also been named to the North Coast 99 list of best places to work for 11 years in a row.
SOURCE: The Garland Co.
WRITER: Diane DiPiero
An employee-owned business, Garland makes products for new construction, renovation, retrofit and maintenance projects. The company also services companies through engineering, design-build construction management and computerized roof asset management. Garland has been "going green" before it was a popular thing to do. In the mid-1990s, Garland introduced a modified roofing system using post-consumer recycled tires. Garland Energy Systems, Inc., created as a subsidiary of the company in 2007, focuses solely on alternative energy solutions such as thin-film solar rooftop cells.
Being forward-thinking while respecting its strong history seems to be a successful combination for Garland, which has received numerous awards and recognitiions over the last year. Garland's Green-Lock product, a polymer-based, VOC-free flood coat, made it to the list of Top Products of 2010 by Building Operation Management magazine. Garland has also been named to the North Coast 99 list of best places to work for 11 years in a row.
SOURCE: The Garland Co.
WRITER: Diane DiPiero
ohio technical college adds performance-vehicle training with new edelbrock academy
Preparing students to excel at classic car restoration, collision repair and refinishing, and custom paint and graphics is what Ohio Technical College (OTC) has been doing in Cleveland for years.
Through a new partnership with Edelbrock, a manufacturer and distributor of performance vehicle replacement parts, students can now master the finer points of building and tuning America's latest obsession: muscle cars and performance vehicles. OTC and Edelbrock recently announced the founding of the Edelbrock Academy.
OTC, an accredited, private, post-secondary technical college, already offers a full catalog of courses in automotive care, including alternative-fuel vehicles. The college, established in 1969, has more than 1,000 students currently enrolled at its MidTown campus. The founding of the new Edelbrock Academy will add to OTC's offerings by providing the skills necessary to make the jump to the muscle car and performance vehicle market.
The "mascot" of the Edelbrock Academy is a 1957 Chevrolet Bel Air, which was built entirely by OTC students. For the next several months, the Chevy Bel Air will travel around the country to high schools and car shows as part of OTC's promotion of the Edelbrock Academy.
Source: Ohio Technical College
Writer: Diane DiPiero
Through a new partnership with Edelbrock, a manufacturer and distributor of performance vehicle replacement parts, students can now master the finer points of building and tuning America's latest obsession: muscle cars and performance vehicles. OTC and Edelbrock recently announced the founding of the Edelbrock Academy.
OTC, an accredited, private, post-secondary technical college, already offers a full catalog of courses in automotive care, including alternative-fuel vehicles. The college, established in 1969, has more than 1,000 students currently enrolled at its MidTown campus. The founding of the new Edelbrock Academy will add to OTC's offerings by providing the skills necessary to make the jump to the muscle car and performance vehicle market.
The "mascot" of the Edelbrock Academy is a 1957 Chevrolet Bel Air, which was built entirely by OTC students. For the next several months, the Chevy Bel Air will travel around the country to high schools and car shows as part of OTC's promotion of the Edelbrock Academy.
Source: Ohio Technical College
Writer: Diane DiPiero
Personal frustration led Jeremy Handel to come up with his company's latest product: a gaming app for Apple's iOS platform.
"I subscribe to several gaming magazines, and I was finding that I would read game previews months in advance of the release," says the founder of Handelabra. At other times, games would come and go without Handel realizing it. He began tacking post-it notes on his computer as reminders of when games would be released, but when that became too cumbersome, Mandel realized a game-reminder app would be much more efficient.
GAME.minder, which is the result of a partnership with Case Western's student think tank Qube Lab, currently tracks more than 1,000 games. Thanks to the free, fully interactive app for iPhone/iOS, users can search and filter their favorite games by platform, title, popularity or release date. Setting a "RE.minder" tells GAME.minder to notify the user before a new game hits the shelves.
Handelabra has two other apps already on the market: StyleAssist, a photo-sharing app focused on hair styles; and Better Clock, a universal alarm clock app for iPhone and iPad. The three-person Handelabra team is currently focused on the iOS platform, according to Handel, who adds that the company's long-term goal "would be to bring successful products to other smartphone platforms like Android. We do not currently plan to extend our products to the desktop, preferring to focus on mobile exclusively."
SOURCE: Jeremy Handel
WRITER: Diane DiPiero
"I subscribe to several gaming magazines, and I was finding that I would read game previews months in advance of the release," says the founder of Handelabra. At other times, games would come and go without Handel realizing it. He began tacking post-it notes on his computer as reminders of when games would be released, but when that became too cumbersome, Mandel realized a game-reminder app would be much more efficient.
GAME.minder, which is the result of a partnership with Case Western's student think tank Qube Lab, currently tracks more than 1,000 games. Thanks to the free, fully interactive app for iPhone/iOS, users can search and filter their favorite games by platform, title, popularity or release date. Setting a "RE.minder" tells GAME.minder to notify the user before a new game hits the shelves.
Handelabra has two other apps already on the market: StyleAssist, a photo-sharing app focused on hair styles; and Better Clock, a universal alarm clock app for iPhone and iPad. The three-person Handelabra team is currently focused on the iOS platform, according to Handel, who adds that the company's long-term goal "would be to bring successful products to other smartphone platforms like Android. We do not currently plan to extend our products to the desktop, preferring to focus on mobile exclusively."
SOURCE: Jeremy Handel
WRITER: Diane DiPiero
It started out as Dyke College in the late 1800s. About 100 years later it became Myers University. The early 2000s proved somewhat tumultuous, but the school emerged under new leadership and with a new name: Chancellor University.
Name changes aside, the school has a rich history here in Cleveland, and it is using new forms of communication to spread the good news.
"Our Voice" is a new campaign by Chancellor University in which alumni provide video testimonials that can be tied into their own Facebook and Twitter pages.
In addition to touting the benefits of a Chancellor education, the "Our Voice" campaign also strives to help current students connect with possible job resources, explains Beth Bateman, Chancellor's director of student services. Students also have the opportunity to create a video detailing their area of study and their career goals. Linking current students with alumni who can mentor them or provide employment opportunities creates a valuable networking experience, Bateman adds.
The campaign can be viewed at Our Voice.
Source: Beth Bateman
Writer: Diane DiPiero
Name changes aside, the school has a rich history here in Cleveland, and it is using new forms of communication to spread the good news.
"Our Voice" is a new campaign by Chancellor University in which alumni provide video testimonials that can be tied into their own Facebook and Twitter pages.
In addition to touting the benefits of a Chancellor education, the "Our Voice" campaign also strives to help current students connect with possible job resources, explains Beth Bateman, Chancellor's director of student services. Students also have the opportunity to create a video detailing their area of study and their career goals. Linking current students with alumni who can mentor them or provide employment opportunities creates a valuable networking experience, Bateman adds.
The campaign can be viewed at Our Voice.
Source: Beth Bateman
Writer: Diane DiPiero
CLE equity firm riverside continues to make deals, grow staff
The Riverside Company is experiencing its strongest fourth quarter in the company's 22-year history. That, in addition to snagging Mergers & Acquisitions Journal's recent designation as "Private Equity Firm of the Year."
"It has been a remarkably busy time," admits Graham Hearns, director of marketing and communications for the Cleveland-based private equity firm. "We've had four or five acquisitions and a couple of business exits so far, and we could have as many as six or seven more transactions in the next two weeks."
Hearns attributes this growth to lenders once again offering money to businesses and to more realistic buyer and seller expectations.
For Riverside, this meant moving forward with company acquisitions that it has been researching in the midst of an economic downturn. "During the whole global financial crisis we never came to a standstill," Hearns says. "We are generalists, so we like to window shop."
Riverside has found success in maintaining its general portfolio while also beefing up two key areas of company acquisitions: healthcare and education and training. The company's latest investment is G&H Wire Company, a Franklin, Indiana-based manufacturer and supplier of orthodontic products. G&H becomes Riverside's 49th healthcare transaction. Overall, Riverside has made more than 200 acquisitions of companies with $200 million or less in enterprise value.
Riverside has 19 offices around the world, but Cleveland continues to be its largest with about 50 employees. "There's been a continuous growth of the Cleveland team," Hearns says, adding that Riverside hired about six new people in 2010 and expects to add about the same amount in the next year or so.
SOURCE: The Riverside Company
WRITER: Diane DiPiero
"It has been a remarkably busy time," admits Graham Hearns, director of marketing and communications for the Cleveland-based private equity firm. "We've had four or five acquisitions and a couple of business exits so far, and we could have as many as six or seven more transactions in the next two weeks."
Hearns attributes this growth to lenders once again offering money to businesses and to more realistic buyer and seller expectations.
For Riverside, this meant moving forward with company acquisitions that it has been researching in the midst of an economic downturn. "During the whole global financial crisis we never came to a standstill," Hearns says. "We are generalists, so we like to window shop."
Riverside has found success in maintaining its general portfolio while also beefing up two key areas of company acquisitions: healthcare and education and training. The company's latest investment is G&H Wire Company, a Franklin, Indiana-based manufacturer and supplier of orthodontic products. G&H becomes Riverside's 49th healthcare transaction. Overall, Riverside has made more than 200 acquisitions of companies with $200 million or less in enterprise value.
Riverside has 19 offices around the world, but Cleveland continues to be its largest with about 50 employees. "There's been a continuous growth of the Cleveland team," Hearns says, adding that Riverside hired about six new people in 2010 and expects to add about the same amount in the next year or so.
SOURCE: The Riverside Company
WRITER: Diane DiPiero
In a laboratory at Case Western Reserve University's
School of Medicine, Zhenghe John Wang and a team of researchers
developed a panel of new human isogenic cell models, which look much
like mutated cancer cells. Through these cell models, researchers can
get a handle on how cancer takes shape in the human body.
"We actually created a technology where we can add tags into cancer cells so we can track them," says Wang, assistant professor of genetics at Case's School of Medicine. Not only can this technology help researchers to better understand how cancer cells evolve, it can also provide assistance with cancer treatment programs, Wang says.
Now this process has an even greater chance of affecting cancer treatments, as medical research company Horizon Discovery has obtained exclusive rights to the panel of new human isogenic cell models. This means that the British medical research company will be able to add this technology to its existing models, which are used to predict patient response to current and future drug treatments.
Horizon Discovery has licensed the new cell models for ten years and will pay Case an initial fee, with rights to royalties from future product sales.
"We really wanted to work with someone interested in this technology," Wang says, adding that the agreement with Horizon Discovery will allow for research on a grander scale. Meanwhile, Wang and his team will continue to advance use of human isogenic cell models at Case. "Hopefully, we can make a big impact on cancer research," he says.
SOURCE: Case Western Reserve University
WRITER: Diane DiPiero
"We actually created a technology where we can add tags into cancer cells so we can track them," says Wang, assistant professor of genetics at Case's School of Medicine. Not only can this technology help researchers to better understand how cancer cells evolve, it can also provide assistance with cancer treatment programs, Wang says.
Now this process has an even greater chance of affecting cancer treatments, as medical research company Horizon Discovery has obtained exclusive rights to the panel of new human isogenic cell models. This means that the British medical research company will be able to add this technology to its existing models, which are used to predict patient response to current and future drug treatments.
Horizon Discovery has licensed the new cell models for ten years and will pay Case an initial fee, with rights to royalties from future product sales.
"We really wanted to work with someone interested in this technology," Wang says, adding that the agreement with Horizon Discovery will allow for research on a grander scale. Meanwhile, Wang and his team will continue to advance use of human isogenic cell models at Case. "Hopefully, we can make a big impact on cancer research," he says.
SOURCE: Case Western Reserve University
WRITER: Diane DiPiero
OnShift's employee scheduling software is designed for pain-free maintenance of shift, emergency, and on-call scheduling in the long-term healthcare industry. Clearly, hospitals and other long-term care providers have taken note, because the Cleveland-based company has been enjoying exponential growth of late. OnShift's customer acquisitions increased more than 500 percent year-over-year, and the software solutions company continues to add staffers.
A new $2.3 million venture capital investment will be used to accelerate OnShift's sales and marketing efforts while adding to its already expanding market share. This round of funding was led by Draper Triangle Ventures of Pittsburgh and involves all of OnShift's existing investors, which include local investors Early Stage Partners, JumpStart, Inc., North Coast Angel Fund, LLC, and Glengary LLC.
OnShift's software is used by hospitals and other long-term care facilities for automated scheduling, employee communications and automated call-off and open-shift scheduling. The company was recognized earlier this year by NEOSA, the COSE Technology Network, as Best Emerging Company.
Jonathan Murray, managing director of Early Stage Partners, notes that "OnShift has consistently delivered shareholder value by acquiring and serving customers and is on a significant growth trajectory." Bob Lauer, a partner with Glengary LLC, echoes the enthusiasm of other OnShift investors. "We are anticipating strong results in 2011 based on the use of new funding to expand and accelerate sales and marketing efforts," Lauer says.
SOURCE: OnShift
WRITER: Diane DiPiero
A new $2.3 million venture capital investment will be used to accelerate OnShift's sales and marketing efforts while adding to its already expanding market share. This round of funding was led by Draper Triangle Ventures of Pittsburgh and involves all of OnShift's existing investors, which include local investors Early Stage Partners, JumpStart, Inc., North Coast Angel Fund, LLC, and Glengary LLC.
OnShift's software is used by hospitals and other long-term care facilities for automated scheduling, employee communications and automated call-off and open-shift scheduling. The company was recognized earlier this year by NEOSA, the COSE Technology Network, as Best Emerging Company.
Jonathan Murray, managing director of Early Stage Partners, notes that "OnShift has consistently delivered shareholder value by acquiring and serving customers and is on a significant growth trajectory." Bob Lauer, a partner with Glengary LLC, echoes the enthusiasm of other OnShift investors. "We are anticipating strong results in 2011 based on the use of new funding to expand and accelerate sales and marketing efforts," Lauer says.
SOURCE: OnShift
WRITER: Diane DiPiero
Prfessor.com officially launched this year, beckoning anybody who knows something about a subject to create an online course for the benefit of others. According to Jim Kukral, one of three owners of the Rocky River-based e-learning curriculum designer, "hundreds of thousands of visitors and students have experienced Prfessor." Topics currently on the site range from marketing to green living.
Now Prfessor is promoting the use of its online resource for businesses that want to educate staff without the expense and time-consuming nature of classroom-style training. Prfessor offers corporations, small businesses and nonprofits a variety of advanced interactive tools designed to encourage self-paced learning.
This style of training benefits both employer and employee, according to Kukral. " "Prfessor.com helps you control your costs as you improve the quality of your staff and they, in turn, improve profits by doing their jobs better selling more products, providing better customer service and leading their teams effectively," he says. "Prfessor allows anyone, without tech skills, to go out and teach what they know."
Businesses and organizations can take advantage of Prfessor by signing up online to create unlimited courses, develop quizzes to gauge students' understanding of topics and make use of A/V, PowerPoint and graphics to stimulate the learning process.
Kukral foresees strong growth in Prfessor's future, thanks to ever-expanding use of the Internet for educational purposes. "The market for education online is growing by leaps and bounds," Kukral says. Prfessor is designed to encourage users to "empty your head onto the Web," he adds.
SOURCE: Jim Kukral, Prfessor.com
WRITER: Diane DiPiero
Now Prfessor is promoting the use of its online resource for businesses that want to educate staff without the expense and time-consuming nature of classroom-style training. Prfessor offers corporations, small businesses and nonprofits a variety of advanced interactive tools designed to encourage self-paced learning.
This style of training benefits both employer and employee, according to Kukral. " "Prfessor.com helps you control your costs as you improve the quality of your staff and they, in turn, improve profits by doing their jobs better selling more products, providing better customer service and leading their teams effectively," he says. "Prfessor allows anyone, without tech skills, to go out and teach what they know."
Businesses and organizations can take advantage of Prfessor by signing up online to create unlimited courses, develop quizzes to gauge students' understanding of topics and make use of A/V, PowerPoint and graphics to stimulate the learning process.
Kukral foresees strong growth in Prfessor's future, thanks to ever-expanding use of the Internet for educational purposes. "The market for education online is growing by leaps and bounds," Kukral says. Prfessor is designed to encourage users to "empty your head onto the Web," he adds.
SOURCE: Jim Kukral, Prfessor.com
WRITER: Diane DiPiero
In the fiscal year ending September 30, 2010, Huntington Bank
led other lenders in Northeast Ohio in number of small business loans,
total dollars lent and amount of minority lending. This report from the U.S. Small Business Administration (SBA) Cleveland District Office signals the second year in a row that Huntington was the regional leader in loan support to small business owners.
In the past year, Huntington gave out 365 loans and $59 million, including $8 million in minority lending, in the Cleveland region.
These numbers indicate the bank's commitment to growing the local economy through financial lending to entrepreneurs and small business owners, according to Dan Walsh, regional president for Huntington in the Greater Cleveland Region. "Through Huntington's continued partnership with the SBA, we've helped businesses in Cleveland and across our markets retain and grow jobs, expand their services or buy new equipment and become stronger and better positioned for the future," he says.
"When we put dollars in the hands of local small business owners, new businesses can start or be rescued, jobs are created and our economy is jump started," Walsh adds.
Huntington is the fifth-largest SBA lender in the country in number of loans, according to bank sources.
SOURCE: Huntington Bank
WRITER: Diane DiPiero
In the past year, Huntington gave out 365 loans and $59 million, including $8 million in minority lending, in the Cleveland region.
These numbers indicate the bank's commitment to growing the local economy through financial lending to entrepreneurs and small business owners, according to Dan Walsh, regional president for Huntington in the Greater Cleveland Region. "Through Huntington's continued partnership with the SBA, we've helped businesses in Cleveland and across our markets retain and grow jobs, expand their services or buy new equipment and become stronger and better positioned for the future," he says.
"When we put dollars in the hands of local small business owners, new businesses can start or be rescued, jobs are created and our economy is jump started," Walsh adds.
Huntington is the fifth-largest SBA lender in the country in number of loans, according to bank sources.
SOURCE: Huntington Bank
WRITER: Diane DiPiero
That small-fish-in-a-big-pond feeling is likely to crop up now and again for local doctors who choose to work outside of one of the large hospital systems. One of the big problem areas? Managing automated tasks like medical records and insurance reimbursements. Any independent physician in Northeast Ohio who has ever felt alone in this realm will want to check out the newly launched Independent Physician Solutions (IPS) from Sisters of Charity Health System.
IPS offers independent doctors a contiuum of services, including billing management, electronic medical records (EMR) and managed care contracting. The new subsidiary of Sisters of Charity is a physician-led organization that seeks the input of those in the medical community. For example, a committee composed of physicians from Sisters of Charity and independent doctors researched possible EMR solutions, eventually deciding on General Electric's Centricity. This system will help private-practice physicians stay on the cutting edge of technology requirements. IPS will also offer billing and collections services.
What's more, IPS will have an equity model open to physicians who want to invest, according to Orlando L. Alvarez, senior vice president of physician alignment for Sisters of Charity. More than half of the governing board of IPS will be made up of physicians.
SOURCE: Sisters of Charity
WRITER: Diane DiPiero
IPS offers independent doctors a contiuum of services, including billing management, electronic medical records (EMR) and managed care contracting. The new subsidiary of Sisters of Charity is a physician-led organization that seeks the input of those in the medical community. For example, a committee composed of physicians from Sisters of Charity and independent doctors researched possible EMR solutions, eventually deciding on General Electric's Centricity. This system will help private-practice physicians stay on the cutting edge of technology requirements. IPS will also offer billing and collections services.
What's more, IPS will have an equity model open to physicians who want to invest, according to Orlando L. Alvarez, senior vice president of physician alignment for Sisters of Charity. More than half of the governing board of IPS will be made up of physicians.
SOURCE: Sisters of Charity
WRITER: Diane DiPiero
Hyland Software has
"strong management, a clear strategy, happy customers and a
vertical-market focus." That, according to the IT research and advisory
company Gartner, is part of the reason Hyland Software is on its list of
leaders in the enterprise content management (ECM) industry. Gartner's
Magic Quadrant 2010 puts Hyland Software in good company, as it shares
the title "leader" with the likes of Microsoft, Oracle and IBM. The
annual Magic Quadrant is used by the IT industry to evaluate ECM vendor
options.
The review from Gartner also pointed to Hyland's sales growth and success selling a version of the company's OnBase software that runs over the Internet. OnBase features document, business process and records management services.
A.J. Hyland, president and CEO of the Westlake-based company, says that Hyland's success relies on staying true to its own mission. "Since the beginning, Hyland strategically decided not to pursue two of Gartner's requirements to be a leader: team collaboration and WCM (web content management)," Hyland wrote on his company blog. "Instead, it stayed focused on this: integrated document imaging, management and workflow capabilities that meet the needs of targeted vertical industries."
This appears to have been a successful strategy. The company has had a banner year adding to its market share through acquisitions. New to the Hyland Software family in 2010 are eWebHealth, which specializes in Software as a Service (Saas); Hershey Systems, which focuses on the higher education market; and Computer Systems Company, a business and clinical healthcare software entity.
SOURCE: Hyland Software
WRITER: Diane DiPiero
The review from Gartner also pointed to Hyland's sales growth and success selling a version of the company's OnBase software that runs over the Internet. OnBase features document, business process and records management services.
A.J. Hyland, president and CEO of the Westlake-based company, says that Hyland's success relies on staying true to its own mission. "Since the beginning, Hyland strategically decided not to pursue two of Gartner's requirements to be a leader: team collaboration and WCM (web content management)," Hyland wrote on his company blog. "Instead, it stayed focused on this: integrated document imaging, management and workflow capabilities that meet the needs of targeted vertical industries."
This appears to have been a successful strategy. The company has had a banner year adding to its market share through acquisitions. New to the Hyland Software family in 2010 are eWebHealth, which specializes in Software as a Service (Saas); Hershey Systems, which focuses on the higher education market; and Computer Systems Company, a business and clinical healthcare software entity.
SOURCE: Hyland Software
WRITER: Diane DiPiero