2021 Burton D. Morgan Mentoring Program Annual Report

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2021

ANNUAL REPORT


LETTER TO STAKEHOLDERS I will not dwell on the microscopic elephant in the room that has held us hostage for a year and counting. I would rather focus on a common thread of the past year – LEARNING. WE LEARNED MANY THINGS, BOTH PERSONALLY AND PROFESSIONALLY: • That home is far more than a structure • That family and time together can be both treasured and trying

Through the generosity, vision, and dedication of the Burton D. Morgan Foundation we, all of us, have been able to facilitate the growth and sustainability of our entrepreneurial ecosystem. The vision of Deborah Hoover and her team have created an interconnected entrepreneurial community that has learned to withstand a reality for which no one could prepare. I want to thank each and every one of you for your time, effort and dedication to helping our entrepreneurial community go far beyond surviving the “microscopic elephant” and demonstrating that the support system that you have built can help our entrepreneurs thrive, face adversity and continue to grow. The Foundation, mentors, NEO Entrepreneurial Network collaborators and our entrepreneurs have demonstrated that we have learned from our collective experience and are stronger now than we were a year ago.

• To coexist … stay home … cook … adapt … think of our collective well being … support our neighbor and local business … be vulnerable … understand mortality … be optimistic … pivot … persevere … and finally – how to learn again Our entrepreneurs are not the same as they were last year, even though many of the faces are. The startups are not the same and neither are their business models. Some gave up – which is completely understandable. Some persevered, some pivoted. They all learned.

HERE IS TO 2021 AND A REALITY THAT I HOPE IS FAR BETTER THAN IT IS TODAY.

BILL NEMETH | Director, Burton D. Morgan Mentoring Program

PROGRAM GOALS

BURTON D. MORGAN MENTORING PROGRAM IS AN INITIATIVE OF JUMPSTART

OUR GOAL IS SIMPLE: We believe that by channeling the experience and expertise of mentors in support of the region’s newest technology entrepreneurs, we can accelerate their progress toward capital and revenue. And, by doing so, we will be creating the future employers for our community.

$526.2M

RESULTS

REVENUE COLLECTIVELY GENERATED BY CLIENTS

12,000+

HOURS DONATED BY MENTORS

$314.8M

CAPITAL RAISED BY CLIENTS

205

TOTAL FULL TIME EMPLOYEES (ACTIVE & GRADUATED COMPANIES)

18

GRADUATES OF THE PROGRAM

OVERALL SATISFACTION

MENTORS

92%

SATISFIED WITH THEIR PARTICIPATION IN THE PROGRAM

CLIENTS

89%

SATISFIED WITH THEIR PARTICIPATION IN THE PROGRAM

BURTON D. MORGAN MENTORING PROGRAM | 2021 annual report


PROGRAM GROWTH to date:

214

MENTORS ONBOARDED

254

MENTORS CLIENTS SERVED

260 240 220 200

“IN” THE COMMUNITY In the past we have highlighted some of the ways our mentors were becoming a backbone to our entrepreneurial community. This effort was in keeping with the work the Burton D. Morgan Foundation has pioneered in Northeast Ohio to align all entrepreneurial efforts. Driven by the beginning of the pandemic in 2020, the complexion of the effort took on a different level of urgency and a new method of delivery. Still, the urgency and commitment were consistent with everything we have experienced with our mentors. The care, thoughtfulness and willingness to go the extra mile was ever-present.

180 160 140 120 100 80 60 40 20 0 JAN 2012

JAN 2013

JAN 2014

JAN 2015

JAN 2016

JAN 2017

JAN 2018

JAN 2019

JAN 2020

JAN 2021

PARTICIPATING CLIENTS & THEIR CORRESPONDING INDUSTRIES 43%

IT PRODUCTS & SERVICES 54% MENTORS WITH EXPERIENCE

10%

ADVANCED SPECIALTY MATERIALS 28% MENTORS WITH EXPERIENCE

23%

BUSINESS & CONSUMER PRODUCTS 55% MENTORS WITH EXPERIENCE

8%

ENERGY 18% MENTORS WITH EXPERIENCE

18%

HEALTHCARE 40% MENTORS WITH EXPERIENCE NOTE: Mentors don’t add up to 100% because some have experience in multiple industries

The initial webinar, LEADING YOUR BUSINESS THROUGH AN ECONOMIC CRISIS, was conceived, ideated, empaneled and delivered in a week. We had mentors who experienced the Great Recession as leaders of rapidly growing businesses and wanted to provide immediate assistance in a “no holds barred” format to deliver actionable advice to shell-shocked Northeast Ohio entrepreneurs. The event was raw and enormously impactful. This first Burton D. Morgan Foundationsponsored webinar had over 380 attendees who remained engaged for the entire session. The feedback received was overwhelming. Following this was a series of webinars, of which our mentors served as panelists, drawing an amazing amount of community engagement – but more importantly provided a lifeline for many entrepreneurs.

2020 webinar series Renegotiating Contracts april 1 60 ATTENDEES Extending the Runway april 2 77 ATTENDEES Strengthen Client Relationships: B2B april 8 82 ATTENDEES Keep Customers Close: B2C april 9 58 ATTENDEES Wind Down Business april 16 41 ATTENDEES Raising Capital in COVID april 23 130 ATTENDEES Leading from Home april 30 35 ATTENDEES Mental Health may 7 14 ATTENDEES What Comes Next? may 14 110 ATTENDEES Reopening the Economy may 21 150 ATTENDEES

BURTON D. MORGAN MENTORING PROGRAM | 2021 annual report


CLIENT CAPITAL & REVENUE MI L L I ON S OF DOL L A RS

Per Reporting Year

REVENUE

CAPITAL

900

$841 M

800

TOTAL

700

600

526 M

500 400

324 M

315 M

300 200

181 M 143 M

100 $0

0.3 M 1.3 M 1.6 M

2013

2014

2015

2016

2017

2018

2019

2020

2021

Since Joining The Program: $526.2 M

REVENUE

$207.3 M

ANGEL INVESTMENTS

$81.6 M

STRATEGIC PARTNERS

$6.9 M

LOANS

$6.5 M

GRANTS

$3.8 M

JUMPSTART

$3.3 M

COVID RELIEF

$2.8 M

GLIDE INNOVATION FUND

$1.4 M

GLIDE A: $0.8 M — GLIDE B: $2M

ACCELERATORS

INCLUDES FOLLOW ON FUNDS

$1.1 M

NORTH COAST OPPORTUNITY TECH FUND (NCOTF)

$0.3 M

CROWD FUNDING

62.6% 24.6% 9.7% 0.8% 0.8% 0.5% 0.4% 0.3% 0.2% 0.1% 0.03%

TOTAL CAPITAL & REVENUE

$841 M

BURTON D. MORGAN MENTORING PROGRAM | 2021 annual report