2020 Burton D. Morgan Mentoring Program Annual Report

Burton D. Morgan

MENTORING PROGRAM

2020 ANNUAL REPORT

LETTER TO STAKEHOLDERS 2019 was the year that our mentoring program began to spread its wings. Our focus was starting to expand our reach and impact. So far, so good! Our mentors have helped more entrepreneurs generate more revenue and raise more capital than ever before. Their efforts have resulted in $181.5M revenue and $143.4M capital which is an increase of 60% and 52%!

ON TOP OF THE FANTASTIC REVENUE AND FUNDING GROWTH WE HAVE BEEN ABLE TO: • Help university entrepreneurs via event involvement, speed mentoring and dedicated office hours • Provide necessary expertise to programs like Bounce’s product accelerator, UARF’s STRIDE and gBeta • Experience some of the pillars of our entrepreneurial ecosystem firsthand via the mentor lunches “on the road” at venues such as the Burton D. Morgan Foundation, MAGNET, Bounce and think[box] • Deliver needed expertise to non-tech businesses interested in scaling • Support entrepreneurs representing all of our collaborating organizations We want to thank the team at the Burton D. Morgan Foundation for their continued support, the time and talent donated by our mentors and everyone’s dedication to the entrepreneurs that are helping Northeast Ohio Entrepreneurship thrive.

We look forward to further expanding our impact this year as we roll out new programs designed to make entrepreneurial assistance and sophisticated mentoring available to more entrepreneurs.

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.

RESULTS

$181.5M

REVENUE COLLECTIVELY GENERATED BY CLIENTS

11,000+

HOURS DONATED BY MENTORS

$143.4M

CAPITAL RAISED BY CLIENTS

190

TOTAL FULL TIME EMPLOYEES (ACTIVE OR GRADUATED COMPANIES)

18

GRADUATES OF THE PROGRAM

OVERALL SATISFACTION

MENTORS

97%

SATISFIED WITH THEIR PARTICIPATION IN THE PROGRAM

CLIENTS

89%

SATISFIED WITH THEIR PARTICIPATION IN THE PROGRAM

BURTON D. MORGAN MENTORING PROGRAM | 2020 annual report

PROGRAM GROWTH

200

223

MENTORS ONBOARDED

MENTORS

CLIENTS SERVED

220 200 180 160 140 120 100 80 60 40 20 0 JAN 2012

JAN 2013

JAN 2014

JAN 2015

JAN 2016

JAN 2017

JAN 2018

JAN 2019

JAN 2020

PARTICIPATING CLIENTS & THEIR CORRESPONDING INDUSTRIES 35%

IT PRODUCTS & SERVICES 54% MENTORS WITH EXPERIENCE

6%

IN THE COMMUNITY Our program is focused on becoming a central part of the Northeast Ohio entrepreneurial ecosystem.

The mentors are engaging with aspiring entrepreneurs at the universities where the first sparks of a startup idea form. We are there to fan the flame, provide direction and encouragement. Our mentors are also engaged with programs like the accelerators meant to help entrepreneurs validate and more fully form promising startup ideas.

At this early stage the expertise of a mentor can make the difference between choosing a viable path and one that will most likely end in frustration. These numbers outlined here provide a bit of insight into some of these engagements and the reach they provide. It is a great start and momentum will certainly build from here.

Mentor Meetings On The Road October 2018 -Magnet December 2018 -think[ box] June 2019 -Bounce October 2019 -Burton D. Morgan Foundation

December 2019 -Ohio City Galley

ADVANCED SPECIALTY MATERIALS

Speed Dating Events

28% MENTORS WITH EXPERIENCE

Fourth Annual Meet a Mentor 16 mentors, 80 attendees

35%

BUSINESS & CONSUMER PRODUCTS 55% MENTORS WITH EXPERIENCE

9%

ENERGY 19% MENTORS WITH EXPERIENCE

15%

HEALTHCARE 41% MENTORS WITH EXPERIENCE NOTE: mentors don’t add up to 100% because some have experience in multiple industries

June 2019

-Startup Scaleup

Mentors at Universities Speed Dating Events April 2019

-CWRU

October 2019

-CWRU

6 mentors, 20 students/entrepreneurs 7 mentors, 40 students/entrepreneurs

Mentors at Universities Office Hours January 2020

-Kent State

2 mentors, 6 students

February 2020 -U of Akron 2 mentors, 6 students

BURTON D. MORGAN MENTORING PROGRAM | 2020 annual report

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

Per Reporting Year 200 180 160 140 120 100 80 60 40 20 $0

REVENUE

CAPITAL

TOTAL

340 320 300 280

324 M

181 M

143 M

0.3 M 1.3 M 1.6 M

2013

2014

2015

2016

2017

2018

2019

2020

Since Joining The Program: $181.5 M

REVENUE

$114.4 M

ANGEL INVESTMENTS

$8.2 M STRATEGIC PARTNERS $6.6 M LOANS $5.2 M GRANTS $3.4 M JUMPSTART INNOVATION FUND $2.6 M GLIDE GLIDE A: $0.7 5 M — GLIDE B: $1.8 6 M

$1.3 M ACCELERATORS

55.8% 35.2% 2.5% 2.0% 1.6% 1.0% 0.8% 0.4% 0.3% 0.08%

TOTAL CAPITAL & REVENUE

$324.9M

NORTH COAST OPPORTUNITY

$1.1 M TECH FUND (NCOTF) $0.3 M CROWD FUNDING

BURTON D. MORGAN MENTORING PROGRAM | 2020 annual report