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Transforming: THe Increasing Impact OF NorthEast Ohio Entrepreneurs and One of

America’s Best Ecosystems


Message To Our Community Transforming. Our region’s entrepreneurs are transforming

Given our work and the work occurring by many others across

their ideas into businesses and their businesses into job

Northeast Ohio, this annual report celebrates Northeast Ohio’s

creators. And it’s due in part to our entrepreneurial ecosystem’s

entrepreneurial ecosystem, its many committed members,

own transformation— it’s strengthening and growing.

and the transformative effect it is having on our region’s entrepreneurs and economy. As you read on, you’ll see that

These transformations have been occurring for several years.

a robust entrepreneurial ecosystem is part of our region’s

Since JumpStart’s inception in 2004, we have supported

legacy. The elements available today were available before and

thousands of entrepreneurs directly through our programs and

contributed to the success of our region’s iconic entrepreneurs,

services, so they can transform their ideas into plans and plans

some of whom created companies that remain Northeast

into businesses. Supporting entrepreneurs with high growth

Ohio’s largest employers. You’ll see how today’s entrepreneurs

companies in Northeast Ohio by providing intensive technical

have utilized these same elements to accelerate the trajectory of

assistance and investment dollars has been, and continues to

their businesses. Lastly, you’ll discover that the collective work

be, at the core of our mission.

of the entire region has been recognized nationally, ensuring that our leaders are invited to influence the development of

At the same time, the desire to transform Northeast Ohio’s

America’s entrepreneurial ecosystems.

entrepreneurial ecosystem into one with the scale and robustness we collectively need has resulted in JumpStart

The highlight of this year’s report is a salute to our collective

supporting broader efforts in the region and the state.

work: a visual representation of Northeast Ohio’s transforming,

JumpStart has directly and indirectly advocated for,

and transformative, entrepreneurial and innovation ecosystem.

supported, and helped to expand some of the programs addressing the needs of innovation and entrepreneurship in

As for JumpStart’s work, it is only because of the continued

the region. This work includes the launch of the North Coast

support JumpStart receives from all its philanthropic partners

Angel Fund, the passage of two expansions of Ohio Third

that the organization creates impact. Thank you for your

Frontier, and the attraction of six new venture funds that have

inspiring commitment to our region and its entrepreneurial

opened offices here.

support system.

To that end, we are enhancing the collaboration formerly known as TechLift and funded by Ohio Third Frontier. Now, this network will be called the JumpStart Entrepreneurial Network to reflect a coordinated service model that is easier for entrepreneurs to access. The JumpStart Entrepreneurial Network’s non-profit members work together to optimize the support provided to entrepreneurs, connecting them to the most appropriate resources and capital across the network’s members and in the broader ecosystem.


Ray T. Leach

Douglas L. Weintraub

Chief Executive Officer


Elements of the Northeast Ohio


Ec system


The entrepreneurial and innovation ecosystem in Northeast Ohio is made up of entrepreneurs and eight critical elements. Each element is unique and essential, yet connected to all the other elements in order to provide the continuum of support entrepreneurs need. The visual above reflects these interrelated components in relationship to entrepreneurs.

Idea Creators

Sources of

Advocates Organizations,


Ecosystem Funders

intellectual property or commercializable

government officials, and business

include government entities, private

ideas from centers of research and

organizations that advocate for the needs

foundations, individuals, and

entrepreneurs themselves.

of entrepreneurs to policy makers and

corporations that financially support the

leaders who can influence government

ecosystem and its participants. Without

funding and programmatic opportunities.

them, the ecosystem would not exist.

Investors Sources of risk capital available to companies not likely to qualify for, or receive, traditional financing.

Resource Providers Tangible and intangible resources that enable entrepreneurs to advance their skills and increase their likelihood of success.

J U M P S TA R T 2 0 1 0 CO M M UNI T Y R E P O R T

Stories & Storytellers

An entrepreneurial

Culture is the

Inspiring stories of past entrepreneurial

outcome of a thriving ecosystem and

successes that inspire youth and would-

is a culture in which entrepreneurs are

be entrepreneurs, and those who tell

understood, appreciated, and celebrated;


diversity is embraced; risk investing is

Educators Organizations

encouraged; uncertain outcomes and failures are accepted; and entrepreneurial

and higher education institutions

activity levels are high and thriving. It

that introduce entrepreneurs into the

surrounds, is created by, and is nurtured

ecosystem and increase their knowledge.

throughout the ecosystem. 3

Northeast Ohio’s Entrepreneurial Ecosystem of the Past

Northeast Ohio has a legacy of a rich entrepreneurial ecosystem, which grew organically. At the turn of the 19th century and shortly thereafter, the ecosystem contributed to the economic success of Northeast Ohio’s entrepreneurs and resulted in a thriving entrepreneurial culture.

Idea Creators Working as a janitor in a Canton department store, the carpet sweeper James Spangler was using aggravated his asthma. He used a fan motor, soap box, broom handle, and pillowcase to fashion a portable, electric vacuum cleaner. The company he formed to manufacture his new technology, Electric Suction Sweeper, later became

Photo courtesy of The Sherwin-Williams Company

known as Hoover.

Sherwin-Williams has grown from a small operation in Cleveland to be a global leader in the coatings industry

Investors savings in a Cleveland shop that made and mixed pigments, painting supplies, and oils.


When he and his initial partners split the

The successful recruitment

company, his former partners focused on

of Carl “Charles” Diebold’s

manufacturing linseed oil, leaving Henry

Cincinnati-based safe

with little assistance running the paint

building company to

business. With a $15,000 investment from

Canton might have been the

Edward Williams, Henry and Edward took

result of some persuasive

their ideas and knowledge and started

salesmanship by the local

Sherwin, Williams & Co. The funding

town fathers. The anecdote goes that many of those townsmen put up their own money to

allowed the company to invent new

assure the company’s relocation. As a result, Charles rebuilt Diebold, Incorporated in

products, innovations that revolutionized

Northeast Ohio and started again building the company’s first product.

the paint industry. 4

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Photo courtesy of Diebold, Incorporated

In 1866 Henry Sherwin invested his life’s

Photo copy of an original in the Special Collections Research Center, Kelvin Smith Library, Case Western Reserve University, Cleveland, Ohio

Resource providers When Charles Brush quit his day-job selling iron ore in 1877 to develop his idea for a dynamo electric engine and a powered arc lamp, he looked to a childhood friend for assistance. George Stockly was Vice President of Cleveland’s Telegraph Supply Company, and with George’s vote of confidence, the company gave Charles space to work and paid for the development, manufacturing, marketing, and sale of his dynamo. By 1891, the company Charles built around his arc lamp system had merged with a top competitor and Thomas

Educators Many of today’s colleges and universities that offer programs focused on entrepreneurship were founded in the late 19th century.

Photo courtesy of the Cleveland Public Library

Photo courtesy of Case Western Reserve University Archives

Edison’s company to form General Electric.

Map of original five buildings on the campus of Case Western Reserve University predecessor institutions

Stories and Storytellers When Charles Brush unveiled his arc lamp system on Cleveland’s Public Square on April 29, 1879, The Plain Dealer was there to share the story. Sherwin-Williams used its own publication, The Chameleon, to announce company milestones to its employees. And several other publications like the Cleveland Gazette, the Commercial Register, and the Akron Beacon Journal were founded during the 19th century, a time when there were many entrepreneurial success stories to be told.

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This 1899 edition of The Chameleon features events at the 19th annual Sherwin-Williams sales meeting Photo courtesy of The Sherwin-Williams Company


Northeast Ohio’s Entrepreneurial Ecosystem of Today Today’s entrepreneurial ecosystem is more vital and robust than ever. That’s why in the following stories, we profile entrepreneurs who have accessed many elements of the ecosystem, including members of the JumpStart Entrepreneurial Network*. With this support, Northeast Ohio entrepreneurs are building businesses, creating jobs, and achieving success.

Entrepreneur: Wendell

Turner Food Technologies Accessing: Idea Creators Company: HF

When Wendell Turner was looking for a new venture, he turned to NASA Glenn Research Center’s Garrett Morgan Program. That’s where he discovered a USDA technology that reduces the fat content in food systems, while maintaining the taste of full-fat products. Wendell founded HF Food Technologies, licensed the technology, and came to JumpStart Ventures* for financing and business assistance. The initial funding allowed Wendell to begin working with industry consultants on commercializing the technology, called Nutrigras. With assistance from JumpStart Inclusion Advisors*, Wendell developed formulations for the company’s product, a Nutrigras-branded line of beef patties. Nutrigras received USDA, FDA, and Ohio Department of Agriculture approval in March 2010. Wendell has since formed relationships with meat suppliers through the National School Lunch Program. “Having technologies ready for commercialization like the one behind Nutrigras can have a big impact on the region’s ecosystem,” said Wendell. *Organizations are members of the JumpStart Entrepreneurial Network, a collaborative network supported by Ohio Third Frontier. 6

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Tony Giordano Company: TheraVasc Accessing: Educators Entrepreneur:

Cleveland native Tony Giordano came across a drug to treat peripheral artery disease while Entrepreneur: David

levine Company: Wireless Environment Accessing: Resource Providers

at Louisiana State University, but chose to commercialize it and start his company, TheraVasc, in Northeast Ohio. “Northeast Ohio offers an active and enthusiastic environment for

After David Levine founded Wireless Environment, which designs batteries and

entrepreneurs,” Tony said. Tony received introductions from an Entrepreneur-in-

control systems for LED light bulbs, he

Residence in the JumpStart Entrepreneurial Network*, office

needed inexpensive office space to build a

space from BioEnterprise, industry-specific resources from the

patent strategy. The company became a client

Global Cardiovascular Innovation Center, and capital from the

of the Great Lakes Innovation and Development Enterprise

Innovation Fund, founded by the Lorain County Community

(GLIDE)*, which gave him space and access to the Innovation

College Foundation*, JumpStart Ventures*, and Portal Capital.

Fund, founded by the Lorain County Community College

But an equally important element of the ecosystem has been

Foundation*. His company was awarded a $100,000 grant.

the colleges and universities encouraging students to learn

The resource David found most helpful however, was

about entrepreneurship first hand. “Educators offering

the people. “At incubators, quick hellos in the hallway lead

entrepreneurship-focused internships provide young companies

to deeper conversations about raising money, hiring, and

like TheraVasc with eager-to-learn, hardworking researchers and

selling,” David said. The conversations helped him build

support staff at a reasonable cost.”

a network of successful entrepreneurs on which to rely.

Tony’s staff of interns has done everything from redesigning

“Northeast Ohio is loaded with entrepreneurs who see it as

the company’s website to helping write an Investigational New

their responsibility to help other entrepreneurs.”

Drug (IND) application to the FDA. The IND will study the

David’s network led him to JumpStart Ventures*, which

safety and biological activity of TheraVasc’s lead drug. Beyond

provided the funding he needed to expand his patent portfolio,

the value internships provide his company, Tony enjoys giving

launch an initial product line, and begin developing a second.

students real-life experiences and a broad understanding of

The ‘smart bulb’ line bundles the company’s intellectual

how the ecosystem works. “These interns often already have a

property into a single LED light compatible with the 21.4

passion for entrepreneurship and by placing them at growing,

billion bulb sockets worldwide. David also used the JumpStart

innovative companies, that desire can grow. They might become

Ventures talent program to build another resource: a Board of

entrepreneurs themselves.”

Directors to which David now looks for strategic guidance.

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Northeast Ohio’s Entrepreneurial Ecosystem of Today

PHIL BRENNAN Power Systems Accessing: Advocates Entrepreneur:

Company: Echogen

Organizations including JumpStart, the City of Akron, and the region’s Chambers of Commerce, advocate with policy makers to

MIKE Broderick Company: Turning Technologies Accessing: STories & Storytellers

secure resources that support the region’s


entrepreneurial ecosystem. The ecosystem can then support companies like ECHOGEN Power Systems, which is commercializing a thermal engine that captures industrial waste

After developing the technology at the Youngstown Business Incubator*, Turning

Ohio Third Frontier, a statewide program fueling economic

Technologies, led by Chief Executive Officer

growth by funding research, development, and commercialization

Mike Broderick, launched hardware devices

projects, has indirectly supported the company since it started

for audience participation used in conjunction

working with Ohio Third Frontier-supported Akron Global

with its already popular software designed to poll presentation

Business Accelerator* and JumpStart Ventures*. Ohio Third

audiences, classroom students, or boardroom executives. Its

Frontier also awarded ECHOGEN a $4.3 million grant directly.

seamless integration with presentation software made it easy to

With the support, the ECHOGEN team, led by Chief Executive

use and affordable.

Officer Phil Brennan, developed a pilot engine 12 months earlier

In three years, Turning Technologies grew over 3,000 percent

than planned, doubling its staff in the process. The company now

and Inc. magazine named it the fastest growing privately held

plans to install a second pilot engine, expected to produce up to

software company in the U.S. The company has sold products

eight megawatts of electricity—enough electricity to power over

and services to organizations in over 90 countries and recently

3,200 homes—in a Northeast Ohio industrial plant. “The ecosystem

opened an office in Amsterdam, bringing its employment to over

is, as its name suggests, a number of interrelated and co-dependent

180 people.

organizations and stakeholders working together to support the

Turning Technologies’ success has brought national

growth and development of young companies,” Phil said. “Without

recognition to the region. This year Mike posed alongside

organizations like JumpStart and NorTech advocating for the

the Youngstown Business Incubator’s Chief Evangelist, Jim

growth and strengthening of the ecosystem, companies like ours

Cossler, for a spread in Inc. magazine. “The YBI and the region’s

wouldn’t be making the progress we are today.”

entrepreneurial ecosystem helped us with the resources most


heat and transforms it into electricity.

When Ohio Third Frontier was up for renewal, the same

needed to accelerate our growth,” Mike said. “I hope the success

organizations provided the public with information on Ohio Third

Turning Technologies has experienced, with the clear benefits

Frontier’s results. ECHOGEN supported the effort, and Ohio

of the support we’ve received, serves as inspiration to others

citizens voted to approve a $700 million extension of the program

thinking about entrepreneurship.”

in May 2010.

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Stephen Spoonamore Company: ABSMaterials Accessing: Investors Entrepreneur:

ABSMaterials’ technology, discovered by Dr. Paul Edmiston at The College of Wooster, is a swelling glass that absorbs toxins in liquids.

Charu Ramanathan Company: CardioInsight Accessing: Idea Creators Entrepreneur:

Paul applied for a $25,000 grant from the Innovation Fund, founded by the Lorain

Former Case Western Reserve University

County Community College Foundation* to develop a business

faculty member Dr. Yoram Rudy and his

plan for the idea.

research team, including doctoral students

That’s when he met Stephen Spoonamore, a startup executive who came on as Chief Executive Officer and helped the company

Ping Jia and Charu Ramanathan, were working on a new technology. It combined

win the grant, as well as a $100,000 loan from the Innovation

electrical information gathered from a “vest” placed on a

Fund. With the funding, Stephen built a pilot-scale production

person’s body with internal images of the heart from a CT

system, hired his first employees, and delivered a product to two

scan. The combination resulted in a 3-D map of the heart’s

initial customers. The technology and business validation helped

electrical activity.

ABSMaterials receive a $250,000 investment from JumpStart

The team knew commercializing the technology would

Ventures*. The company then closed a $2.4 million Series A

mean providing critical information in guiding arrhythmia

round with investment from Ohio-based North Coast Angel

ablation and cardiac resynchronization therapy. To do that,

Fund*, several private Ohio investors, Harris & Harris Group,

Charu and Ping co-founded spin-out company CardioInsight

and Vivero Group.

Technologies and licensed the technology from Case. “We

ABSMaterials is now manufacturing glass to absorb toxins,

were confident this technology could deliver significant

including fuel oils and hexamine. It won funding from the

clinical value, and we were committed to developing it into a

Department of Energy and National Science Foundation and

commercial product,” said Charu.

secured deals with 11 customers, including BP and Emerson.

Shortly after the spin out, CardioInsight received

“Part of what made ABSMaterials an attractive local investment

investments from JumpStart Ventures*, Case Technology

was qualifying for the Ohio Technology Investment Tax Credit,”

Ventures, and Draper Triangle Ventures. The company used

Stephen said. “Programs like these, coupled with the growing

the funding to conduct 75 pre-procedural patient studies, the

availability of pre-seed, seed, and venture funding in the region,

results of which proved the technology’s strengths in guiding

have had direct impact on ABSMaterials’ progress and job

the treatment of arrhythmia and heart failure. To take the

creation in Northeast Ohio.”

technology through the final phases of commercialization, the team brought on an experienced Chief Executive Officer in Steve Arless and closed a $6 million Series B round.

J U M P S TA R T 2 0 1 0 CO M M UNI T Y R E P O R T


the Impact

…of an Organization’s Work JumpStart’s results in Northeast Ohio reflect our effort to engage the region’s entrepreneurial community, assist entrepreneurs in growing their high potential businesses, invest in the highest potential companies, and continuously champion for the needs of entrepreneurs. While not close to finished, JumpStart’s work is successfully moving our entrepreneurial economy forward.

Community Engagement Results Engaged

JumpStart Ventures Results

Impact on Northeast Ohio


Generated economic impact of


$18.1 million

$267 million

entrepreneurs and community members

in 49 companies, 14 founded by

in the past four years, including

(7,500 women or minority)

women or minority entrepreneurs

$90 million in 2009, as reported by Cleveland State University

Approached by

8,307 entrepreneurs (1,412 women or minority) Received

JumpStart Ventures portfolio companies have Raised

$127 million

Created and supported


direct and indirect jobs


– leverage of 7x on the investment

business plans from entrepreneurs

($36 million raised by companies founded

$12.1 million

(771 from women or minorities)

by women or minority entrepreneurs)

in taxes in 2009, more than JumpStart’s


Reached annualized revenues of

87,750 hours of free assistance to entrepreneurs (21,800 hours to women or minorities)

JumpStart Inclusion Advisors Results Assisted


client companies that hold 15 patents

$30 million Created and supported

431 direct jobs


patents with another 152 in process JumpStart Ventures portfolio company

Launch100 initiative and began building a pipeline of up to

was acquired in 2010


annual investing and operating budgets Directly and indirectly advocated for, supported, or helped to expand: ## The creation of the North Coast Angel Fund, North Coast Opportunities Fund, Emerging Market Fund and the Innovation


DIY Real Estate Solutions

Launched the JumpStart


Fund of Lorain County Community College Foundation ## Six new venture funds that opened offices in Northeast Ohio since 2006 ## Commitments of over $65 million from public and private sources supporting entrepreneur-focused organizations

client companies per year (Results through August 31, 2010) 10

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the Impact

JumpStart is just one member of the JumpStart Entrepreneurial Network and just one funding recipient

…of a Network and a State

of the Ohio Third Frontier. Both have achieved results greater than any single organization.

JumpStart Entrepreneurial Network

Ohio Third Frontier

The three-year-old JumpStart Entrepreneurial Network

Ohio Third Frontier is a technology-

(formerly known as TechLift) is a connected group of our region’s entrepreneurial support entities, all funded by Ohio Third Frontier. Members* of the JumpStart Entrepreneurial Network include:

based initiative of the State of Ohio that is successfully changing the trajectory of the economy in Ohio. It has contributed to Northeast Ohio’s success through the

## The region’s incubators including MAGNET, Great Lakes Innovation and Development Center (GLIDE), Braintree Development Center, Youngstown Business Incubator, and the Akron Global Business Accelerator ## BioEnterprise

programs it funds. But the impact of this program reaches beyond Northeast Ohio; Ohio is rapidly becoming a leader in the country, and the envy of many states, because of its vast system of

## Glengary, LLC

entrepreneurial support programs and

## JumpStart and its programs

the resulting transformation underway.

## JumpStart Higher Education Collaboration Council ## North Coast Angel Fund ## North Coast Opportunities Technology Fund of Cuyahoga County

Ohio Third Frontier Results

## NorTech

Created, attracted, and capitalized

## Innovation Fund founded by Lorain County Community College Foundation



## Ohio Aerospace Institute


JumpStart Entrepreneurial Network Results Approached by

7,640 entrepreneurs

Meaningfully engaged with


entrepreneurs Meaningfully worked with


client companies

Client companies have Raised

$319 million in follow-on capital

54,983 direct and indirect jobs with the average salary of $65,815 Generated

$6.6 billion in economic activity


$69 million

(Results through December 30, 2009)

in federal and state grants Reached annualized revenues of

$100 million Created and supported


direct jobs at an average salary of $67,020 (Results through June 30, 2010) J U M P S TA R T 2 0 1 0 CO M M UNI T Y R E P O R T

*Members of the JumpStart Entrepreneurial Network are entities in Northeast Ohio that have received funding from Ohio Third Frontier’s Entrepreneurial Signature Program. 11

the Impact

…of One of America’s Best Ecosystems As our country grapples with the current

This is one reason why the Economic

other communities and funding partners

recessionary conditions, leaders from

Development Administration (EDA)

have engaged with JumpStart. This work

economically distraught communities

selected JumpStart to collaborate

continues to focus a national spotlight

across the nation and in Washington D.C.,

with leaders of other Midwestern

on the successes of the entrepreneurial

have been looking for models and best

communities to create entrepreneurial

ecosystem in Northeast Ohio and Ohio

practices that can make a difference. The

action plans. With funding from the

broadly; it also helps sustain the ongoing

successful transformation underway in

EDA, Surdna Foundation, and The

work of JumpStart in Northeast Ohio.

Northeast Ohio has been identified as one

Knight Foundation, JumpStart, through

of the leading stories and communities

JumpStart Community Advisors, began

from which to learn.

work in summer 2010. Since that time,






As part of this work, JumpStart

IdeaCrossing Results:

has received funding to expand the functionality and reach of IdeaCrossing. The free online community provides entrepreneurs access to resources, including capital, technical assistance and mentors, which are necessary to turn innovative ideas into thriving businesses. Use of this tool will be an important part of each region’s entrepreneurial plan while also benefitting the entrepreneurs, mentors, investors, and



visits to IdeaCrossing

matches between entrepreneurs


and business mentors

matches between investors


and entrepreneurs

registered users

service providers using the service across the country. (Results through October 7, 2010) 12

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Northeast Ohio’s Story on the National Stage As a result of the story of Northeast Ohio’s transformation,

## JumpStart CEO Ray Leach was selected as a member of the National

Advisory Council on Innovation and Entrepreneurship. Ray was among

JumpStart now has

several innovators and entrepreneurial

the opportunity

the group, which supports the nation’s

thought leaders named as a member of

to participate in

innovation strategy by helping to develop

national discussions

economic growth, and create jobs. Others named to the council include Steve Case,

and innovation,

CTO of Cisco Systems; and Jerry Yang, Co-

to policies that will further support the creation of a national

client companies have been covered by over 4,600 media vehicles, of which 74 have a national or global audience. • Inc.: “Incubation Nation: Where Great Ideas are Born”

policies that foster entrepreneurship, drive

on entrepreneurship and to contribute

## Stories of JumpStart and portfolio and

Co-Founder of AOL; Judith Estrin, former Founder of Yahoo! ## JumpStart CEO Ray Leach will lead the

• The Wall Street Journal: “Cleveland Rocks? JumpStart Wants to Make it So” • PARADE: “How Cleveland,

Economic Development Administration’s

Ohio, is becoming… A City for

Regional Innovation Acceleration Network (RIAN), a



network of leaders from 50 states who will


also providing recommendations regarding

collaborate to share best practices while actions to foster entrepreneurship, drive economic growth, and create jobs. ## In 2010 JumpStart was named, for the second year in a row, a recipient of the State Science and Technology Institute’s (SSTI) Excellence

in TechnologyBased Economic Development Awards. After 2009’s recognition in the Increasing Access to Capital category, JumpStart received the 2010 award for Building Entrepreneurial Capacity. ## JumpStart was recognized by the U.S. Commerce Department with an Excellence

in Economic

Development Award for Excellence in Urban or Suburban Economic

• Bloomberg BusinessWeek: “Helping Urban Startups Get Started” • JumpStart Ventures portfolio companies were selected for national Bloomberg BusinessWeek lists: “The World’s 25 Most Intriguing Startups” (Phycal and Freedom Meditech) “25 Most Promising Social Entrepreneurs of 2010” (MAR Systems) “America’s Most Promising Startups” (MAR Systems)

• This recognition builds on four years of media coverage telling JumpStart’s story, including features in The New York Times, USA Today, The Chronicle of Philanthropy, and Entrepreneur magazine.


J U M P S TA R T 2 0 1 0 CO M M UNI T Y R E P O R T


JumpStart would like to recognize Ohio Third Frontier for its leadership and support of Northeast Ohio’s entrepreneurial ecosystem. This

Recognizing Our Donors JumpStart’s philanthropic supporters make this work happen. It is because of their support that JumpStart is transforming Northeast Ohio’s entrepreneurial ecosystem into one of national prominence.

program of the State of Ohio catalyzes the innovation that is transforming Ohio’s economy by creating new technologies, companies, industries, and jobs. The JumpStart Entrepreneurial Network, and all of JumpStart’s programs, would not exist without Ohio Third Frontier.

Leadership Donors The Burton D. Morgan Foundation The mission of the Burton D. Morgan Foundation is to strengthen the free enterprise system by investing in organizations and institutions that foster the entrepreneurial spirit. The Cleveland Foundation The Cleveland Foundation improves the lives of Greater Clevelanders now and for generations to come by building community endowment, addressing needs through grant making, and providing leadership on vital issues. COSE COSE is Northeast Ohio’s largest small business support organization and provides cost-effective group purchasing programs, advocacy on legislative and regulatory issues, and networking and educational resources to help the region’s small businesses maintain their independence and grow. The Economic Development Administration, a division of the U.S. Department of Commerce The Economic Development Administration’s mission is to lead the federal economic development agenda by promoting innovation and competitiveness, preparing American regions for growth and success in the worldwide economy.


The Richard J. Fasenmyer Foundation The Richard J. Fasenmyer Foundation supports significant, innovative, collaborative efforts in clinical immunology, particularly those that relate to patient support, education and research in the areas of HIV/AIDS and its attendant illnesses; fosters business entrepreneurship and promotes the free enterprise spirit; and encourages economic development in partnership with the arts.

KeyBank Foundation The objective of the KeyBank Foundation is to improve the quality of life and economic vibrancy of the places where our customers, employees, and shareholders live and work. The John S. and James L. Knight Foundation The John S. and James L. Knight Foundation promotes excellence in journalism worldwide and invests in the vitality of 26 U.S. communities where the Knight brothers owned newspapers.

The FirstEnergy Foundation Forest City Enterprises Charitable Foundation, Inc. The Fund for Our Economic Future The Fund for Our Economic Future unites philanthropy in Northeast Ohio to strengthen the region’s economic competitiveness through grant making, research and civic engagement. Greater Cleveland Partnership As an association of business members, the Greater Cleveland Partnership mobilizes private-sector leadership, expertise, and resources to create jobs and leverage investment to improve the economic vitality of the region.

The Donald and Alice Noble Foundation PNC Foundation The PNC Foundation actively supports organizations that provide services for the benefit of the community, especially those services that assist in the development of preschool children for success in school and life. The PNC Foundation receives its principal funding from The PNC Financial Services Group (NYSE: PNC). Surdna Foundation The Surdna Foundation seeks to foster just and sustainable communities in the United States—communities guided by principles of social justice and distinguished by healthy environments, strong local economies, and thriving cultures.

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SOURCES & Uses July 1, 2004 through June 30, 2010 All figures are in millions

Sources of Funds – investments 6%

l State of Ohio l Foundations l Corporations

32% 62%

Donor Community Baker Hostetler Calfee, Halter and Griswold The Charter One Foundation The Kathryn and Lee Chilcote Foundation The Cleveland Clinic Foundation

State of Ohio









6% 100%

The George W. Codrington Foundation Dix & Eaton

Sources of Funds – Operations

Dollar Bank Foundation


The Dominion Foundation


The Eaton Charitable Fund

l l l l l


Ernst & Young Fifth Third Bank



The GAR Foundation Huntington National Bank Jones Day The Ewing Marion Kauffman Foundation The Fred A. Lennon Charitable Trust The Lincoln Electric Foundation Mentor Economic Assistance Corporation Minority Contractors Business Assistance Program of the Ohio Department of Development

State of Ohio Federal Government Foundations Corporations Individual & Prog. Fees

State of Ohio


Federal Government









Individuals & Program Fees




4% 100%

The David and Lindsay Morgenthaler Foundation The Nord Family Foundation Oberlin Research Group

uses of funds

The Parker Hannifin Foundation


Squire, Sanders & Dempsey

12% 39%

STERIS The William & Pamela Summers Family


Third Federal Foundation

l Investments l Ventures/Entrepreneurial Network/Inclusion l Marketing/IdeaCrossing l Admin/Finance/Shared Services/IT/Fundraising

Thompson Hine The Raymond John Wean Foundation




An Anonymous Northeast Ohio Family

Ventures/ Entrepreneurial Network/Inclusion $17.4


Marketing/ IdeaCrossing



Admin/Finance/ Shared Services/ IT/Fundraising



JumpStart gratefully acknowledges 100 percent participation of its associates and board of directors in financially supporting the organization.

J U M P S TA R T 2 0 1 0 CO M M UNI T Y R E P O R T

11% 100%


Board of Directors Mr. Doug Weintraub, CPA Board Chairperson, JumpStart Inc. Serial Entrepreneur

Mr. Mark J. Williams Vice Chairperson, JumpStart Inc. Executive Vice President, KeyBank

Dr. Jacqueline Acho, Ph.D. President, The Acho Group

Ms. Barbara Brown Principal and Co-Founder, BrownFlynn

Ms. Judith Cone Special Assistant to the Chancellor for Innovation & Entrepreneurship, University of North Carolina at Chapel Hill

Mr. Mark E. Coticchia Vice President for Research & Technology Management, Case Western Reserve University

Mr. Larry Goddard President, The Parkland Group, Inc.

Ms. Bonnie W. Gwin Managing Partner, Heidrick & Struggles

Mr. Peter D. Hancock Executive Vice President, Finance, Risk, and Investments, AIG, Inc.

Mr. Jack Harley President, JWH Group Inc

Mr. Jim Hickey President and Founder, Arras Group

Dr. Jagdish D. Kulkarni, M.D. President and CEO, J & J Enterprise

Mr. Ray T. Leach Mr. Richard Lunak President and CEO, Innovation Works

Ms. Amy Millman Co-founder and President, Springboard 2000 Enterprises, Inc.

Ms. Carmen Ortiz-McGhee President, The Marathon Club

Mr. R. Louis Schneeberger Chief Financial Officer, Panther Expedited Services, Inc.

Mr. William R. Seelbach Operating Executive, The Riverside Company

Mr. Ken Semelsberger Senior Vice President – Finance and Planning, Industrial Sector, Eaton Corporation

Mr. Steve Walling Chairman and CEO, Plasticolors, Inc.

Mr. David Wilhelm Founder and Partner, Adena Ventures

JumpStart Inc. | 737 Bolivar Road, Suite 3000 | Cleveland, OH 44115 Phone: 216.363.3400 | Fax: 216.363.3401 |

Design: Boondock Walker; Photography: Diann Mistelske, Cassandra Tabora

CEO, JumpStart Inc.

JumpStart 2010 Community Report  

JumpStart 2010 Community Report

JumpStart 2010 Community Report  

JumpStart 2010 Community Report