Blogs

The Burton D Morgan Foundation of Hudson continues to foster the entrepreneurial spirit of Northeast Ohio to advance the region.

Last week the Morgan Foundation awarded more than $900,000 in grants to Northeast Ohio organizations and institutions. Grants announced include $300,000 to partners in Advance Northeast Ohio:

• $200,000 awarded to BioEnterprise to continue their work developing bioscience businesses and internship programs
• $100, 000 to Case Western Reserve University to subsidize employment and expenses for Liaison for Student Innovation and Entrepreneurial Projects.
  

Click here to see the full list of grants, including $120,000 to expand the E City entrepreneurial education program into Summit county.

The Burton D Morgan Foundation, a member of the Fund for Our Economic Future, works to strengthen the free enterprise system by investing in organizations and institutions that foster the entrepreneurial spirit.

As recently reported, Northeast Ohio is responsible for attracting $14.4 million in health care venture capital investment during the first quarter of 2009. That trend is continuing into the secong quarter as capital continues to be raised for innovative biomedical companies supported by our partners:

OrthoHelix Surgical Designs of Akron, a grantee of Advance Northeast Ohio partner BioEnterprise, has raised $2 million to increase its advertising and sell its surgical plates, screws, washers and other tools and devices for hand and foot reconstructive surgery in more states.

According to MedCity News, investors have an option to invest another $3 million by Oct. 1, according to the company’s recent filing with the Securities and Exchange Commission.

The $2 million was added to a $7.3 million round raised in May 2008 after the U.S. Food and Drug Administration approved its Modular Foot System: a collection of almost 100 plates, screws and surgical instruments for hand, wrist, foot and ankle surgeries.

Since 2005, OrthoHelix has raised a total of at least $24 million.

OrthoHelix  was started in 2003 by Dr. David Kay, an orthopedic surgeon and managing director of the Crystal Clinic in Bath Township.

About 40 percent of land in Northeast Ohio is used for agriculture. This makes the growth and development of the agriculture industry essential to Advancing Northeast Ohio.

To further explore ways to expand the agricultural industry in the region, a new research study is being conducted by the Ohio Agriculture Research and Development Center (OARDC) and partially funded by the Fund for Our Economic Future.

The OARDC, which is based in Wooster, will work with agricultural interests from across Northeast Ohio to identify opportunities to grow the region’s 2,200 farms and $8.2 billion agricultural industry. Much of the region’s agricultural output is limited to commodity products, and every year more agricultural land is lost to residential and commercial development. Expanding the region’s specialty agriculture production – ranging from locally grown foods to renewable energy crops – would result in higher incomes and job growth, and would also preserve the region’s natural assets.

The OARDC anticipates completing its work within one year and the Fund would then consider proposals to support recommendations that emerge from the work.

The work of Advance Northeast Ohio partners in executing the region's economic action plan has earned more national recognition. JumpStart, a partner in ANEO, was awarded with the U.S. Department of Commerce's Economic Development Award for Excellence in Urban or Suburban Economic Development.

U.S. Commerce Secretary Gary Locke awarded JumpStart's business development efforts and their commitment to research-based, market driven economic development in helping grow the regional economy.

“JumpStart, Inc. represents the best and brightest in 21st century economic development,” Locke said. “Excellence Award winners exemplify the importance of supporting regional strategies to ensure American communities succeed in the global marketplace and create higher-skill, higher-wage jobs.”

Ohio Congressman John Boccieri also commended JumpStart's achievements.

"By assisting community entrepreneurs to turn their ideas into operating businesses and those businesses into successful ventures, JumpStart is significantly helping to rebuild the economy of Northeast Ohio. Its special commitment to the growth potential of women and minority entrepreneurs is particularly commendable," Boccieri said. "This company is truly helping to put Northeast Ohio back to work and puts our communities and entrepreneurs on the path to prosperity."

On Tuesday June 2, more than 450 business and community leaders, economic developers, and chambers of commerce representatives from throughout the region gathered at the at the Embassy Suites in Independence as our partner in Advance Northeast Ohio, Team NEO, hosted their third annual Economic Development Impact Awards Dinner.

The attraction of two Israeli technology firms to the Akron Global Business Accelerator last week affirms the region's commitment towards achieving a vibrant future in a global economy.

Both companies taking up residence in the Akron-based business incubator work on exciting technological developments, according to an article in the Akron Beacon Journal:

"Innovative Communications Solutions (ICS), which will move in this July, develops remote-monitoring systems with diverse applications. One product would allow medical professionals to monitor the health of and speak to a home-based patient using a watch-like device. Another system in development would allow drivers to use their cell phones to report parking in a metered space, with a monthly credit-card charge ending the need to carry quarters.

The other company joining the incubator is Teraphysics Security Inc. (TSI), a new firm that partners a Cleveland company called Teraphysics Corp. and an Israeli company called Tamar Explosives. Teraphysics Corp. is trying to develop products around a terahertz radiation power source it has invented, which dramatically amplifies current detection capabilities, executives said."

ICS originally planned for Akron, a partner in Advance Northeast Ohio, to primarily house only a sales and marketing staff. After gauging resources in the region, however, the company will bring a development team here, as well.

''We are very impressed with the support we are getting here,'' ICS chief technology officer Eli Ben-Meir said, complimenting Akron Mayor Don Plusquellic in assisting with the move..