In 2004 Knight Foundation helped form the Fund for Our Economic Future, a collaborative to turn around the hard-hit economy of northeast Ohio. Knight and the Fund recently released a report detailing lessons from the Fund’s first seven years, “Catalyzing Regional Economic Transformation.” As part of its work, the Fund has invested in JumpStart, a nonprofit venture development organization. Below, Tony Giordano, president and CEO of TheraVasc, which develops repurposed drugs, writes about the financial and business support his company has received from JumpStart and others in the region.

I’ve been in the health care sector in Philadelphia and involved in innovation in Louisiana. Based on my experience with those two states, I believe northeast Ohio has created a terrific environment for entrepreneurship. The culture here is fantastic.

People reach out to help because they want to assist you. Of course, we also have outstanding universities and hospitals. Both University Hospitals and Cleveland Clinic have taken an active role in helping us design trials, thinking through things and making suggestions. And, Case Western Reserve University has a science and technology entrepreneurship program where students are being trained to work in industry and gain a better understanding of business; one of their students served as an intern here at TheraVasc and provided significant help. So we really have a dynamic community here that I haven’t seen other places I’ve been.

Related Links 

“Lessons in collaboration reach beyond the boundaries of NE Ohio ” on Knight Blog by Carol Coletta and Jon Sotsky

“Collaborative values persistence in revitalizing regional economies” by Brad Whitehead on KnightBlog

“Business accelerator jump-starts opportuniites in NE Ohio” by Laura Bennett on KnightBlog

“Business mentors guide growing startup” by Shawn Mastrian on KnightBlog

“Catalyzing Regional Economic Transformation: Lessons From Funder Collaboration in Northeast Ohio“

“Business, philanthropy united around common economic goals in NE Ohio” by Daniel Klimas on KnightBlog

“The power of convening and coordinating” by Wayne Watkins on KnightBlog

“Relationships enable NE Ohio startup to scale its business” by Jay Schabel on KnightBlog

For TheraVasc, the continuum of funding in northeast Ohio has helped us grow. We started off with a Great Lakes Innovation & Development Enterprise grant. Investments from JumpStart and Portal Capital followed, which allowed us to do a Phase I clinical trial. That led to an investment by North Coast Angel Fund, which also brought in OhioTech Angels out of Columbus and Physician Investment Group from Dayton, giving us the money for a Phase IIa trial.  Not only was the capital critical to our successful completion of the Phase IIa trial, but the business support from these groups—and the access to their networks—was truly invaluable. These groups offer more than just capital, and that should not go unnoticed.

If companies like ours are successful, it’s a huge benefit to the community economically, but it also sends a signal. It tells others that you can build a successful health care enterprise in this region. Entrepreneurs take notice of that and say, “You can build something in Greater Cleveland that’s going to get traction and that’s going to sell.”  Investors who make money on a company here are more likely to invest in another health care deal in this region.

I have advised companies in Minnesota, Louisiana and Mexico to locate in Ohio because of the capital and support available here. So, I think that the attention that northeast Ohio is getting as an entrepreneurial hub is well deserved. It’s why we’re here, and why we’re going to continue to grow as a part of this community.