2011 Community Report

entrepreneurialeffect

the real people • real [resources] • real outcomes

your regionthinking creatively.

[We came to Northeast Ohio]

President Barack Obama February 22, 2011

has been

by JumpStart...“because of what’s been done

your regionthinking creatively.

has been

”2 message to our

community

real people

table of contents

20

21

donors

board

14

16

17

18

19

numbers

jobs

transformation

voice

recognition

real outcomes4

6

8

10

12

assistance

investment

partnerships

experience

possibilities

real [resources]

real support

real people

2

A message to our community.Everything affects an entrepreneur’s ability to transform an idea

into a company. From the speed of getting a patent to the cost of

gas, even the slightest changes in an entrepreneurial ecosystem

impact their work. In turn, entrepreneurs affect everything, from

creating job opportunities to inspiring a culture that embraces

risk with the promise of economic prosperity. That is why

every person with whom JumpStart works, in any capacity, is

part of something greater. They are a part of the tremendous

cumulative “entrepreneurial effect” that transforms a region.

JumpStart provides entrepreneurs leading high growth

companies and the organizations assisting them with the

capital, mentoring, and connections they need to increase their

successes. Our work is often evaluated using numbers. We

have invested $21 million in 56 companies. These companies,

along with those we’ve assisted, have created or retained

1,566 direct jobs and raised $402 million in additional risk

capital. A portion of these companies generated $155 million

in economic benefits for Northeast Ohio in 2010 alone. These

metrics, while important, illustrate only a few of the ways we

contribute to the entrepreneurial effect.

In the pages of this report, you’ll get to know some of the people

transforming their communities, including an entrepreneur

(left to right) JumpStart’s management team: Jerry Frantz, Cathy Belk, Duke Jankura, Mike Mozenter, Lynn-Ann Gries, Ray Leach, John Dearborn, Darrin Redus, and Doug Weintraub JumpStart Inc. • jumpstartinc.org

driven to make a difference, an experienced mentor sharing

expertise, and a mayor raising money to invest in entrepreneurs.

This dynamic collective—bonded by a new economic reality—

makes the work of JumpStart and our entire innovation and

entrepreneurial ecosystem come to life. They make it real.

As you read these personal stories, you’ll see how the

transformational nature of an evolving entrepreneurial

ecosystem touches the lives of many. JumpStart is proud to play

a role in Northeast Ohio’s efforts to increase entrepreneurship

and innovation and to share the progress with our community

and nation. Thank you to all who contribute to this critical

work, particularly JumpStart’s unwavering public, private, and

philanthropic partners and our client entrepreneurs. Together,

we are making significant commitments to our ecosystem and

generating real economic outcomes.

Ray T. Leach, CEO Doug Weintraub, Board Chair

3

4

Helping Entrepreneurs Test the WatersEntrepreneurs need to test new technologies with established companies.

Sean Arnold went through JumpStart’s First Client Pilot Initiative to try out his

company’s water-saving device. The program is a partnership between JumpStart

and the Northern Ohio Minority Supplier Development Council and helps minority

and women entrepreneurs establish parameters for a pilot, prepare a project plan,

and pitch to established companies. Since its January 2011 launch, the initiative has

connected diverse entrepreneurs with 21 corporations, representing $5.8 million in

potential post-pilot revenue over the next six months.

Sean Arnold • CFRC Water and Energy Solutions • cfrcsolutions.com

real [assistance]Together, they wanted to take a new innovation to market: a

sensor-based showerhead that conserves water and reduces

energy costs. As CEO, Sean’s first task was to launch pilot trials

for CFRC’s technology, but he needed some help. Serving as an

advisor, JumpStart’s Johnny Hutton suggested a two-fold strategy.

Sean would approach the North Coast Opportunities Technology

Fund of Cuyahoga County and take part in JumpStart’s First Client

Pilot Initiative to get in front of an organization that would test

the technology. As their preparations intensified, Johnny and

Sean got CFRC’s finances and projections in order, finalized a

strategic plan, and perfected the pitch that could empower

Sean’s first entrepreneurial steps.

With colleges lined up to pilot the showerheads, Sean walked into

a room at the Cuyahoga County Department of Development

armed with a well-honed investor pitch. Gregory Zucca, Strategic

Program Officer for the County, remembers the presentation well.

“Sean came to us knowing precisely how he wanted to use the

funds and had already formed partnerships. It was impressive.”

Sean received $85,000 to launch trials at Baldwin-Wallace

College, Case Western Reserve University, and Kent State

University. As Sean awaits the data, he’s raising additional funds

to build production-quality products based on the feedback, and

he’ll continue to use JumpStart as a resource. “Johnny has been

there every step of the way and each step has required something

different,” Sean says. “Sometimes it’s an introduction, sometimes

it’s help with the business case, and sometimes it’s climbing

through walls to find access to showers.” Meaningful assistance

can be, as Sean says, any and all of those things. 5real people • real [assistance] • real outcomes

Sean Arnold needed achallenge.

CFRC Water and Energy

Solutions needed

a CEO.

http://j.mp/realassistance*

*QR (Quick Response) codes accompany each feature story in this report. Use your phone’s QR scanner or go to the URL beneath each code to access additional content.

6real people • real [investment] • real outcomes

A couple of years ago, she was VP of Clinical Affairs at NDI Medical,

testing a neurostimulation technology to treat chronic pain. When

the technology was ready to be spun out, the company’s founder

gave Maria the chance to run with it. Armed with experience and

vision, she took on the challenge, but needed funding to bring the

pain-relieving technology out of the lab and into people’s lives.

Maria’s first external capital, a grant from the Innovation Fund,

helped her launch a clinical trial on ten patients suffering from

chronic shoulder pain. She then approached JumpStart.

Maria received a $250,000 investment, but knew it meant more.

“JumpStart’s funding was not just capital—it was validation to

raise more.” She leveraged JumpStart’s investment to raise

another $1 million, which went to building the SPR Therapeutics

team and bringing in more patients for multiple trials.

Throughout the trials, Maria has witnessed the difference the

therapy could make in the quality of patients’ lives. “I get

very emotional hearing how dramatically chronic pain affects

people,” Maria says. “They can’t sleep in their own beds. They

can’t bathe themselves. They can’t hold their grandchildren.”

So far, the results of the trial are promising. Patient pain has

been reduced and, in some cases, eliminated. Naturally, Maria

is eager to get the technology into the market where it can make

a difference for millions of people suffering from chronic pain,

but she is touched by the difference her team is making now.

“Improving lives is what drives SPR Therapeutics. It’s a great

reward to see the impact of our technology.”

real [investment]Maria Bennett became an entrepreneur to change lives.

http://j.mp/realinvestment

”“JumpStart’s funding process helped validate my company’s story. Now we are impacting patients’ lives. 7Maria Bennett • SPR Therapeutics • sprtherapeutics.com

88Helping Communities Invest in Their EntrepreneursJumpStart has helped Northeast Ohio communities launch four new sources of seed

stage capital: Wooster Opportunities Loan Fund, Canton Entrepreneur Launch,

Barberton Growth Fund, and Appleseed Microfinance. The newest members of the

JumpStart Entrepreneurial Network provide more than $1 million in new capital

to regional entrepreneurs and have received 78 applications.

(right) Brian Boyer • ManuscriptTracker • manuscripttracker.com

(left) Mayor Robert Breneman • City of Wooster • woosteroh.com

real people • real [partnerships] • real outcomes

Several years ago, Mayor Breneman and members of City Council

began identifying ways to encourage and nurture entrepreneurs

in the college town. Committed to the idea of supporting small

businesses, the Council needed to find a way to make it work for

the community. Chris Schmid, a member of the Wooster Growth

Corporation and former JumpStart board chair, recognized the

synergies between the regional venture development organization

and what Wooster was trying to accomplish. In December 2010,

years of planning came to fruition with the launch of the Wooster

Opportunities Loan Fund. Mayor Breneman spoke about benefits

of a local source of capital for young high potential companies at

the fund’s kickoff, saying, “New businesses are the lifeblood of

any community. They build jobs.”

Among those in the crowd was young entrepreneur and

Wooster native, Brian Boyer. While in college, he and a

business partner developed ManuscriptTracker, a web-based

software that automates the peer review process of academic

journals. He came to show his support and see if the fund

could support him. In July 2011, Brian received a check from

the Wooster Opportunities Loan Fund and is using the money

to hire a sales representative and get the product to market.

“We had a prototype and a couple customers, but we needed

just enough capital to get the ball rolling.” Providing resources

to entrepreneurs like Brian so they can take a great idea

and turn it into a competitive product is exactly what Mayor

Breneman wanted to do. It’s an idea that also appealed to

Cascade Capital Corporation. The economic development

finance company committed $100,000 to the fund to expand

its reach throughout Wayne County in September 2011. “We

didn’t know of any other communities doing this when we

started,” Mayor Breneman says. “JumpStart has been a great

partner in helping us move forward and now entrepreneurs

and other economic development leaders are seeing the

advantage of local funds like ours.” 9

real [partnerships]Bob Breneman,

Mayor of Wooster, saw a need in his

close-knit community. He

wasn’t alone.

http://j.mp/realpartnerships

10real people • real [experience] • real outcomes

In June 2010, the Economic Development Administration,

the Surdna Foundation, and the John S. and James L. Knight

Foundation awarded JumpStart $2.5 million to use its experience

supporting Northeast Ohio entrepreneurs to help six Midwest

regions, including Northeast and Northwest Indiana, do the same.

“JumpStart’s impact has captured the attention of community

and business leaders looking for a novel approach to foster

entrepreneurship and innovation,” says Steve Hourigan, CEO

of Elevate Ventures. JumpStart’s collaborative approach in

Northeast Ohio resonated with area leaders, especially those

representing North Central Indiana, who wanted to participate.

JumpStart, the Indiana Economic Development Corporation,

and regional leadership raised funding to include North Central

Indiana in the project. “No one community has all the resources it

needs to support entrepreneurs,” says Jan Fye of the North Central

Indiana Small Business Development Center. “A collaborative

approach leads to bigger impact more quickly.”

JumpStart met with representatives from all three regions, spending

hundreds of hours identifying innate strengths to create a Regional

Entrepreneurship Action Plan. It was during that process that the

State of Indiana created Elevate Ventures, recognizing its ecosystem

required more than capital to support entrepreneurs. Elevate

Ventures was formed based on JumpStart’s venture development

model, which combines economic development activity with the

best practices of business mentoring and venture capital investing.

In fall 2011, JumpStart delivered the action plan, which targets

two measureable goals: growing more high potential companies

and building a stronger ecosystem to support them. Elevate

Ventures will manage the plan’s implementation, ensuring it

translates into immediate resources for entrepreneurs. “Elevate

Ventures provides additional assets that leverage existing

resources,” says Karen Goldner of Main Street Venture Fund. Its

entrepreneurs-in-residence are now helping entrepreneurs bring

their high potential ideas to market. “Innovation is taking place

here,” says O’Merrial Butchee of Ivy Tech Community College’s

Gerald I. Lamkin Innovation & Entrepreneurship Center. “This

project provides guidance and money to entrepreneurs, helping

them realize even more successes.”

real [experience]Elevate Ventures

opened its doors to Indiana entrepreneurs in

April 2011.Steve Hourigan

thinks it’s just what starving high potential

companies need.

http://j.mp/realexperience

real [experience]

11Elevate Ventures’ management team: (left to right) Ting Gootee, Steve Hourigan and Linda O’Keefe • Elevate Ventures • elevate-ventures.com

Helping Regions Accelerate Their Entrepreneurial EcosystemsJumpStart is applying the expertise it has gained in Northeast Ohio to help nine other regions accelerate their own entrepreneurial

successes and is engaged with dozens of others interested in this work. In each community, the team identifies assets and needs before

developing an actionable plan that plays to the region’s unique strengths. IdeaCrossing, JumpStart’s free online community connecting

entrepreneurs with regional and national online and offline resources, is a tool regions are using in the process. The site gives

entrepreneurs a private “Workspace” where they can describe and gather feedback on their business ideas. ideacrossing.org

12(left to right) Ray Leach and Doug Weintraub • JumpStart Inc. • jumpstartinc.org

”“National leaders

are inspired by Northeast Ohio’s transformation. They want to learn about it and be a part of it.Doug Weintraub

real [possibilities]JumpStart is currently guiding nine Midwest communities through

a process similar to the one Northeast Ohio’s business and

philanthropic leadership experienced when creating JumpStart in

2004, but that’s just the beginning. “National leaders are inspired by

Northeast Ohio’s transformation,” says Doug Weintraub, JumpStart’s

Board Chair. “They want to learn about it and be a part of it.” These

leaders recognize that over the past 30 years, all net new job growth

has stemmed from young entrepreneurial companies. In JumpStart,

they see a way to leverage experience and expertise to generate

economic impact in regions across the country.

In January 2011, JumpStart launched the JumpStart America

initiative in partnership with the Obama Administration’s

Startup America initiative to help communities throughout the

United States build or accelerate their regional entrepreneurial

ecosystems. One of Startup America’s goals is to create

strategies that build partnerships—a core element of JumpStart’s

approach. “Our work has always been supported by public,

private, institutional, and philanthropic partnerships,” says Ray

Leach, CEO. “We want to help other regions understand how to

leverage collaborations and partnerships to accelerate innovation

and create high impact companies.”

One month after the announcement, President Obama kicked

off the Winning the Future Forum on Small Business in

Cleveland. He pointed to JumpStart’s collaborative approach

while addressing the audience, saying, “[We came to Northeast

Ohio] because of what’s been done by JumpStart . . . your region

has been thinking creatively.” Thinking creatively is exactly

what Ray wants to help regions throughout the United States—

including Northeast Ohio—continue to do. “By helping other

regions and building partnerships with national funders, we’re

better able to bring additional resources back to Northeast Ohio,

creating a more sustainable entrepreneurial ecosystem here,”

Ray says. “We’re excited to bring JumpStart’s spirit, energy,

and expertise to other communities in a way that increases

our entire nation’s competitiveness.”

13real people • real [possibilities] • real outcomes

JumpStart is meeting

with national leaders about

Northeast Ohio’s entrepreneurial ecosystem and

what it could mean for the

country.

http://j.mp/realpossibilities

Every personal story told throughout this report is part

of something greater. There are hundreds of people

and organizations contributing to Northeast Ohio’s

transformation. JumpStart’s primary role is to support

entrepreneurs leading high growth companies directly,

investing both time and dollars.

real outcomes

14the entrepreneurial effect

In addition to our direct work with Northeast Ohio entrepreneurs, JumpStart has

helped raise $22 million for other entrepreneurial support organizations.

We also manage the JumpStart Entrepreneurial Network, a connected group of

20 partner organizations supporting diverse companies at various

stages of development. Here are the results of the Network’s client companies:

Risk Capital Raised$988 million

Current Annual Revenue Rate $86 million

Direct Jobs Created and Retained 4,425

41% by JumpStart Client Companies ($402M) 77% by JumpStart

Client Companies ($66M)

35% by JumpStart Client Companies (1,566)

Northeast Ohio Entrepreneurial Company Outcomes (July 1, 2004 - June 30, 2011)

In 2010, 90 companies receiving

investment and/or assistance

from JumpStart generated $155 million in economic

benefits for Northeast Ohio.

JumpStart Client Companies are those in which JumpStart has invested dollars and/or intensive assistance.

The collective work of JumpStart, our partners in the ecosystem,

and the entrepreneurs we all assist, invest in, and mentor is

transforming Northeast Ohio. Take a look at where we are today

compared to where we were just six years ago.

A National InfluenceNortheast Ohio’s ongoing transformation and the collaborative approach

behind it are influencing outcomes and national strategies.

Some of these changes are transforming the way the nation thinks. In

2011, members of the Regional Innovation Acceleration Network, including

JumpStart CEO Ray Leach, defined “venture development organization”

and created a national platform to illustrate how these emerging

nonprofits can transform innovation into an economic driver.

Other effects are more tangible and deeply tied to the shift toward

collaboration and partnership. As a member of the National Advisory Council on Innovation and Entrepreneurship, Ray is helping to drive

national conversations around creating partnerships at every level of

entrepreneurship and advocating for policies that foster innovation,

entrepreneurship, and commercialization.

These efforts have resulted in more government resources for entrepreneurs:

• The U.S. Small Business Administration created two $1 billion dollarprograms to fund investments in the nation’s highest growth companies.

• The U.S. Department of Commerce’s Office of Innovation and

Entrepreneurship and Economic Development Administration announced

the i6 Challenge, a $12 million innovation competition in partnership with

the National Institutes of Health and the National Science Foundation.

• The Obama Administration announced the Jobs and InnovationAccelerator Challenge, a $37 million multi-agency competition to support

the advancement of 20 high growth, regional industry clusters. In

September 2011, Northeast Ohio was selected as a winner, receiving

a $2 million grant for its Northeast Ohio Speed-To-Market Accelerator.

These collaborative programs set an example for the nation. It’s an approach

that can transform every region across the country in the same way it is

transforming Northeast Ohio. 15real people • real [resources] • real outcomes

Risk capital raised by companies20042010

Number of companies raising risk capital 20042010

Number of investments made in companies20042010

Early stage funds in the region20042011

$113 million$241 million

35

106

38137

<1036 and growing

Northeast Ohio: Then and Now

it inspires Julie. “While each day presents

a new challenge, I can see the difference

I make every single day.” Working for a

green technology startup is indeed making a

difference. If Julie’s young children asked

about her work, she knows what she

would say. “I would tell them I make Akron

a better place to be, one job at a time.”

That’s just what innovative job creators

like Echogen are doing for all of Northeast

Ohio and the nation.

Julie Maurer works for Echogen

Power Systems, an Akron company

commercializing a technology to

convert waste heat into clean,

emission-free electricity. As VP of

Human Resources, she spends her

days finding, recruiting, developing,

and retaining talent. “I am getting this

company ready to scale from 25 to 50

employees in the next year,” Julie says.

During her first six months on the job,

Julie helped Echogen fill 12 positions,

and in doing so, she is living the impact

entrepreneurial companies can have.

“Our economy is suffering and here I

sit, not able to fill jobs fast enough.”

Since 2004, JumpStart’s client

companies have created or retained

1,566 direct jobs. Meanwhile, startups

supported by organizations within the

JumpStart Entrepreneurial Network

have created and retained 4,425 direct

jobs. The energy from working at one of

these fast-paced startups is intense, but

Julie Maurer • E

chogen Pow

er Systems • echogen.com16

Helping Entrepreneurs Create and Fill JobsBefore Julie Maurer was hired, Echogen

Power Systems looked to JumpStart’s

Robert Hatta for talent support. As

VP of Entrepreneurial Talent, Robert

helps Northeast Ohio’s venture-backed

companies create and fill new jobs. Since

2009, he has delivered more than 1,000

hours of intense advisory services around

talent and HR. He’s helped startups hire

more than 180 employees, including 38

C-level, vice president, and board

member appointments.

jobs

As someone who has lived in the Cleveland

area for 50 years, Mr. Morgenthaler has

seen its many ups and downs. “Northeast

Ohio had a marvelous economic driver

for 60 years. The trouble is, we rode it for

100,” he says, referring to the region’s

leadership in automotive manufacturing.

Today, Mr. Morgenthaler sees a new region

taking root. He is witnessing economic

development groups foregoing competition

and instead collaborating to identify

regional strengths, build an infrastructure

to support entrepreneurship, and actively

look for that next wave of innovation.

“There are many organizations working

together to create a more innovative and

entrepreneurial Northeast Ohio, which

is something that wasn’t happening ten

years ago,” he says. “Our foundations

have done a brilliant job stepping up to

support these efforts.”

Northeast Ohio was home to a handful of

venture capital firms in 2004. Over

the past eight years, however, civic,

community, and philanthropic leaders

have launched pre-seed funds for

entrepreneurs at the earliest stages of

their businesses, seed funds bridging

the investment continuum’s “valley of

death,” incubators offering advisors

and a place to advance technologies,

and accelerators with experienced

entrepreneurs-in-residence. These new

assets, focused on building high growth

businesses, helped regional companies

raise more than $1 billion in the last five

years. They are enabling Northeast Ohio

entrepreneurs to build new economic

drivers. Mr. Morgenthaler is encouraged

by the change taking place, but experience

tells him transformations take time,

patience, and unwavering support. “We

have some tremendous organizations in

place. We need to stand behind them.”

transformationD

avid Morgenthaler • M

orgenthaler Ventures • m

orgenthaler.com17

David Morgenthaler knows Northeast Ohio missed some opportunities. But he thinks the region is on to something now.

18

The President of the National Venture

Capital Association doesn’t consider Ohio

a fly-over state. Mark Heesen believes

Ohio is proving to entrepreneurs they don’t

have to live in Silicon Valley or Boston to

start and grow a successful company. It’s

a relatively new story the region is telling,

but one that Mark’s organization, with

support from board member Ray Leach,

is sharing far and wide.

The NVCA advocates for national public

policies that encourage innovation and

reward long-term investment. Recognizing

the need to represent funds that are

diverse in both size and location, the

NVCA appointed JumpStart’s CEO to

its board of directors in April 2011. Ray

accepted the position, giving Ohio and

the Midwest a national policy voice

around venture capital, innovation,

and entrepreneurship. To Mark, the

most impressive piece of Ohio’s story

is not just its transformation, but the

approach: marrying public programs

with private investment. Public, private,

and philanthropic partnerships like

JumpStart, largely supported by the

State of Ohio’s Third Frontier program,

provide a new way of looking at

economic growth. And economic growth

is the NVCA’s ultimate goal. “Venture

capital, innovation, and job creation all

go hand-in-hand,” Mark says. “By giving

entrepreneurs more say in Washington

D.C., they can create more innovative

companies that venture capitalists like

to back—companies that create jobs.”

voice

”“Ohio is

reinventing itself. The venture capital community and the country are taking notice.

Mark H

eesen • National V

enture Capital A

ssociation • nvca.org

recognition

19

February 22, 2011 USA Today: Obama Praises Cleveland as the ‘Tech Belt’

August 5, 2011 The Deal: JumpStarting Startups and with Them New Jobs

August 7, 2011 The Plain Dealer: JumpStart CEO Ray Leach named to National Venture Capital Association Board

June 27, 2011 The Nonprofit Quarterly: A Job Creation Model that Begins with a Nonprofit

“The old saying, ‘As Ohio goes, so goes the nation,’ got an added jolt ofrelevance recently with the creation of a new national nonprofit...”

May 4, 2011 Buffalo News: Small Firms Called Key to Stimulating Economy

“Ohio’s efforts have turned an area in northeastern Ohio that once was‘scorched earth’ for entrepreneurial activity into a place that now has ahealthy base of development-stage firms.”

September 2011NPR “State of the RE: Union”: Cleveland, OH: Entrepreneurs at Work

“This is a now a city of entrepreneurship…”

March 2, 2011 Reuters: Entrepreneurs Powering Cleveland Makeover

“…Cleveland, dubbed the Forest City, is emerging as a hotbed of innovation in areas such as healthcare and IT.”

Northeast Ohio’s entrepreneurial transformation and the innovative approach leading it have garnered national attention. The region is becoming one from which the rest of the country can learn.

• The Advocate • Akron Beacon Journal •

AkronNewsNow • Bloomberg Businessweek

• The Boston Globe • Bradentown Herald

• Buffalo Business First • Buffalo News •

Business Journal Daily • The Chronicle-

Telegram • Cleveland Business Connects

• Cleveland Jewish News • Columbus

Business First • The Columbus Dispatch

• Columbus Underground • Crain’s

Cleveland Business • The Daily Record •

The Deal • Direct Marketing News • Dow

Jones VentureWire • eTruth • Forbes

• Fort Wayne Monthly • Fresh Water •

Greater Fort Wayne Business Weekly •

Green Investing Times • GreenMuze •

hiVelocity • The Huffington Post • Inside

Business • Inside INdiana Business with

Gerry Dick • International Business

Times • InventorSpot • The Line • Los

Angeles Times • MassDevice • MedCity

News • MetaEfficient • The Miami Herald

• MicrOHscope • Minneapolis / St. Paul

Business Journal • The Modesto Bee •

NEOtropolis • New Jersey TechNews •

New Scientist • The Nonprofit Quarterly

• NPR • NVCAccess •The Observer •

Pacific Business News • PC Magazine •

Pioneer Press • Pittsburgh Business Times

• The Plain Dealer • Popular Mechanics

• The Repository • Reuters • Rochester

Business Journal • Sacramento Bee •

Seattle Times • Smart Business • Smart

Money • State of the Re:Union • The Street

• The Suburbanite • Sun News • TechEye

• TEMPO • TIME Magazine • The Times-

Picayune • Tribune Chronicle • USA Today

• The Vindicator •The Wall Street Journal •

Wooster Weekly News • Yahoo Finance •

real support

20

JumpStart’s exceptional philanthropic partners are the cornerstone of our work. In this report, JumpStart acknowledges our leadership donors and donor community for gifts received during the July 1, 2010–June 30, 2011 fiscal year. The support from our partners is the reason we are able to contribute to the entrepreneurial effect.

Leadership Donors

The Richard J. Fasenmyer FoundationThe 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.

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.

KeyBank FoundationThe 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.

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 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.

The Frank H. and Nancy L. Porter Fund of The Cleveland Foundation

An advised fund established with a bequest from the estate of Frank and

Nancy Porter, the fund enables the Porter children to recommend support

in their parents’ names to organizations and causes they supported

during their lifetimes for the good of the Greater Cleveland region.

COSECOSE 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 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.

Ohio Third FrontierOhio Third Frontier is innovation

creating opportunity. The $2.3 billion

initiative supports applied research and

commercialization, entrepreneurial

assistance, early stage capital formation,

and expansion of a skilled talent pool that

can support technology-based economic

growth. Ohio Third Frontier’s strategic intent

is to create an “innovation ecosystem”

that supports the efficient and seamless

transition of great ideas from the laboratory

to the marketplace.

the entrepreneurial effect

21

The Abington Foundation

The American Society for Artificial Internal Organs

An Anonymous Northeast Ohio Family

Baker Hostetler

Calfee, Halter and Griswold

The Charter One Foundation

The Katherine and Lee Chilcote Foundation

The George W. Codrington Foundation

The Frances G. and Lewis Allen Davies Endowment Fund of The Cleveland Foundation

Dix & Eaton

Dollar Bank

The Dominion Foundation

The Eaton Charitable Fund

Ernst & Young

Fifth Third Bank

The GAR Foundation

Huntington National Bank

Jones Day

The Ewing Marion Kauffman Foundation

The Lincoln Electric Foundation

The David and Lindsay Morgenthaler Foundation

The Nord Family Foundation

The William J. and Dorothy K. O’Neill Foundation

The Parker Hannifin Foundation

Mr. Anthony Petti

Squire, Sanders & Dempsey

STERIS

The Summers Family Foundation

Third Federal Foundation

Thompson Hine

The Raymond John Wean Foundation

Donor Community

Board of Directors

Sources and Uses (July 1, 2004 - June 30, 2011)

Mr. Doug Weintraub, CPABoard Chair

Mr. Mark WilliamsVice Chair

Dr. Jacqueline Acho

Ms. Barbara Brown

Ms. Lauren Rich Fine

Mr. Larry Goddard

Mr. Jack Harley

Mr. Jim Hickey

Mr. Bob Hurwitz

Mr. Joseph Jankowski

Dr. Eric Anthony Johnson

Mr. Ray T. Leach

Mr. Rich Lunak

Ms. Amy Millman

Ms. Carmen Ortiz-McGhee

Dr. Frank Papay

Mr. Patrick Pastore

Mr. R. Louis Schneeberger

Mr. William R. Seelbach

Mr. Ken D. Semelsberger

Dr. Rachel Talton

Mr. David Wilhelm

JumpStart gratefully

acknowledges 100

percent participation of

its board of directors and

associates in financially

supporting

the organization.

The Fred A. Lennon Charitable Trust

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 Donald and Alice Noble Foundation

PNC FoundationThe 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 FoundationThe 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.

real people • real [resources] • real outcomes

Sources of Funds $58.6M

State of Ohio $26.1 (44%)

Private and CommunityFoundations $20.6 (35%)

Corporate Foundations $7.0 (12%)

Individuals and Program Fees $1.6 (3%) Federal Government $3.3 (6%)

Uses of Funds $58.6MFunds to Assist and Invest in Northeast Ohio Entrepreneurs $42.1 (72%)

Funds to Accelerate Northeast Ohio’s Ecosystem $9.0 (15%)

Funds to Accelerate Ecosystems Nationally $2.3 (4%)

Funds for Operations $5.2 (9%)

ObserversMs. Rebecca O. Bagley

Ms. Lisa Delp

Ms. Deborah Hoover

Mr. David Morgenthaler

Mr. Chris Schmid

Ms. Jennifer Thomas

Mr. Steve Walling

ContributorsWriting: Leigh Keeton; Editing: Samantha Fryberger; Design: Meg Lalley

Photography: Laura Webb, Cassandra Tabora, Harold Lee Miller, Karen Sayre, and Lauren Parsells

Pictured throughout this book are just some of the real entrepreneurs, advisors,

funders, interns, mentors, investors, educators, students, civic leaders,

journalists, volunteers, and government officials making the work of JumpStart

and the entire innovation and entrepreneurial ecosystem come to life.