jumpstart 2010 community report

Transforming: THe increasing impacT ofnorTHeasT oHio enTrepreneurs

and one of

america’s BesT ecosysTems

2010 communiTy reporT

2

Transforming. our region’s entrepreneurs are transforming

their ideas into businesses and their businesses into job

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

own transformation— it’s strengthening and growing.

These transformations have been occurring for several years.

since Jumpstart’s inception in 2004, we have supported

thousands of entrepreneurs directly through our programs and

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

into businesses. supporting entrepreneurs with high growth

companies in northeast ohio by providing intensive technical

assistance and investment dollars has been, and continues to

be, at the core of our mission.

at the same time, the desire to transform northeast ohio’s

entrepreneurial ecosystem into one with the scale and

robustness we collectively need has resulted in Jumpstart

supporting broader efforts in the region and the state.

Jumpstart has directly and indirectly advocated for,

supported, and helped to expand some of the programs

addressing the needs of innovation and entrepreneurship in

the region. This work includes the launch of the north coast

angel fund, the passage of two expansions of ohio Third

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

opened offices here.

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.

Message To our CoMMuniTygiven our work and the work occurring by many others across

northeast ohio, this annual report celebrates northeast ohio’s

entrepreneurial ecosystem, its many committed members,

and the transformative effect it is having on our region’s

entrepreneurs and economy. as you read on, you’ll see that

a robust entrepreneurial ecosystem is part of our region’s

legacy. The elements available today were available before and

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

some of whom created companies that remain northeast

ohio’s largest employers. you’ll see how today’s entrepreneurs

have utilized these same elements to accelerate the trajectory of

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

of the entire region has been recognized nationally, ensuring

that our leaders are invited to influence the development of

america’s entrepreneurial ecosystems.

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

work: a visual representation of northeast ohio’s transforming,

and transformative, entrepreneurial and innovation ecosystem.

as for Jumpstart’s work, it is only because of the continued

support Jumpstart receives from all its philanthropic partners

that the organization creates impact. Thank you for your

inspiring commitment to our region and its entrepreneurial

support system.

Ray T. Leach

Chief Executive Officer

DougLas L. WeinTRaub

Chairperson

Culture

JuMPsTaRT 2010 coMMuniTy RePoRT 3

idea creators sources of

intellectual property or commercializable

ideas from centers of research and

entrepreneurs themselves.

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.

advocates Organizations,

government officials, and business

organizations that advocate for the needs

of entrepreneurs to policy makers and

leaders who can influence government

funding and programmatic opportunities.

stories & storytellers

inspiring stories of past entrepreneurial

successes that inspire youth and would-

be entrepreneurs, and those who tell

them.

educators Organizations

and higher education institutions

that introduce entrepreneurs into the

ecosystem and increase their knowledge.

The ecosystem funders

include government entities, private

foundations, individuals, and

corporations that financially support the

ecosystem and its participants. Without

them, the ecosystem would not exist.

an entrepreneurial culture is the

outcome of a thriving ecosystem and

is a culture in which entrepreneurs are

understood, appreciated, and celebrated;

diversity is embraced; risk investing is

encouraged; uncertain outcomes and

failures are accepted; and entrepreneurial

activity levels are high and thriving. it

surrounds, is created by, and is nurtured

throughout the ecosystem.

eleMenTs of The norTheasT ohio enTrepreneurial 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.

TRansfoRMing: The incReasing iMPacT of noRTheasT ohio enTRePReneuRs anD one of aMeRica’s besT ecosysTeMs4

AdvoCAtes The successful recruitment

of carl “charles” diebold’s

cincinnati-based safe

building company to

canton might have been the

result of some persuasive

salesmanship by the local

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

assure the company’s relocation. as a result, charles rebuilt diebold, Incorporated in

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

norTheasT ohio’s enTrepreneurialeCosysTeM of The pasT

IdeA CreAtorsWorking 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

known as Hoover.

Investorsin 1866 Henry sherwin invested his life’s

savings in a cleveland shop that made and

mixed pigments, painting supplies, and oils.

When he and his initial partners split the

company, his former partners focused on

manufacturing linseed oil, leaving Henry

with little assistance running the paint

business. With a $15,000 investment from

edward Williams, Henry and edward took

their ideas and knowledge and started

sherwin, Williams & Co. The funding

allowed the company to invent new

products, innovations that revolutionized

the paint industry.

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.

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

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storIes And storytellersWhen 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.

resourCe provIdersWhen 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

edison’s company to form General electric.

eduCAtorsmany of today’s colleges

and universities that offer

programs focused on

entrepreneurship were

founded in the late 19th

century.

This 1899 edition of The Chameleon features

events at the 19th annual Sherwin-Williams

sales meeting

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

Photo courtesy of The Sherwin-Williams Company


EnTREpREnEUR: WEndEll TURnER Company: Hf food TechnologiesaCCESSing: IdeA CreAtors

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.

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.

norTheasT ohio’s enTrepreneurial eCosysTeM of Today

*Organizations are members of the JumpStart Entrepreneurial Network, a collaborative network supported by Ohio Third Frontier.


EnTREpREnEUR: david lEvinECompany: Wireless environmentaCCESSing: resourCe provIders

after david Levine founded Wireless

environment, which designs batteries and

control systems for Led light bulbs, he

needed inexpensive office space to build a

patent strategy. The company became a client

of the great Lakes innovation and development enterprise

(gLide)*, which gave him space and access to the innovation

fund, founded by the Lorain county community college

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

The resource david found most helpful however, was

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

to deeper conversations about raising money, hiring, and

selling,” david said. The conversations helped him build

a network of successful entrepreneurs on which to rely.

“northeast ohio is loaded with entrepreneurs who see it as

their responsibility to help other entrepreneurs.”

david’s network led him to Jumpstart Ventures*, which

provided the funding he needed to expand his patent portfolio,

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

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

property into a single Led light compatible with the 21.4

billion bulb sockets worldwide. david also used the Jumpstart

Ventures talent program to build another resource: a Board of

directors to which david now looks for strategic guidance.

EnTREpREnEUR: Tony gioRdanoCompany: TheraVascaCCESSing: eduCAtors

cleveland native Tony giordano came across

a drug to treat peripheral artery disease while

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

entrepreneurs,” Tony said.

Tony received introductions from an entrepreneur-in-

Residence in the JumpStart Entrepreneurial Network*, office

space from BioEnterprise, industry-specific resources from the

global cardiovascular innovation center, and capital from the

innovation fund, founded by the Lorain county community

college foundation*, Jumpstart Ventures*, and portal capital.

But an equally important element of the ecosystem has been

the colleges and universities encouraging students to learn

about entrepreneurship first hand. “Educators offering

entrepreneurship-focused internships provide young companies

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

support staff at a reasonable cost.”

Tony’s staff of interns has done everything from redesigning

the company’s website to helping write an investigational new

drug (ind) application to the fda. The ind will study the

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

the value internships provide his company, Tony enjoys giving

students real-life experiences and a broad understanding of

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

passion for entrepreneurship and by placing them at growing,

innovative companies, that desire can grow. They might become

entrepreneurs themselves.”


norTheasT ohio’s enTrepreneurial eCosysTeM of Today

EnTREpREnEUR: miKE BRodERiCKCompany: Turning TechnologiesaCCESSing: storIes & storytellers

after developing the technology at the

youngstown Business incubator*, Turning

Technologies, led by Chief Executive Officer

mike Broderick, launched hardware devices

for audience participation used in conjunction

with its already popular software designed to poll presentation

audiences, classroom students, or boardroom executives. its

seamless integration with presentation software made it easy to

use and affordable.

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

and Inc. magazine named it the fastest growing privately held

software company in the u.s. The company has sold products

and services to organizations in over 90 countries and recently

opened an office in Amsterdam, bringing its employment to over

180 people.

Turning Technologies’ success has brought national

recognition to the region. This year mike posed alongside

the youngstown Business incubator’s chief evangelist, Jim

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

entrepreneurial ecosystem helped us with the resources most

needed to accelerate our growth,” mike said. “i hope the success

Turning Technologies has experienced, with the clear benefits

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

thinking about entrepreneurship.”

EnTREpREnEUR: pHil BREnnanCompany: ecHogen power systemsaCCESSing: AdvoCAtes

Organizations including JumpStart, the

city of akron, and the region’s chambers of

commerce, advocate with policy makers to

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

heat and transforms it into electricity.

ohio Third frontier, a statewide program fueling economic

growth by funding research, development, and commercialization

projects, has indirectly supported the company since it started

working with ohio Third frontier-supported akron global

Business accelerator* and Jumpstart Ventures*. ohio Third

frontier also awarded ecHogen a $4.3 million grant directly.

With the support, the ecHogen team, led by chief executive

Officer Phil Brennan, developed a pilot engine 12 months earlier

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

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

eight megawatts of electricity—enough electricity to power over

3,200 homes—in a northeast ohio industrial plant. “The ecosystem

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

organizations and stakeholders working together to support the

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

organizations like JumpStart and NorTech advocating for the

growth and strengthening of the ecosystem, companies like ours

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

When ohio Third frontier was up for renewal, the same

organizations provided the public with information on Ohio Third

frontier’s results. ecHogen supported the effort, and ohio

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

in may 2010.


EnTREpREnEUR: CHaRU RamanaTHanCompany: cardioinsightaCCESSing: IdeA CreAtors

former case Western reserve university

faculty member dr. yoram rudy and his

research team, including doctoral students

ping Jia and charu ramanathan, were

working on a new technology. it combined

electrical information gathered from a “vest” placed on a

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

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

electrical activity.

The team knew commercializing the technology would

mean providing critical information in guiding arrhythmia

ablation and cardiac resynchronization therapy. To do that,

charu and ping co-founded spin-out company cardioinsight

Technologies and licensed the technology from case. “We

were confident this technology could deliver significant

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

commercial product,” said charu.

shortly after the spin out, cardioinsight received

investments from Jumpstart Ventures*, case Technology

Ventures, and draper Triangle Ventures. The company used

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

results of which proved the technology’s strengths in guiding

the treatment of arrhythmia and heart failure. To take the

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.

EnTREpREnEUR: STEpHEn SpoonamoRECompany: aBsmaterialsaCCESSing: Investors

aBsmaterials’ technology, discovered by dr.

paul edmiston at The college of Wooster, is

a swelling glass that absorbs toxins in liquids.

paul applied for a $25,000 grant from the

innovation fund, founded by the Lorain

county community college foundation* to develop a business

plan for the idea.

That’s when he met stephen spoonamore, a startup executive

who came on as Chief Executive Officer and helped the company

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

fund. With the funding, stephen built a pilot-scale production

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

initial customers. The technology and business validation helped

aBsmaterials receive a $250,000 investment from Jumpstart

Ventures*. The company then closed a $2.4 million series a

round with investment from ohio-based north coast angel

fund*, several private ohio investors, Harris & Harris group,

and Vivero group.

aBsmaterials is now manufacturing glass to absorb toxins,

including fuel oils and hexamine. it won funding from the

department of energy and national science foundation and

secured deals with 11 customers, including Bp and emerson.

“part of what made aBsmaterials an attractive local investment

was qualifying for the ohio Technology investment Tax credit,”

stephen said. “programs like these, coupled with the growing

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

have had direct impact on aBsmaterials’ progress and job

creation in northeast ohio.”


JumpstArt ventures results

invested

$18.1 million

in 49 companies, 14 founded by

women or minority entrepreneurs

JumpStart Ventures portfolio

companies have

raised

$127 million

– leverage of 7x on the investment

($36 million raised by companies founded

by women or minority entrepreneurs)

Reached annualized revenues of

$30 million created and supported

431

direct jobs

received

104

patents with another 152 in process

Jumpstart Ventures portfolio company

diy real estate solutions

was acquired in 2010

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.

tHe ImpACt…of an organization’s Work

CommunIty enGAGement results

engaged

37,300

entrepreneurs and community members

(7,500 women or minority)

approached by

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

received

2,317

business plans from entrepreneurs

(771 from women or minorities)

provided

87,750

hours of free assistance to entrepreneurs

(21,800 hours to women or minorities)

JumpstArt InClusIon AdvIsors results

assisted

48

client companies that hold 15 patents

Launched the Jumpstart

Launch100 initiative and began

building a pipeline of up to

15

client companies per year

ImpACt on nortHeAst oHIo

generated economic impact of

$267 million

in the past four years, including

$90 million in 2009, as reported by

cleveland state university

created and supported

811

direct and indirect jobs

generated

$12.1 million

in taxes in 2009, more than Jumpstart’s

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

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

(Results through August 31, 2010)

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 #

glengary, LLc #

Jumpstart and its programs #

Jumpstart Higher education #

collaboration council

north coast angel fund #

north coast opportunities #

Technology fund of cuyahoga

county

norTech #

innovation fund founded by #

Lorain county community

college foundation

ohio aerospace institute #


Jumpstart is just one member of the Jumpstart

entrepreneurial network and just one funding recipient

of the ohio Third frontier. Both have achieved results

greater than any single organization.

oHIo tHIrd FrontIer

ohio Third frontier is a technology-

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

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

entrepreneurial support programs and

the resulting transformation underway.

The three-year-old Jumpstart entrepreneurial network

(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:

tHe ImpACt…of a network and a state

JumpstArt entrepreneurIAl netWork

(Results through June 30, 2010)

(Results through December 30, 2009)

*Members of the JumpStart Entrepreneurial

Network are entities in Northeast Ohio that have

received funding from Ohio Third Frontier’s

Entrepreneurial Signature Program.

oHIo tHIrd FrontIer results

Created, attracted, and capitalized

637

companies

created

54,983 direct and indirect jobs with the average

salary of $65,815

generated

$6.6 billion in economic activity

Client companies have raised

$319 million in follow-on capital

received $69 million

in federal and state grants

Reached annualized revenues of

$100 millioncreated and supported

850 direct jobs at an average salary of $67,020

JumpstArt entrepreneurIAl netWork results

approached by

7,640 entrepreneurs

meaningfully engaged with

2,600 entrepreneurs

meaningfully worked with

1,000 client companies

DULUTH, MN

MINNEAPOLIS-ST. PAUL, MN

DETROIT, MI

ROCHESTER, NY

FT. WAYNE, IN

SOUTH BEND, IN

GARY, IN

BUFFALO, NY

SYRACUSE, NY


as part of this work, Jumpstart

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

service providers using the service across the country.

as our country grapples with the current

recessionary conditions, leaders from

economically distraught communities

across the nation and in Washington d.c.,

have been looking for models and best

practices that can make a difference. The

successful transformation underway in

Northeast Ohio has been identified as one

of the leading stories and communities

from which to learn.

tHe ImpACt…of one of america’s Best ecosystems

111,036

visits to ideacrossing

126,334

matches between investors

and entrepreneurs

9,170

matches between entrepreneurs

and business mentors

4,919

registered users

This is one reason why the economic

development administration (eda)

selected Jumpstart to collaborate

with leaders of other midwestern

communities to create entrepreneurial

action plans. With funding from the

eda, surdna foundation, and The

Knight foundation, Jumpstart, through

Jumpstart community advisors, began

work in summer 2010. since that time,

other communities and funding partners

have engaged with Jumpstart. This work

continues to focus a national spotlight

on the successes of the entrepreneurial

ecosystem in northeast ohio and ohio

broadly; it also helps sustain the ongoing

work of Jumpstart in northeast ohio.

(Results through October 7, 2010)

IdeACrossInG results:


northeast ohio’s story on the national stageJum # pstart ceo ray Leach was selected as

a member of the national Advisory Council on Innovation and entrepreneurship. ray was among

several innovators and entrepreneurial

thought leaders named as a member of

the group, which supports the nation’s

innovation strategy by helping to develop

policies that foster entrepreneurship, drive

economic growth, and create jobs. others

named to the council include steve case,

co-founder of aoL; Judith estrin, former

cTo of cisco systems; and Jerry yang, co-

founder of yahoo!

Jumpstart ceo ray Leach will lead the #

economic development administration’s

regional Innovation Acceleration network (rian), a

network of leaders from 50 states who will

collaborate to share best practices while

also providing recommendations regarding

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 technology-Based 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

development.

stories of Jumpstart and portfolio and #

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”

The Wall Street Journal:• “cleveland

rocks? Jumpstart Wants to make it so”

PARADE• :

“How cleveland,

ohio, is becoming… a city for

entrepreneurs”

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.

as a result of the

story of northeast

ohio’s transformation,

Jumpstart now has

the opportunity

to participate in

national discussions

on entrepreneurship

and innovation,

and to contribute

to policies that will

further support the

creation of a national

entrepreneurial

economy.


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.

reCognizing our 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.

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, a division of the U.S. Department of CommerceThe 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 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.

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 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.

Leadership donors

Jumpstart would like to recognize ohio Third frontier for its leadership and support of northeast ohio’s entrepreneurial ecosystem. This 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.


donor community

Baker Hostetler

calfee, Halter and griswold

The charter one foundation

The Kathryn and Lee chilcote foundation

The cleveland clinic foundation

The george W. codrington foundation

dix & eaton

dollar Bank foundation

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 fred a. Lennon charitable Trust

The Lincoln electric foundation

mentor economic assistance corporation

minority contractors Business assistance program

of the ohio department of development

The david and Lindsay morgenthaler foundation

The nord family foundation

oberlin research group

The Parker Hannifin Foundation

squire, sanders & dempsey

sTeris

The William & pamela summers family

Third federal foundation

Thompson Hine

The raymond John Wean foundation

an anonymous northeast ohio family

JumpStart gratefully acknowledges 100 percent

participation of its associates and board of directors in

financially supporting the organization.

State of Ohio $10.8 62%

Foundations $5.6 32%

Corporations $1.1 6%

$17.5 100%

SOURCES OF FUNDS – OPERATIONS

USES OF FUNDS

State of Ohio $9.5 34%

Federal Government $2.1 8%

Foundations $10.6 38%

Corporations $4.5 16%

Individuals & Program Fees $1.2 4%

$27.9 100%

Investments $17.5 39%

Ventures/ Entrepreneurial Network/Inclusion $17.4 38%

Marketing/ IdeaCrossing $5.6 12%

Admin/Finance/ Shared Services/ IT/Fundraising $4.9 11%

$45.4 100%

62%

39%

38%

12%

11%

38%

34%16%

4%

8%

32%

6%

l State of Ohiol Foundationsl Corporations

l State of Ohiol Federal Governmentl Foundationsl Corporationsl Individual & Prog. Fees

l Investmentsl Ventures/Entrepreneurial

Network/Inclusionl Marketing/IdeaCrossingl Admin/Finance/Shared

Services/IT/Fundraising

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

SOURCES OF FUNDS – INvESTMENTS

JumpStart Inc. | 737 Bolivar Road, Suite 3000 | Cleveland, OH 44115

Phone: 216.363.3400 | Fax: 216.363.3401 | www.jumpstartinc.org

Board of Directors

mr. doug Weintraub, cpaBoard Chairperson, JumpStart Inc. Serial Entrepreneur

mr. mark J. WilliamsVice Chairperson, JumpStart Inc. Executive Vice President, KeyBank

dr. Jacqueline acho, ph.d.President, The Acho Group

ms. Barbara BrownPrincipal 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. coticchiaVice President for Research & Technology Management, Case Western Reserve University

mr. Larry goddardPresident, The Parkland Group, Inc.

ms. Bonnie W. gwinManaging Partner, Heidrick & Struggles

mr. peter d. HancockExecutive Vice President, Finance, Risk, and Investments, AIG, Inc.

mr. Jack HarleyPresident, JWH Group Inc

mr. Jim HickeyPresident and Founder, Arras Group

dr. Jagdish d. Kulkarni, m.d.President and CEO, J & J Enterprise

mr. ray T. LeachCEO, JumpStart Inc.

mr. richard LunakPresident and CEO, Innovation Works

ms. amy millmanCo-founder and President, Springboard 2000 Enterprises, Inc.

Ms. Carmen Ortiz-McGheePresident, The Marathon Club

mr. r. Louis schneebergerChief Financial Officer, Panther Expedited Services, Inc.

mr. William r. seelbachOperating Executive, The Riverside Company

mr. Ken semelsbergerSenior Vice President – Finance and Planning, Industrial Sector, Eaton Corporation

mr. steve WallingChairman and CEO, Plasticolors, Inc.

mr. david WilhelmFounder and Partner, Adena Ventures D

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jumpstart 2010 community report

Documents