CLEVELAND--(BUSINESS WIRE)--In this monthly series, Why Cleveland, we explore the drivers of Cleveland’s resurgence to highlight the reasons the city and Northeast Ohio are increasingly chosen to host major events such as the 2016 Republican National Convention.
Northeast Ohio consistently proves to be a hub for biomedical innovation and opportunity. The region is widely known for its “ever-growing entrepreneurial pipeline” as start-up activity is soaring, fueled by funding from local, regional and national investors, strategics, and state and federal grant programs. Since 2002, Cleveland’s biomedical industry has grown from 300 to over 700 companies, a 133% increase. Over $2 billion has been invested in area start-ups during the same period.
“Northeast Ohio biomedical companies continue to attract investment at historic levels and drive the growth of the biomedical sector,” said Aram Nerpouni, president and CEO of BioEnterprise. “The region has seen over 50 exits since 2002, including the IBM purchase of health IT company Explorys, and Medtronic’s acquisition of medical device company CardioInsight. Both startups remain in Cleveland, giving IBM and Medtronic a foothold in the region.”
Jeff Epstein, director of the Cleveland Health-Tech Corridor said, “Because biomedical companies in Cleveland are essential drivers in the region’s economy, entrepreneurial talent can thrive. With support from higher education and clinical and research institutions at both ends of the corridor, we’re attracting an enormous amount of entrepreneurial energy to the city as developers are converting buildings into lab space, manufacturing space and more. The impacts of this entrepreneurial cycle are only going to grow.”