News
It Starts Here: Partnership Proves Advantageous to Bioscience Companies
:: April 7, 2010
By Kavita Sherman
A recently formed partnership between BioEnterprise Inc. and Team NEO will benefit bioscience companies located in or relocating to Northeast Ohio.
BioEnterprise uses its network and know-how to form, develop and recruit bioscience companies. Team NEO provides regional economic research and investment incentives. By combining strengths, the two ensure smooth transitions and quick success for biomedical start-up, small- and mid-sized businesses locating in Northeast Ohio.
Cleveland’s Benefits
Northeast Ohio’s 16 counties boast more than 600 biomedical businesses, up 34 percent from 2005. Ohio Third Frontier contributes mightily to the region’s thriving biomedical industry. The state’s 10-year, $1.6 billion investment to expand technology, create jobs and facilitate innovation has helped fund numerous Northeast Ohio biomedical ventures, including:
- The Austen BioInnovation Institute — The institute capitalizes on Akron’s material sciences legacy to create next-generation biomedical devices. Recent grants totaling $680,000 benefit eight projects ranging from a contact lens embedded with a sensor that measures blood glucose levels to a polymer platform for drug-eluting prosthetic devices.
- Global Cardiovascular Innovation Center (GCIC) — Opening in May 2010, it envisions becoming a hub to transform promising cardiovascular technology concepts into products and jobs. GCIC is backed by Cleveland Clinic, Case Western Reserve University, The Ohio State University, The University of Cincinnati, The University of Toledo and University Hospitals of Cleveland, which contribute cardiovascular research and clinical capabilities.
In addition to working with new ventures, BioEnterprise and Team NEO — also known as Cleveland Plus Business — build relationships with the 60 hospitals, 30 colleges and universities and major manufacturers regionally. BioEnterprise’s roots tie it to Cleveland Clinic, University Hospitals, Case Western Reserve University and Summa Health System.
It starts here. Access, location and business friendliness matter. BioEnterprise and Team NEO bring together existing institutions and initiatives, investments and education to add value to bioscience start-ups and companies looking to grow.
