Akron BioMedical Corridor Overview
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Akron Biomedical Corridor
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AgriculturalFeedstock & Chemicals
Agricultural processing
Basic organic chemicals
Ethyl alcohol mfg. Organic fiber
mfg. Fertilizers Pesticides and
other agricultural
chemicals
Medicinal & botanicals
Pharma-ceutical preparations
Diagnostic substances
Biological products
Drugs & Pharmaceuticals
Medical Devices & Equipment
Laboratory apparatus & furniture
Surgical, medical, dental, ophthalmic & analytical instruments & equipment
Irradiation apparatus & electromedical equipment
Hospitals
Specialty hospitals
University medical
research hospitals
Clinical research institutions
Research, Testing, &Medical Laboratories
Biological research
Commercial medical
research
Testing laboratories
Medical laboratories & diagnostic imaging centers
Product-Oriented Service -Oriented
Ohio Market Sectors
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*Total Ohio bioscience establishments are 1141 (March 1, 2009)
There are approx.50 orthopedic companies in NEO; Other global players are within 3-4 hours drive.
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Ohio By-The-Numbers, Then & Now
Indicator Then Now Growth
Bioscience Companies 170 (1991) 1,318 (2010) 7.75x
Company Locations 1,302 (2000) 1,743 (2011) 1.34x
Bioscience Employees 52,062 (2000) 60,636 (2011) 1.16x
Company Starts per Year 46 (2000)79 (2010)
68/yr (AVG 2000-2010)1.7x
Company Expansions 16 (2005) 56 (2011) 3.5x
National Institutes of Health (NIH) $470 M (2005) $711 M (2011) 1.5x
Small Business Association (SBIR/STTR) $8 M (2000) $24.5 M (2010) 3.1x
National Science Foundation (NSF BIO) $9.3 M (2000) $14.8 M (2011) 1.6x
Private Capital Raised (excluding acquisitions, IPO) $14 M (2001) $217 M (2011) 15.5x
Companies Receiving Private Capital (including acquisitions, IPO) 12 (2004) 102 (2011) 8.5x
Ohio Based Bioscience Capital Sources 4 (1991) 91 (2012) 7.6x
BioOhio Membership 52 (1991) 420 (2012) 4.9x
Bioscience Related Patents 499 (2004) 685 (2011) 1.4x
NIH, SBIR/STTR, NSF awards included based on relevance to bioscience and life-science fields, non-bio related awards are excluded. Dollar figures are historical, not adjusted for inflation. Sources include research conducted by
BioOhio and its partners. Data or specific sources available upon request. Table updated July 2012.
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Ohio Third Frontier Program10 year, $1.6 billion, 60% funding into BiosciencesCommercialization Framework
Programmatic Focus
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Third Frontier Project
Ohio’s 10-year, $1.6 billion Third Frontier Project launched in February 2002. This project is the state’s largest ever commitment to expanding high-tech research capabilities and promoting innovation and company formation to create high-paying jobs.
In May 2010, Ohioans voted to extend the Third Frontier Project with an additional $700 million over four years starting in 2012.
Since 2002 over 100 diverse bioscience-related projects have been funded. In 2011, 28 new bioscience projects were funded by the Third Frontier, totaling over $40 million and matched by more than $42 million in private funding.
Ohio Third Frontier Bioscience Awards by Year
Year Number of Awards Award Matching
2002 10 $35.84 $67.25
2003 8 $48.48 $100.58
2004 5 $45.65 $76.06
2005 7 $75.35 $112.45
2006 10 $154.73 $273.80
2007 8 $135.24 $92.16
2008 18 $98.30 $105.45
2009 9 $39.68 $46.00
2010 27 $55.63 $83.74
2011 28 40.94 $42.31
Total 130 $729.84 $999.82* This table includes awards from multiple OTF programs, including the OTF Biomedical and OTF Medical Imaging programs.
For more information and metrics on the Ohio Third Frontier Project, visit:
www.thirdfrontier.com
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Ohio Health Care Venture Funds…More than 100 have invested into Ohio bioscience companies
1. Adena Ventures
2. Akron ArchAngels Network
3. Alpha Capital Partners
4. Arboretum Ventures
5. Athenian Ventures
6. Battelle Ventures
7. Blue Chip Venture Company
8. Blue Point Capital
9. Bridge Investment Fund
10. Case Technology Ventures
11. Charter Life Sciences
12. Chrysalis Ventures
13. CID Equity Partners
14. Cincinnati Children's Tomorrow Fund
15. CincyTech Ventures
16. Cleveland Clinic Innovations
17. Core Network
18. Draper Triangle Ventures
19. Early Stage Partners
20. Edgewater Capital
21. Entrepreneurs “E” Fund
22. Everett Partners
23. Fletecher Spaght
24. Fort Washington Capital
25. Foundation Medical Partners
26. Frantz Medical Ventures
27. Glengary Ventures
28. GLIDE Fund
29. iNetwork BioOpportunity
30. Innovation Fund of LCCC
31. Isabella Capital
32. JumpStart
33. Kadima Partners
34. Miami Valley Ventures
35. Morgenthaler Ventures
36. Mutual Capital
37. NCIC Capital
38. NCT Ventures
39. North Coast Angels
40. Oakwood Medical
41. Ohio Tech Angels I, II & III
42. Primus Capital
43. Queen City Angels
44. Radius Ventures
45. Redwood Holdings
46. Reservoir Ventures
47. River Cities Capital Funds
48. Riverside Capital
49. Rivervest Ventures
50. Scius (Spire Capital)
51. Soin International
52. RMS Investments
53. Rocket Ventures
54. Southern Ohio Creates Capital
55. Summit Health Ventures
56. Sycamore Partners
57. Talisman Capital
58. TechColumbus TechGenesis
59. TechColumbus RCF
60. Teton Capital
61. Triathlon Medical Ventures
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Northeast Ohio
In 2011, the region accounted for 35% of the total bioscience employment (21,029), 37% of the total bioscience payroll ($1.7 billion), and 42% of the total number of bioscience locations (729). From 2000 to 2011, the northeast region consistently reported the highest bioscience employment, payroll, and number of locations of any Ohio region.
Employment, Payroll, Average Wages, and Locations, Northeast Region, 2011
Subsector Employment Payroll ($) Average Wages ($) Locations
Agricultural Biotechnology 3,812 $575,893,356 $151,074 58
Medical & Testing Laboratories 3,301 $162,293,524 $49,165 238
Medical Device & Equipment 9,500 $594,038,200 $62,530 293
Pharmaceuticals & Therapeutics 2,576 $226,318,095 $87,856 30
Research & Development 1,840 $142,537,048 $77,466 110
Total 21,029 $1,701,080,223 $80,892 729
Average Annual Percentage Change in Employment, Establishments, Payroll & Average Wages for the Northeast Region
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Northeast Ohio
Impact Employment Output Value Added Labor Income
Direct 20,719 $11,438.61 $1,464.24 $413.31
Indirect 29,580 $4,989.48 $2,573.60 $1,612.38
Induced 15,994 $1,768.81 $1,070.13 $595.38
Total 66,293 $18,196.90 $5,107.97 $2,621.08
Output, Value Added, and Labor Income are in millions
Economic Impact of Bioscience, 2010
Economic Impact of Bioscience by Subsector, 2010
Subsector Employment Output Value Added Labor Income Tax
Agricultural Biotechnology 23,628 $9,016.24 $2,035.63 $1,071.77 $467.35
Medical & Testing Laboratories 5753 $657.25 $227.15 $133.69 $45.96
Medical Device & Equipment 18559 $3,971.75 $1,336.17 $577.21 $241.93
Pharmaceuticals & Therapeutics 15204 $4,149.92 $1,379.53 $745.62 $279.86
Research & Development 3149 $401.75 $129.49 $92.78 $28.31
Total 66,293 $18,196.90 $5,107.97 $2,621.08 $1,063.42
Output, Value Added, Labor Income, and Tax are in millions
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3 cities in the top 40 Biotech locations in USA
State City Rank
OH Cleveland-Akron 20
Columbus 22
Cincinnati 28
All three cities rank higher than the 100 city average in Research grant awards
in Bio- Sciences
$630 Million in NIH Awards in 2008!
#4 in biotechnology industry strength in 2008
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Akron is the place to be forLife Science Companies
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The Akron Biomedical Corridor
• Established by the Mayor in July 2006 following a business mission to Israel• Akron is well positioned to develop a world class biomedical innovation
district given its research, healthcare and community assets.• 500+ acre area which arcs around downtown Akron• Links
– Three world-class hospitals • Summa Health System• Akron General Medical Center• Akron Children’s Hospital
– The Austen Bioinnovation Institute in Akron (ABIA) • Center for Biomaterials and Medicine• Medical Device Development Center• Center for Simulation and Integrated Healthcare Education• Center for Clinical Trials and Product Development• Center for Community Health Improvement
– The University of Akron• Top Polymers and Biomaterials programs
More beds than the Clev. Clinic or UH
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The Akron Biomedical Corridor(Cont.)
• Effective collaboration of 3 health systems, the U of Akron, ABIA, NEOMED, Summit County, the Chamber, private businesses and not for profit organizations( Knight Foundation, UPA)
• Provides strategic geographic location for biomedical technologies, products, services, R&D, business development as well as clinical trials and test marketing
• The State designation of Akron as an Ohio Hub of Innovations and Opportunity for Biomaterials Commercialization offers the potential for greater recognition and attraction power
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Akron Biomaterials Commercialization Hub
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Vision and Mission
VisionBecome a globally recognized leader in commercialization of innovative biomedical technologies, products and services resulting in improved patient care, job creation, wealth creation and redevelopment of the City’s urban core.
MissionLeverage Greater Akron healthcare and community strengths to attract , support and grow biomedical technologies and businesses
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Akron’s Biomedical Assets Three nationally ranked healthcare systems (2 adult; 1 children)
Over 20,000 physicians, specialists and staff Nearly 1300 beds Over 1.5 M annual outpatient visits Over 65,000 patient admissions
Outstanding research and medical institutions The University of Akron with top national polymer college with outstanding
materials and biopolymers science and technology NEOMED medical school with strong research in skeletal biology ABIA (Austen Bioinnovation Institute in Akron)
Numerous innovative companies and advanced research institutions with following areas of focus:
Orthopedics; Advanced burn, wound care and tissue engineering Chronic diseases; Imaging and diagnostics Pediatrics; Skin hygiene, anti microbial formulations and delivery devices Supply chain support
Northeastern Ohio Consortium for Wound Healing Research and Education (Heal Ohio™ Collaborative)
Ohio and the region are home to the highest concentration of health care VC firms between the coasts, top 5 in the country. Increased activity of local investment groups (GAIP, Everett Partners, ArchAngels,
et al) Akron BioInvestments Funds Strong public-private partnerships (stability and continuity of leadership)
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Akron Global Business Accelerator Proven Economic Results in the centerNEOinc Tenants (FY08-11)
• $203 Million—Total Sales Revenue• $63 Million—Total Investment• 382 Jobs Created• $59 Million—Total Payroll• 21 Patents Issued
• 90:1 Leverage
*(Sales Revenue + Investment)/Edison Funding
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Akron’s Competitive Advantage…. Translates into your “benevants”
• The Akron community has a proven history of innovation and transformation
• Our community it “tight”• Our community is the portal• You are at the “head of the line” to all that the
region offers
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THE BRIDGES WE ARE CREATING
The BioFinland Bridge The Chemnitz Bridge
The Israeli Targetech BridgeThe LeMans Bridge
Others under development
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Shared Values
• Flat world- never too early for international cooperation
• BioScience/BioAgricultural/Cleantech sectors key to a healthy society
• Power of “team approach” … a people to people business based on mutual trust with “boots on the ground”
• International collaboration is not new for Ohio• Leveraging existing networks is beneficial to both
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Why are we building bridges?• Create a two-way informational networking infrastructure to
facilitate cooperation and business-economic development • Increase basic science, R&D and clinical collaborations
between Ohio and institutions, researchers and companies globally
• Advance work force development, education and training through exchange programs, professional delegations and conferences
• Develop an international bridge fund to help early stage companies ready to expand outside of their existing market
• Reduce risk
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KEY SUCCESS CHARACTERISTICS
• IDENTIFY INTERNATIONAL INNOVATION CENTERS THAT MATCH UP WITH AKRON STRATEGY AND ASSETS
• AREAS THAT ARE HUNGRY FOR CHANGE
• AREAS WILLING TO TAKE A RISK/CAN DO ATTITUDE
• AREAS WITH LIMITED BUREAUCRATIC BARRIERS
• AREAS WILLING TO INVEST RESOURCES
• AREAS THAT HAVE BUSINESS DEVELOPMENT ASSISTANCE STRUCTURES AND NETWORKS IN PLACE
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Key Success Factors & Lessons Learned• Define & clarify universal needs• Take the time to build a strong team• Be sure actions are two way• Soft landing zones should be “sticky”• Public-private partnerships needed • Consistency and stability in leadership• “Boots on the ground” make the difference
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Flow DiagramBio-Finland Technology Bridge
Soft Landing Zone(Defined by Agreements)
Soft Landing Zone(Defined by Agreements)
HBSPRadvisor
AGBAREA Inc
Networking Bridge
R&D
BD
$$
QualifiedEarly StageCompany
QualifiedEarly StageCompany
R&D-University-Hospital-Labs
Bus. Dev.-Company-Consultant
$$-Public-Private
StakeholdersCity/State Economic Development- fund start up and operationsCompanies- fund incentive (transaction) based aspects with fees & success sharing
R&D-University-Hospital-Labs
Bus. Dev.-Company-Consultant
$$-Public-Private
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Akron and Helsinki are “soft landing zones” and Portal Cities to larger markets
Soft Landing ZoneBiomedical Corridor
Akron Global Business AcceleratorAkron ChamberAkron General
SummaAkron Children’s
NEOUCOMU of AkronKent State
ABIAODODADC
Angel networksOthers
Soft Landing ZoneHelsinki Business & Science Park
Viikki Food CenterCulminatum
Ministry of Employment & TechnologyGreater Helsinki Promotion
VTTBiomedicum 1,2,3
University of HelsinkiTekesSittra
VeraventureInventiOthers
Ohio and NorthAmerica
Finland andEU
Akron Helsinki
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AKRON’S FUTURE• TO CONTINUE OUR LEGACY AS A CITY THAT REINVENTS
ITSELF
• TO ACCELERATE THE TRANSITION TO THE KNOWLEDGE ECONOMY
• TO TAKE ADVANTAGE OF ITS FOUNDATION CLUSTERS BY FOCUSING ON BIOMATERIALS,ORTHOPAEDICS, WOUND CARE AND BIOMEDICAL DEVICES
• TO CONTINUE TO BE A PLAYER IN THE WORLD ECONOMY
• TO ATTRACT WORLD-CLASS TECHNOLOGIES AND TALENT
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What Can We Do To Help?
Akron Global Business Accelerator526 South Main StreetAkron, Ohio 44311
Robert E. AnthonyPH: [email protected]
www.akronbiomedicalcorridor.com www.akronaccelerator.comwww.ci.akron.oh.us
City of AkronRobert Y. BowmanDeputy Mayor, Economic Development330-375-2133
Sam DeShaziorDeputy Planning [email protected]
The Akron BioMedical CorridorDr. Zev GurionExecutive [email protected]
