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MAGNET Innovation Center
Update - December 2009
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Greetings!
The end of the year is upon us all, and 'tis the season for reflection. If you are like me, 2009 was a year full of changes, both personally and professionally.
You don't have to be an entrepreneur however, to know that with change comes opportunity. Almost all of the forward-looking conversations I'm having these days are much more positive than even three months ago.
It's against that backdrop that I'll tease you with some big changes scheduled for 2010 here at the MAGNET Innovation Center incubator. That's all I'm saying for now, but I am personally more excited than ever at the opportunity the upcoming year holds.
With that, I'll let you get back to office parties, last-minute shopping, family and friends, and way too many calories!
Dave Crain
dave.crain@magnetwork.org
216.432.5310
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2008 Ohio Venture Capital Report
Like many of the entrepreneurial support professionals in the region, I recently attended the Ohio Early Stage Summit V, presented by The Ohio Capital Fund. The Summit is always an informative and useful event to attend and this year was no different.
One of the highlights for me is the overview of the previous year's venture capital report. The report is prepared by the Fisher College of Business, Center for Entrepreneurship in collaboration with contributing state and regional partners, and tracks total venture capital investment activity with an emphasis on earlier stages. Presented by S. Michael Camp, Academic Director at the Center, the report provides an informative and revealing look at the previous year's investment situation in Ohio.
Here are some highlights from the 2008 Report I found particularly interesting:
- 2008 marked Ohio's highest level of total seed and early-stage investment activity on record with nearly $300 million invested in 174 companies.
- Nearly $160 million was invested in 104 new companies who had never previously received angel or venture capital.
- The number of new Ohio companies receiving angel and venture capital investment for the first time increased by nearly 15% over 2007. Nationally, this number was down 10% over the same period.
- In 2008, 45 Ohio companies received early-stage funding of more than $238 million, the most robust level of early-stage venture capital activity in Ohio's history.
If there was any cautionary message in the presentation it was that Ohio must stay focused on continuing to provide for companies in later stages. The level of growth-stage investment activity fell significantly in 2008. As Mr. Camp also pointed out, for every dollar invested in a seed-stage venture, up to $8 more must be committed in follow-on funding.
The report concludes with a region by region overview of investment activity within the State.
For more commentary, and the details behind the numbers, I invite you to download the full report (pdf 3M).
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GCIC Announces Funding Program RFP
 The Global Cardiovascular Innovation Center (GCIC), has announced the next round of the Commercialization Funding Program. The GCIC is calling for proposals from early-stage companies and institutions seeking to commercialize innovative cardiovascular technologies and solutions. The GCIC can provide development assistance and financial support to advance promising technologies through development and commercialization milestones.
You can find more information about GCIC on their website. The Commercialization Funding Program RFP can be downloaded from their Funding Programs page.
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"Growth-Oriented Incubator seeks like-minded company for long term relationship"
The incubation business is a little like being a parent. Everything you do is geared toward helping your entrepreneurs grow and be successful. However, as soon as they "move out of the house", all you can think about is the void they've left behind.
With the recent success of our anchor tenant VOX Mobile (moving out when they had to double staff from 30 to 60), one of our prime incubator areas is available for lease. This 2,000+ square foot space has 5 office/conference spaces. The floor plan is currently configured as 17 cubicle areas.
If you know a small to medium-sized, growth-oriented technology company that might be interested in this space, please let me know.
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Like what you read here? Please consider forwarding our update to a friend who might also be interested, or joining our mailing list if the E-mail was forwarded to you. Our monthly E-Mails are a great way to stay up to date with us.
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