Healthcare Booming in Cleveland

It's been a great month for healthcare startups in the Cleveland area. FMI Technologies just announced that an investment group from China committed $18 million to the company (FMI Technologies Receives $18 Million Equity Investment). This investment is the largest source of investment capital into a local healthcare startup from any Asian investor. I had the pleasure of meeting the Company's founder, William McCroskey, when he presented his technology at the 2007 Cleveland Angel Fair and know that the fundraising process has been a long one for him. William's tireless efforts, along with City of Akron Mayor, Don Plusquellic's involvement (including a trip to China to finalize the deal), emphasize the importance of perseverance during the fundraising process. This infusion of capital will permit the company to start manufacturing its imaging devices in Akron. Another one of Northeast Ohio's most promising startups, Cleveland HeartLab just won its biggest contract, which should help the 1-year-old startup make sure its rapid growth continues into 2011. Cleveland HeartLab conducts various tests that can help determine a patient's cardiovascular risk. The company is generating revenues and expects to conduct more than one million tests next year. Jake Orville, CEO of Cleveland HeartLab, recently moved to Cleveland from Wisconsin. Attracting a top-notch CEO and his family to Northeast Ohio is another example of success to the growth of our regional healthcare industry. This month, I attended the Cleveland Clinic Medical Innovations Summit and Midwest Healthcare Investors Network Conference. Both conferences attract entrepreneurs from early-stage healthcare startups, strategic partners from large pharmaceutical and medical device companies, and venture capital investors. I was impressed by the quality of presenting companies and the amount of venture capital interest in our region. JumpStart portfolio companies, Juventas, CerviLenz, and CardioInsight presented and received tremendous feedback from the venture community, which should lead to investment dollars to further each company's growth in 2011.  These are just a few examples of how Northeast Ohio's entrepreneurial ecosystem is working as a result of the collaborative efforts of government, industry, and capital. Validation from investors, customers, and strategic partners from outside the region will continue to drive the momentum to bring more success and create great companies in Northeast Ohio. Kerri Breen is the Vice President of External Finance for JumpStart Ventures and works directly with our portfolio companies to secure additional growth capital. Kerri brings experience in capital markets, banking, public and private offerings of debt and equity securities, corporate mergers and acquisitions, and real estate asset dispositions. Kerri received her MBA with a focus on finance from the Weatherhead School of Management and her BA in marketing from Ohio State University.