4 Reasons To Move Your Business To The Cleveland Health-Tech Corridor

Are you familiar with the Cleveland Health-Tech Corridor (HTC) and the tremendous opportunities it offers innovative biomedical, healthcare and technology companies?

In 2010, the HTC was founded through a joint effort by BioEnterprise, The Cleveland Foundation, The City of Cleveland and MidTown Cleveland to provide suitable space to house the growing number of health-tech and high-tech organizations developing in the area. Outside of simply providing space, the HTC offers an abundance of opportunities to develop, brand and market these organizations.

Working in the HTC has numerous benefits. Here are our top four reasons to consider moving your business to the HTC:

The HTC has teamed up with JumpStart to create the HTC Investment and Attraction Fund – pairing investments in innovative businesses with attractive office, lab, coworking and incubator facilities. Businesses seeking investment from this fund must be willing to relocate to the HTC and meet the following criteria of the JumpStart Evergreen Fund:

  • Unique/breakthrough idea with low barrier to entry.
  • Large ($1B) addressable market.
  • Entrepreneurs who are flexible, demonstrate excellence in all that they do, have skin in the game and have high growth ambitions.
  • Exit potential. Entrepreneurs must demonstrate how they plan to position the company to be acquired or, possibly, achieve an initial public offering.

Complete this form to learn more about the application process!

Living and working in Cleveland is relatively inexpensive when compared to other metropolitan cities. On average, rent in the HTC runs $12-$16 per square foot per year for dedicated office space and from $100 per month for a shared desk in a coworking space. In addition, most buildings in the HTC offer free parking.

Whether you’re seeking a grant to support breakthrough medical research or assistance achieving bottom-line efficiencies in your manufacturing process, you’ll find it in the HTC. Financial incentives are plentiful for health-tech and high-tech companies of all shapes and sizes, and there are numerous public, nonprofit and private sector resources available for every stage of growth.

Working Space
Both startups and large corporations will feel at home in the HTC, as there are a combination of spaces available to rent or purchase as well as land available to build. When renting, you will enjoy flexible month-to-month lease terms in most HTC buildings, allowing your business to grow freely.

Speaking of growth, multiple area organizations are in business to help you grow, including four business incubators minutes from the HTC, three incubators with labs within the HTC and four maker spaces that will enhance your ability to innovate.

Innovative Environment
When you move to the HTC, you join a growing community of 170 health-tech and high-tech companies and thousands of innovative entrepreneurs, engineers and makers. The Global Center for Health Innovation can also be found in Cleveland. It serves health and health care innovation, education and commerce through state-of-the-art spaces, programs and virtual offerings.

In addition, the HTC is residence to four higher education institutions and four hospitals, including two of the country’s best—the Cleveland Clinic and University Hospitals Case Medical Center. These world class institutions ensure a steady flow of bright, innovative minds to the region from across the globe.

To learn more about Cleveland’s HTC, visit their website: http://www.healthtechcorridor.com/.