The Cleveland Health-Tech Corridor (“HTC”) recently launched a $2 million investment and attraction fund in partnership with JumpStart to provide financial capital for businesses willing to relocate to the HTC.
The HTC Fund is a unique public-private-nonprofit partnership, with investments from the City of Cleveland, Cleveland Foundation, Ohio Third Frontier, and several private investors. It is available to entrepreneurs seeking capital to get their businesses off the ground and restricted to businesses currently outside of the HTC who are willing to relocate their business within its boundaries. Companies seeking investment from the fund must have a unique or breakthrough idea, have a large ($1 billion+) addressable market, have exit potential, and demonstrate excellence in their field.
The Health-Tech Corridor, a rapidly growing 1,600 acre district linking downtown and University Circle,is a prime location for growing health-tech and high-tech businesses, providing access to world class medical and academic institutions, affordable and flexible office and lab space, a talented workforce, and the opportunity to collaborate with a vibrant and growing entrepreneurial community.
HTC Director Jeff Epstein is optimistic about the fund’s ability to bring even more innovators to the area. “With this fund, we are able to offer millions in investment to companies with extraordinary promise, whose successes will have a domino effect in the area. Because of the diversity of companies within the HTC, businesses are breaking down traditional barriers, and the results are breakthrough ideas from unique collaborations.”
The City of Cleveland is one of the fund’s investors, and Tracey Nichols, the Director of Economic Development for the City of Cleveland, is proud of their contribution. “The Health-Tech Corridor has proven to be an area of growth and innovation,” she stated. “This fund will leverage our prior investments in the area to attract even more new businesses.”
Companies participating in the fund would be joining over 170 health-tech and high-tech companies already in the area. They will also neighbor four world-class research and clinical institutions and four colleges and universities, which constantly seek partnerships with new small businesses.
“The collective impact of the Health-Tech Corridor partners and the anchor institutions has been phenomenal,” explains Lillian Kuri, Program Director at the Cleveland Foundation, an investor in the fund. “We’re excited to be a part of this new fund – helping to foster even more collaboration and growth in the Corridor.”
Read the full story at City of Cleveland Economic Development.