News
News Home
Quick Bites
Exploradio
News Archive
News Channel
Special Features
NPR
nowplaying
On AirNewsClassical
Loading...
  
School Closings
WKSU Support
Funding for WKSU is made possible in part through support from the following businesses and organizations.

Akron Children's Hospital

Northeast Ohio Medical University


For more information on how your company or organization can support WKSU, download the WKSU Media Kit.

(WKSU Media Kit PDF icon )


Donate Your Vehicle to WKSU

Programs Schedule Make A Pledge Member BenefitsFAQ/HelpContact Us
Economy and Business




Exploradio: Northeast Ohio's biomedical cash infusion
The Greater Cleveland area leads the Midwest in the amount of money invested and the number of biomed companies attracting investor capital
by WKSU's JEFF ST. CLAIR
This story is part of a special series.


Reporter / Host
Jeff St. Clair
 
Money is flowing into local biomed businesses. The business attraction agency BioEnterprise helped make 2012 the region's best year since the start of the recession, and Cleveland the top destination for investor dollars in the Midwest.
Download (WKSU Only)
In The Region:

Another sign that Northeast Ohio’s economy is on the rebound is the jump in investor capital flowing into the region’s biomedical sector.

Greater Cleveland now leads the Midwest in the number of new biomedical companies created and the amount of money pouring into them. 

Part of the reason is the work of BioEnterprise, a business attraction initiative founded in 2002.

In this week’s Exploradio, instead of looking at research itself, we look at the money behind the research with the interim president of BioEnterprise Aram Nerpouni.

 

Exploradio: BioEnterprise's Aram Nerpouni

Other options:
Windows Media / MP3 Download (3:46)


The latest report from BioEnterprise shows that in 2012 Greater Cleveland saw more than $226 million in local biomedical venture investments and 43 companies attracting funding, eclipsing Minneapolis and Chicago. Aram Nerpouni, the interim president of the Cleveland-based business development initiative, believes, "it’s something everyone should be really excited about."  

Nerpouni credits Northeast Ohio's success in 2012 to the steady growth over the last 10 years of initiatives like Cleveland Clinic Innovations, the Global Cardiovascular Innovation Center, the Harrington Discovery Institute launched at University Hospitals, and the work of BioEnterprise.  

He says, "we’ve built up capabilities that help us translate great ideas in medical innovation into companies that attract outside investment, are able to grow and begin hiring."

But at the end of the day, Nerpouni says it comes down to the entrepreneurs.  "It's having the right people with good ideas and the right support from their institutions to help them grow."

BioEnterprise works with its partners the Cleveland Clinic, University Hospitals, Case Western Reserve University, Austin Bioinnovation Institute in Akron, and Summa - "They’re our founders and they sit on our board and push us to chase aspirational goals."

Nerpouni says, "The way we do this is to cheat."  For him cheating means a market driven approach.  It means going out on a regular basis and talking to about 150 investors, venture capitalists, private equity groups, other investment sources and finding out what sectors they're interested in, what kind of technologies they want to invest in, and what stage of development is attractive.  He then comes back to the region and looks for companies that fit that profile.  Nerpouni says, "It’s like getting answers to the test."  

He says, "if the goal is to increase the amount of investment coming into the region and the assumption is that kind of investment coming in will drive company growth and employment growth, then understanding how investors work - where they want to put money to work - is the starting point."

Nerpouni won't make any predictions in terms of dollars for 2013, but he says, "as a region we’re very competitive right now - in terms of where investors are putting dollars to work - and I think we’re going to have another good year."

Add Your Comment
Name:

Location:

E-mail: (not published, only used to contact you about your comment)


Comments:




 
Page Options

Print this page

E-Mail this page / Send mp3

Share on Facebook



Support for Exploradio
provided by:








Stories with Recent Comments

PBS documentary chronicles the fall of Saigon through new footage and stories
Hi, Does anyone know the number - in the pbs special "Last Days of Vietnam" documentary, of how many Vietnamese were evacuated? Please e-mail me the answer. T...

Protest planned at tomorrow's FirstEnergy meeting
The problems of the poor and downtrodden have nothing to do with First Energy. They are the result of Republican legislators who consistently reduce taxes on th...

Ohio bill would help smaller communities with LGBT discrimination laws
Do we not try and have rights for all individuals equally? On the HUD list of "preferred" candidates who get "special consideration" it states that: For purp...

Ohio likely will continue with two types of police academies
Wake up people your wanting a Harvard law school education for a job that may pay a little over the poverty level. I don't know anyone who could support a wife ...

Police Week's ties from NE Ohio to D.C.
The men and women in blue who risk their lives everyday to serve and protect us....and this is as much recognition and appreciation that NPR/WKSU feels to offer...

First in a Series: How charter schools got a foothold in Ohio
If the interest where in education and there would be oversight of taxpayer dollars, charter schools would be okay. However, Charter School in Ohio are purely f...

Near West Theater raises the curtain at its new home with 'Shrek the Musical'
When I heard you were doing an article about the Near West Theater, I was very excited, because I had seen the lobby artwork in process on the floor of the arti...

Northeast Ohio pastors want to talk reform with Akron-based FirstEnergy
It's great that this First Energy bailout request is getting media coverage. First Energy is asking to be allowed to NOT find the best costing energy to sell us...

Pluto: The Cavs and LeBron have to make changes for Game 2 vs. Bulls
Cleveland Press Coverage "WAKE UP CALL" I'm amazed at the writing style of Cleveland's press. Do they teach these optimistic skills in school or is it mandatory...

Copyright © 2015 WKSU Public Radio, All Rights Reserved.

 
In Partnership With:

NPR PRI Kent State University

listen in windows media format listen in realplayer format Car Talk Hosts: Tom & Ray Magliozzi Fresh Air Host: Terry Gross A Service of Kent State University 89.7 WKSU | NPR.Classical.Other smart stuff. NPR Senior Correspondent: Noah Adams Living on Earth Host: Steve Curwood 89.7 WKSU | NPR.Classical.Other smart stuff. A Service of Kent State University