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.

Levin Furniture

Greater Akron Chamber


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

Bringing back ballet in Cleveland
I do think Ballet in Cleveland is doing good things, but the fact that director says "When we have flourishing companies like the New York City Ballet and the A...

Report confirms some Vietnam veterans may have been exposed to Agent Orange
was in nam 1969 exposed va stated lost medical records was in lawsuit from 197? till settled 0 $ 2010 ? said all nam vets will get back disability till 198? jus...

Mentorship grant program redefines "faith-based" provision
Can't anyone have values, beliefs, and morals anymore? How is it anymore unconstitutional for a school partner with a "faith-based" organization than any other ...

Exploradio: The challenge of finding a healthy balance with technology
Thank you, Jeff, for another well done Exploradio. I always learn something interesting about what is happening in NE Ohio.

Northeast Ohio's transgender community rallies around restroom issue
A good first step would be for Cleveland to require restaurants to have a public restroom. Cleveland is the only city I've ever been in where restaurants somet...

Vapor shops say tobacco tax hikes could hit them hard
Maybe you should be DOING a study, since every time you've tried to villianize them all that's happened was the opposite. I'm not a fan of alcohol that's flavor...

New law gives access to birth records to Ohio adoptees
Can siblings also look for their missing brother or sister? And how do we go about it?

Ida McKinley's tiara comes home, with the help of "Pawn Stars"
I donated to the fund to keep the tiara at the museum where I believe it belongs. I took my 16 year old granddaughter to the showing I dont think it will be som...

ResponsibleOhio names 10 counties as possible pot-growing locations
Ohio has always made its money off our prison system ,and ohio is so hard nose on us the public that there voicing concerns saying there on our behalf bullcrap ...

Akron's plan to create its own construction company is on hold -- for now
They talk about displacing workers... This is all about the teamster union. The city is allowing RW Sidley out of Canton to haul concrete for one of the CSO pr...

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