- Venture Capital Report shows strong ROI for GCPs investment in partner organizations
Venture Capital Report shows strong ROI for GCP’s investment in partner organizations
Wednesday, April 08, 2009
Cleveland, Ohio, April 8, 2009 - The 2008 Venture Capital Report for the Cleveland Plus Region is now available for download. The data underlying the report was released earlier this year. It was compiled by the Venture Capital Advisory Task Force, which found that the region’s venture investment pipeline is strong and has seen sustained growth in just a few short years. The Task Force is composed of Cleveland Plus region venture community members, including JumpStart, NorTech, BioEnterprise and the Fund for Our Economic Future, all of which have received, or are continuing to receive, support from the Greater Cleveland Partnership.
“This report spells out the Cleveland Plus region’s growing capacity to attract investment and create and retain jobs in a technology-based economy,” said Joe Roman, the GCP’s president and CEO. “It’s a tremendous ROI for the GCP and our member companies who support us. This current dividend can be leveraged to enhance the region’s long-term economic transformation.”
The report’s highlights include:
- More companies received capital investment than any of the past five years with 7 companies garnering $259 million in investment capital.
- The number of Northeast Ohio investments was up 5 percent from 2007, compared to a 4 percent decline nationally.
- The region’s prominence as a national center for healthcare innovation continued, with 60 percent of investment capital raised for companies in the healthcare sector.
- “Clean Tech” investment dollars doubled from 2007 to 2008, leveraging the region’s strengths in materials-based sciences and manufacturing.
- In the last two years, a total of $577 million in investment capital has been raised towards a five-year goal of $1.2 billion by 2011.
Click here to download the report.
As an association of business members, the Greater Cleveland Partnership mobilizes private-sector leadership, expertise and resources to create jobs and leverage investment to improve the economic vitality of the region.
The Venture Capital Advisory Task Force is a group of Cleveland Plus region venture community members who convene to further entrepreneurial investment and success in the region. From 2002 through 2004, the group worked to pass legislation, resulting in the creation of the $150 million Ohio Capital Fund, which is now actively investing in regional venture funds around the state. GCP Board member James D. Ireland III chairs the group, while other partner organizations NorTech, JumpStart Inc., BioEnterprise, and the Fund for our Economic Future, support ongoing reporting and educational efforts. This collective group publishes the annual Venture Capital Report for the Cleveland Plus region.
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