Ohio healthcare companies attracted $201 million in 2013, more than any other Midwest state.
Cleveland's reputation for medical technology, enhanced by the newly finished Global Center for Health Innovation, is drawing venture capital to the region.CLEVELAND, Ohio--In a soft year nationally for health care investment, Ohio attracted more dollars than any other Midwest state--and it has Cleveland to thank for it.
Greater Cleveland healthcare companies drew $201 million in venture funding in 2013, tops in Ohio and second among Midwest cities.
Healthcare companies in the Minneapolis region attracted the most capital, $228 million. That's according to the Midwest Healthcare Venture Investment Report, which is compiled annually by BioEnterprise, a Cleveland-based bioscience business developer.
The data, released Monday, show that investment in medtech, pharmaceuticals and healthcare IT fell in the Midwest as it did across the nation. However, some Midwest specialties continued to impress.
Manufacturers of medical devise drew $423 million, or nearly 60 percent of healthcare capital invested in Midwest states.
Aram Nerpouni, the president of BioEnterprise, credits the region's experience and skill at making things.
"I think we're building on historic strengths," he said.
Nerpouni also thinks there's a lot more action to come.
A greater number of Cleveland and Midwest companies attracted funding in 2013 than in any of the previous five years, he noted.
"It's a sign we've developed a robust pipeline of quality companies that are really attractive to investors around the country," he said.
Leading the local pack in 2013 was COMS Interactive, a developer of software programs for the nursing home industry. The Hudson company received an infusion of $21 million from Summit Partners of Boston and London.
In Greater Cleveland, $201 million was invested in 50 companies, according to the study. In Greater Cincinnati, five healthcare companies attracted $54 million, while in Greater Columbus, 14 companies attracted $41 million.
Find results at www.bioenterprise.com/reports.
Honey, why is your sweater suddenly red?
A microchip can animate just about anything. Increasingly, that's anything we wear.
From Google Glass eyewear to smart watches and wristbands to LED mood sweaters (which glow to reflect mood changes), wearable tech is one of the hottest trends in electronics and fashion.
A business incubator at Kent State University hopes to put Northeast Ohio on the bleeding edge.
KSU's Blackstone LaunchPad will explore the growing wearable technology industry at its second annual Innov8athon January 31 and February 1 at KSU's Rockwell Hall.
Across 24 hours, students from varying disciplines will team up and build prototypes combining fashion and technology and compete for cash prizes. It's being billed as the nation's first "collegiate wearable tech hackathon."
Business leadership is intrigued.
"There's tremendous potential for the wearable tech industry and Northeast Ohio is positioned to take advantage of it," NorTech president and chief executive Rebecca Bagley said a statement. "Our region has some of the most innovative companies developing flexible electronics technologies that will re-interpret the way we interact with our electronic devices."
Student teams will pitch their business concepts in front of startup experts from NorTech, JumpStart, FlashStarts, Tiny Circuits, MOVABLE, Kent Displays, KSU's Liquid Crystal Institute and, of course, the KSU School of Fashion Design and Merchandising.
For more information, or to register for Innov8athon II: Fashion/Tech Hackathon, go to http://www.innov8athon.com/
Robert L. Smith covers economic development for The Plain Dealer. Follow him on Twitter @rlsmithpd.