Strategic location and cross-collaboration throughout bioscience industry
COLUMBUS, Ohio, Aug. 14 /PRNewswire/ -- A new report ranks Ohio best in the Midwest for venture capital investments in biotech innovation and business growth, according to the Ohio Business Development Coalition (OBDC), the nonprofit organization that markets the state for capital investment. The report, released by BioEnterprise, a Cleveland, Ohio-based bioscience incubator, shows Ohio led all other Midwestern states with $244.3 million in health care related biotech investments in 24 companies.
"National investors are beginning to recognize that Ohio's strategic location in the Midwest region is ideal for growing businesses in the bioscience industry," said Baiju Shah, president of BioEnterprise. "Ohio has always been rich in research and industry assets. That rich base is now translating into a growing stream of high quality business growth due to progressive policies and programs through state investments in research and development."
Health care startups across the Midwest saw the largest growth, reporting a stunning $742 million in total investments across 64 companies in the first half of 2007 - nearly the same amount in total investments for all of 2006. Ohio far exceeded all competitors both in venture capital funding, number of investments and dollar amount of investment deals.
"In all aspects of biotech, from life sciences to health-care technologies to agriculture and food science, Ohio is at the heart of development and innovation in bioscience," said Ed Burghard, executive director for the Ohio Business Development Coalition. "The state is also attractive to executives because of its unique mix of micropolitan and metropolitan city structures. This distinctive combination provides executives the resources and time to pursue both their professional goals and personal aspirations without having to compromise one for the other. Ohio truly is the state of perfect balance."
The state's strong support for biotech and health care related bioscience companies is a result of Ohio's strengths and leadership in the three main bioscience industry sectors defined as Red (health), Green (agriculture) and White (industrial), according to the OBDC. Ohio's encouragement of cross- collaboration among the Red, Green and White industries uniquely positions the state to provide national leadership in all areas of bioscience.
"Ohio's bioscience community continues to grow, resulting in increased capital investment and new, high-paying jobs for Ohioans," said Burghard.
With more than $1 billion in funding and 775 bioscience entities operating throughout the state, Ohio is establishing an international leadership role in the cutting-edge bioscience industry. The Red, Green, White model is based on the three main bioscience industry sectors established by European bioscience leaders. Ohio's Red, Green and White bioscience entities generate more than $5.2 billion in direct economic impact and employ more than 37,000 skilled workers.
Ohio also has a budding culture of collaboration between entrepreneurs and large companies thanks in large part to the Third Frontier Project, a $1.6 billion initiative to help catalyze connections between companies and academia.
About the Ohio Business Development Coalition
The Ohio Business Development Coalition is a nonprofit organization that provides marketing strategy and implementation to support Ohio's economic development efforts. For more information, visit http://www.ohiomeansbusiness.com.
|SOURCE Ohio Business Development Coalition|
Copyright©2007 PR Newswire.