Smart Business Magazine, March 2018

March 2018 Smart Business Cleveland 55 www facebook com JumpStartInc @ JumpStartInc www jumpstartinc org 2017 the company was acquired by the McKesson Corp for upwards of 11 billion making CoverMyMeds Ohios first tech startup unicorn Turning challenges into opportunities Even with a substantial list of accomplishments and his optimistic disposition Leach doesnt gloss over challenges Cleveland has been playing catchup with other cities and regions when it comes to developing a targeted approach to support business innovation The Research Triangle in North Carolina began in the 1960s Leach says Pittsburghs renaissance started in the 80s Cleveland really began to focus on this in the early 2000s Depending on what community were comparing ourselves against were anywhere from 10 to 40 years behind in terms of this collective collaborative strategy One of things thats incredibly unusual is Clevelands focus on diversity and inclusion There arent cities there arent organizations like JumpStart and our partners that have as much energy momentum and focus on that That will be a clear differentiator for us Ohio Third Frontier was established in 2002 by Gov Bob Taft as a 10 year 16 billion program to make Ohio a leader in new research and high paying jobs The program has continued through three separate administrations and has lent granted and vested more than 2 billion across the entire state JumpStart administers Ohio Third Frontier technology bond funds for Northeast Ohio which included the support of CoverMyMeds JumpStart has been a significant beneficiary Leach says Its not only the 12 entities that we currently help to fund through Third Frontier money today but theres another dozen major Northeast Ohio initiatives or organizations that have gotten significant funding from Third Frontier That money will run out in the next handful of years Leach says anywhere from 25 percent to 40 percent of the work being done in the ecosystem JumpStart has helped create is funded through Ohio Third Frontier That going away would have a significant dampening effect to the progress that Ohio has made to date he says Not just in Cleveland but across the entire state If we are going to compete for the Ubers and the corporations coming to the Columbuses and the Pittsburghs because of the research institutions and the civic philanthropic and corporate collaborations we need to continue to up our game Yes were competing with China But were also competing with these other communities Belk is confident that solutions will be found and the future will continue to be bright for Ohio Its going to take the participation of everybody so that we can achieve our full potential as a community Belk says We have all the assets here We have the leaders We have the early in individuals We have the strategic philanthropy Weve got all the things that we need to achieve But we need everybody who is interested in getting involved to come to the table Leach echoes Belks sentiment that the work continues and more people will need to offer their time their talent and their ingenuity in order for the region to reach its full potential He also wants to be clear however about JumpStarts purpose which still tends to elude some in the region When someone comes through JumpStart and they hear what we do theyre like Wow I had no idea that this is really what you do Leach says Were interested in what is the thing youre trying to solve for your business that can advance the economic prosperity of Northeast Ohio How can we leverage who we know what we know and what weve done to enable you to be successful If we can enable you to be successful well all be successful Communities can play an integral part in the growth of a regions economy Stop talking about what you could do Find a way to make it happen Prepare for challenges and develop strategies to overcome TAKEAWAYS If we are going to compete for the Ubers and the corporations coming to the Columbuses and the Pittsburghs because of the research institutions and the civic philanthropic and corporate collaborations we need to continue to up our game Yes were competing with China But were also competing with these other communities Leach is fully aware that