We help to create, attract and grow bioscience companies from early-stage to exit with a focus on health IT, medical device and biopharmaceutical sectors.
With an entirely healthcare-focused team of executives-in-residence and other advisors, BioEnterprise helps startups uncover new sources of growth capital, access top talent, create effective business strategy and forge new partnerships. Through a shared vision with partner institutions, including Cleveland Clinic, University Hospitals, Case Western Reserve University and The MetroHealth System, BioEnterprise is expanding the region’s bioscience industry, creating regional jobs and making Cleveland a national leader in healthcare innovation.
BioEnterprise was born out of a collective vision to make Cleveland a recognized center for healthcare innovation by leveraging the region’s research, clinical and industry strengths.
It took bold leadership and a spirit of regional pride to unite BioEnterprise’s founding institutions — Cleveland Clinic, University Hospitals and Case Western Reserve University — along with the urging of the governor of Ohio and Cleveland’s civic and corporate leaders. The BioEnterprise Incubator opened in University Circle in 2002 and has been the home of dozens of bioscience innovations launched by BioEnterprise client companies. In the year prior to BioEnterprise’s founding, only five bioscience companies attracted a total of $8 million in investment; in 2018 alone, that number was 71 companies receiving $294 million in investment.
Creation of the Center for Stem Cell and Regenerative Medicine
BioEnterprise partnered with Athersys — one of the first tenants of the BioEnterprise Incubator — to create a center of excellence for regenerative medicine.
In collaboration with Cleveland Clinic, University Hospitals and Case Western Reserve University, they recruited partners and secured funding from the State of Ohio for the initiative, now called the National Center for Regenerative Medicine.
Inaugural Midwest Healthcare Growth Capital Report
Now the authoritative resource on Midwest healthcare investment, BioEnterprise’s Midwest Healthcare Growth Capital Report has documented the growth of Cleveland’s bioscience economy since 2005.
By 2007, regional healthcare companies reached $500 million in cumulative capital raised, achieving the original 5-year target two years early.
Bringing Life Science Investors to Cleveland
BioEnterprise became a hub for investors with an interest in life sciences. In 2008, St. Louis-based RiverVest Venture Partners opened an office at BioEnterprise, connecting regional companies to new sources of funding.
BioEnterprise has forged partnerships with other venture funds, including Ann Arbor-based Arboretum Ventures, Louisville-based Chrysalis, and New Jersey-based Edison Partners and Johnson & Johnson Development Corporation. Bridge Investment Fund connected companies and investors in Cleveland and Tel Aviv, Israel.
Partnership Enables Expansion To Akron
In 2008, BioEnterprise joined a partnership of Akron’s research, education and healthcare institutions to create the Austen BioInnovation Institute in Akron (ABIA).
ABIA’s vision was to build on Akron’s strength in materials science to create a national center of excellence for biomaterials. Today, BioEnterprise’s presence in Akron continues with a partnership with Bounce Innovation Hub, launched in 2018.
Bioscience Workforce Training Center Created
When a 2008 study by Cuyahoga Community College (Tri-C) found a significant lack of trained workers to fill bioscience jobs, BioEnterprise and other partners teamed up with Tri-C to create the Bioscience Workforce Training Center.
The Center offers coursework in pharmaceutical manufacturing processes and other technical skills. Bioscience remains a key part of Tri-C’s curriculum offerings today through its Biomedical Engineering Technology program.
Launch of the Health-Tech Corridor
The growth of Cleveland’s biomedical industry created a critical need for space for startups near research and healthcare institutions. In 2009, BioEnterprise launched a study with the Cleveland Foundation, Midtown Cleveland, the City of Cleveland and others to explore the creation of an innovation zone.
BioEnterprise convened the partnership that became the Health-Tech Corridor, including developing plans for real estate development and financing, hiring a team, creating a branding campaign and more. BioEnterprise remains a partner in the Health-Tech Corridor, which covers 1,600 acres, spans 3 miles and houses 170 health-tech and high-tech companies.
Creation of the Global Advanced Imaging Innovation Center
BioEnterprise’s ability to forge partnerships helped form a collaboration of Case Western Reserve University, University Hospitals and Philips Healthcare to create the Global Advanced Imaging Innovation Center, into which Philips invested $33.4 million.
The center has made advances in MRI and PET technologies by building on the region’s historic strength in medical imaging.
Bio-E Becomes JobsOhio’s Regional Healthcare Partner
JobsOhio selected BioEnterprise as its regional healthcare partner to work in collaboration with Team NEO because of BioEnterprise’s on-the-ground connections, deep industry knowledge and long working history with the State of Ohio on healthcare company attraction.
Since 2012, BioEnterprise has worked with the State and economic development partners to create nearly 5,000 new jobs with an associated payroll of $276.8 million and $335 million in local investment.
Cleveland Region Attracts Nearly $400 Million in Healthcare Investment
Investment in Cleveland-area healthcare startups hit an all-time high of $398 million in 2014, with 40 companies receiving funding.
That record-breaking year foreshadowed a year of significant exits in 2015 like EnvisionRx Pharmaceutical Services ($2 billion to Rite Aid), Explorys (acquired by IBM) and CardioInsight ($93 million to Medtronic). Another significant exit occurred in 2017 for CoverMyMeds ($1.3 billion to McKesson Corporation), in which BioEnterprise’s Medical Growth Fund was a substantial investor.
BioEnterprise and Partners Launch HIT in the CLE Talent Initiative
Recognizing the pressing need for qualified talent among health IT companies, BioEnterprise assembled a team of partners to create HIT in the CLE, a talent initiative focused on getting high school and college students from diverse backgrounds interested in computer and data science, putting them on the path toward a potential career in health IT.
BioEnterprise Convenes Cleveland Supply Chain Initiative
In partnership with the Cleveland Foundation, BioEnterprise brought together Cleveland Clinic, University Hospitals and Case Western Reserve University to create the joint Mail Service Hub.
The project helped these organizations achieve greater efficiency and reduce operational costs while demonstrating a model for how such alliances could create jobs, create a new career pipeline and drive economic development.
BioEnterprise’s Executives-in-Residence Help Fill Bioscience Talent Gap
Drawing from the the region’s most talented entrepreneurs in biotech, medical device and digital health sectors, BioEnterprise’s Executives-in-Residence give startups access to C-level talent that can help them uncover new sources of capital, assess new markets, create profitable partnerships and more.
One example is regenerative medicine startup Convelo Therapeutics, where a BioEnterprise Executive-in-Residence assumed the position of VP of Research. By leasing this and other employees from BioEnterprise, Convelo has been able to scale more affordably and recently achieved a significant growth milestone: an exclusive worldwide collaboration with Genentech, a member of the Roche Group.
A Vision for Top 5 by 2025
Today, BioEnterprise and its partners are driving toward a vision of Northeast Ohio as a Top 5 healthcare innovation region by 2025. By convening key leaders from across Cleveland’s healthcare ecosystem, BioEnterprise is developing strategies to address the region’s top challenges and capitalize on its greatest strengths — factors such as accelerating industry growth, building ecosystem capacity, filling critical talent gaps and increasing access to capital.