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JumpStart Community Report 2009

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  • REALIZING OUR FUTURESTORIES OF ICONS, INNOVATORS & IMPACT

    2 0 0 9 C O M M U N I T Y R E P O R T

  • JumpStart Inc. represents the best and brightest in 21st century economic development.

    U.S. Commerce Secretary Gary Locke

    Table of Contents

    1 Message to Our Community

    2 The Path of Icons & Innovators

    3 Stories of Icons

    6 Stories of Innovators

    12 JumpStarts Impact

    14 Recognizing Our Donors

    16 Realizing Our Future

  • JUMPSTART 2009 COMMUNITY REPORT 1

    This year, JumpStart is celebrating the entrepreneurial

    icons and innovators of our region. We are inspired by

    these visionaries who take an idea and with the right tools,

    transform it into a company that brings wealth and prosperity

    to an entire community. These are the people who have

    generated prosperity for Northeast Ohio in the past, and are

    in the process of realizing the regions economic future.

    In this report, we tell the stories of Charles Brush, B.F.

    Goodrich, and Ray Kralovic, all of whom had the vision

    to create companies that generated billions of dollars in

    revenues and employed hundreds of thousands of people.

    The region hasnt had enough people with the vision, the

    persistence, and the leadership of these entrepreneurs.

    That is why JumpStart was created: to increase the number

    of entrepreneurs able to turn a disruptive idea into an

    impactful company, ultimately generating economic

    prosperity and wealth for all the regions citizens.

    Today, we are working with a new collection of entrepreneurial

    innovators. If history repeats itself, some of these individuals

    will help realize the transformation of our regions

    economy once again. These entrepreneurs are following

    the same paths to growth as the entrepreneurial icons of

    the past, including raising capital, obtaining mentorship,

    and accessing talent. But todays entrepreneurs have one

    additional advantage: the support of a community which

    has created a robust entrepreneurial ecosystem, led by

    JumpStart, to provide them with capital and assistance.

    JumpStarts work in guiding companies led the Economic

    Development Administration to recognize JumpStart as a

    recipient of the 2009 Excellence in Urban and Suburban

    Economic Development Award. JumpStarts other

    accomplishments this year (ending June 30, 2009) include:

    # Supporting over 400 entrepreneurs with thousands of hours of free technical assistance and investing over $3.5

    million in ten companies via JumpStart Ventures.

    # Assisting the JumpStart Ventures portfolio of companies in raising over $23 million in follow-on capital, and

    the JumpStart TechLift Advisors clients in raising $15

    million, in a year with almost unprecedented challenges in

    fundraising.

    # Reaching more than 5,000 community members and entrepreneurs to tell them about JumpStart and Northeast

    Ohios robust entrepreneurial ecosystem while building the

    skills of more than 275 entrepreneurs with JumpStarts own

    educational seminars.

    # Creating over $75 million in economic impact in the region, including generating tax revenue of $8.3 million to the

    federal and state government. This revenue is almost equal

    to JumpStarts annual budget, including funds for direct

    investments.

    # Rebranding our services to make ourselves more accessible to more entrepreneurs by adding JumpStart TechLift

    Advisors and JumpStart Inclusion Advisors (and the related

    395 entrepreneurs these teams support) to our portfolio of

    programs.

    # Raising over $10 million to support the operations and investments of JumpStart.

    We are proud of these accomplishments, but it is the progress

    of the entrepreneurs we support that makes our work come

    to life. Read the historical stories and be inspired by what

    entrepreneurs have accomplished, with the right tools.

    More importantly, consider how the current innovators are

    in the process of creating our regions economic future.

    We continue to be extremely grateful to JumpStarts donor

    community. Thank you for your support of our work and of

    our regions entrepreneurial innovators.

    MESSAGE TO OUR COMMUNITY

    RAY T. LEACh

    Chief Executive Officer

    DOUGLAS L. WEINTRAUb

    Chairman

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  • REALIZING OUR FUTURE: STORIES OF ICONS, INNOVATORS & IMPACT2

    The paths entrepreneurs take as they build a company are similar,

    whether they started a business 100 years ago or start one today.

    The entrepreneurial icons from Northeast Ohios past led their

    companies down this high growth path and created organizations

    that have continued to grow for decades. The innovators

    JumpStart is working with today are on the same path and will

    continue to follow that path as they realize their potential.

    In the pages that follow, we tell the stories of both the icons of our

    past and the innovators realizing our economic future. In addition

    to telling these stories, we are using a chart to represent the growth

    path they are following. The stages in the path are from Ohio Third

    Frontier, one of JumpStarts biggest supporters, and outline the

    different stages of growth and activities in each stage. Although each

    entrepreneurs journey is slightly different, the general path is the same.

    STAGES:

    n IMAGINING (I): Idea and business model are conceptual.n INCUbATING (IN): Technology and business model are in development, but products

    are not yet for sale. This can include preclinical trials.

    n DEMONSTRATING (D): Prototype technology is completed and sales orders can be taken. Clinical trials and FDA approval occur.

    n MARkET ENTRY (ME): Product or technology is being sold and revenue model is determined.

    n GROWTh & SUSTAINAbILITY (G&S): Company is an established and growing business, with a plan to increase market share, revenue, and profits.

    ThE PATh OF ICONS & INNOVATORS

  • JUMPSTART 2009 COMMUNITY REPORT 3

    Charles Brush | Brush Electric Company

    ICON

    George was impressed and invested, and with this vote of

    confidence, Charles was able to raise additional money from

    the Telegraph Supply Company. Georges company also

    offered technical assistance in developing, manufacturing,

    and marketing the dynamo. With the capital and

    assistance, Charles filed his first of 50 patents

    and continued to develop the arc lamp. His

    research led to the ring clutch, an innovation that

    let the arc lamp operate reliably and efficiently

    without supervision, and led to increasing the

    amount of fuel in the lamp, allowing it to run

    all night without maintenance. Two years after

    giving up his day job, Charles unveiled his

    arc lamp system at what is now Clevelands Public Square.

    According to The Plain Dealer, twelve lamps simultaneously

    lit the square as thousands watched in amazement.

    By 1883, the systems were across the country from Boston

    to New York to San Francisco, the companys revenues

    reached $2 million, and it had a workforce of 400 associates.

    By 1891, the company had merged with its top competitor,

    Thomson-Houston Electric Company, and then again

    with Thomas Edisons company to form General Electric.

    The mergers created the GE we know today, which has

    over 300,000 employees with revenues of $183 billion,

    and remains at the forefront of energy creation.

    1880: Reorganizes company to form Brush Electric Company

    1883: $2 million in revenue

    1883: 400 employees

    1891: Merges with Edison General Electric Company to become General Electric Co.

    1878: Gains endorsement from The Franklin Institute

    1879: Unveils electric lighting system on Clevelands Public Square

    1877: Receives investment and guidance from childhood friend George Stockly

    1876: Charles completes dynamo design improvements on paper

    1877: Works full time to develop dynamo and electric arc lamp

    And the growth continues:

    2009: 300,000 employees worldwide

    2009: $183 billion in sales

    I IN D ME G&S

    CHARLES BRUSH, the man credited with inventing the street

    light as we know it, was a lifelong innovator. He innovated

    throughout his life, from age 12, when he made his own

    static electricity machine out of household items, to nearly

    30 years later, when he built the worlds first automatically

    operated wind turbine to power his home. Today, Charles

    Brushs legacy is cemented in the role General Electric

    plays as a global innovator in energy creation.

    Charles quit his job selling iron ore in 1877 to work

    on his idea for a dynamo electric engine and a

    powered arc lamp. At that time he looked to a

    childhood friend for capital. George Stockly,

    Vice President of Clevelands Telegraph

    Supply Company, heard from his

    own company directors that

    electric lighting was a

    field without a

    future. But

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