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Resources
Launching a successful biomedical company is a complex endeavor requiring attention to and management of multiple streams of activities. This is especially true for entrepreneurs seeking start-up funding for biotechnology, healthcare service, or medical device companies. Entrepreneurs must secure the technology or concept, develop a product development and commercialization plan, advance its development or demonstrate its efficacy, and finally raise start up funding through grants, angel monies, and venture capital.
To assist entrepreneurs, BioEnterprise has assembled a series of resources and contacts to support starting, growing, and locating biotechnology, healthcare service, and medical device companies in the Cleveland+ region.
Locating a Biomedical Company in the Cleveland Region
For information about locating a biomedical company in the Cleveland+ region, please visit TheMedicalCapital.com, or call Tatyana Hower at 216.658.3999.
BioEnterprise Entrepreneur's Resource Guide
This guide has been compiled to support healthcare entrepreneurs and emerging biotech and medical device companies throughout the Cleveland region. This guide contains resources that are relevant to developing bioscience business plans as well as growing and operating healthcare companies. In addition, the guide contains links to websites that contain additional information on selected aspects of developing bioscience businesses.
Click here to view a PDF file of the Entrepreneur's Resource Guide.
Market Research Links
Medical device, healthcare and biotechnology market research sites help entrepreneurs fully understand the potential of their medical technologies.
Start-up Funding Sources
Entrepreneurs can access four main sources of medical device, biotechnology, and healthcare IT and services funding:
- Grants Provide Start Up Funding. There are numerous grant opportunities for biotech, healthcare, pharmaceutical or medical device funding including funds from the federal government (e.g., SBIR grants, development contracts), start up capital from the State of Ohio, and funding from disease specific health care foundations. Awards range from $100,000 to over $1,500,000. Learn more about grant funding.
- Angel Funding and Seed Financing. Many entrepreneurs obtain investment capital from friends or family, or from an angel funding entity. Some investors have organized into professional investment groups. Investment rounds generally range from $50,000-$250,000. Learn more about angel funding and seed financing.
- Venture Capital Firms Provide Start Up Funding. Venture capital firms supply investment capital to biotech companies with strong management teams, disruptive technologies or services, and excellent growth potential with a clear investment exit path. Venture firms generally structure medical technology funding in preferred equity or debt securities. Funding ranges from $3 - 15 million or more. Besides financial assistance, venture capital groups provide advice and access to critical strategic networks to help companies grow. Learn more about venture capital financing.
- Medical Technology Funding through Mezzanine, Debt and Asset Financing. Debt capital in a variety of structures and forms may be available for biomedical companies with minimal earnings but a strong revenue history. Learn more about debt financing.
Regional Healthcare Company Database
BioEnterprise, in collaboration with BioOhio (Ohio's bioscience industry organization) and Team NEO (a regional business retention and attraction organization), has assembled a database of regional healthcare companies. The database is accessible through BioOhio's Web site.
Click here to open the database.
Additional Resources
- NEO411.biz, a regional collaboration, offers a searchable database of Northeast Ohio business consultants. View their resources.
- Greater Cleveland Partnership’s Council of Smaller Enterprises (COSE) gives small businesses information on human resources, group benefit programs and group purchasing opportunities. View COSE benefits.
- U.S. Small Business Administration has several guides on starting and growing small businesses. Biotech companies can also learn about incentive programs to help with medical technology funding. Connect to the Small Business Administration now.
- JumpStart Entrepreneurial Network. Members of the JumpStart Entrepreneurial Network are Northeast Ohio entrepreneurial service and funding entities, supported by Ohio Third Frontier.
- International Resources. A comprehensive gateway to worldwide biotechnology resources, including links to biotech portals, directories, news, educational resources, journals and other miscellaneous biotech information is available here.
- AdvaMed's new initiative, Emerging Growth Company Council, focuses on advocating for regulatory, payment, capital formation and other policies critical to small companies and innovation. For more information, visit http://advamedegcc.org/ or view their resources.
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