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Access to Financial Incentives

Favorable Business Climate

Akron's revitalized business environment features an array of financing options that include grants for proof of concept, early-stage funds, angel networks and venture capital funds, including nearly 30 biomed venture capital firms in Northeast Ohio.

Ohio is also gaining recognition for our favorable business climate and tax structure and business innovation support programs (such as the Ohio Third Frontier Commission) combined with low business and personal costs. In fact, according to the CNBC "America's Top States for Business 2011" report, Ohio ranks 5th in the nation for "Cost of Doing Business," which translates into our state being the best choice in the Midwest.

What's more, Ohio's new business taxation model has resulted in a reduction in tax burden of up to 63% in 2010, the first year reform is fully implemented. In 2010, Ohio also eliminated its Corporate Income Tax making it one of just a handful of states that have no corporate income tax at all. What's more, Ohio has eliminated its Personal Property Tax on processing equipment. This is significant since biotech companies like yours invest heavily in high-value equipment. The elimination of this tax saves you millions of dollars annually that can be reinvested in manufacturing and R&D activity.

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Source: Moody's Economy.com, North American Business Cost Review, 2010 Edition. Data compiled by Greater Akron Chamber, 6/2011