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Akron, Ohio, USA

Location

• Centrally positioned between New York City and Chicago
• Part of Northeast Ohio (NEO) regional economy
• Located approximately 40 miles south of Cleveland in Summit County

Population

• Fifth largest city in Ohio
• 10 million people live within a 150-mile radius of Akron
• 50% of American population lives within a 500-mile radius of Akron

NEO Bioscience Market

• 600+ biomedical businessess
• Attracted $975 million+ in new investment since 2003
• Industry has grown by 34% in the same period
• Ranked #5 in world for neurotech healthcare
• Ranked #6 for neurodevice companies
• Since 2002, $369 million invested in medical imaging companies and infrastructure

Akron Marketplace

• Geographically centered within NEO Market
• Represents the perfect cross section of U.S. population
• Home to 50-60 foreign-owned companies

Labor Force

• 35,000 in Akron area employed by approx. 400 polymer-related companies
• NEO employs over 230,000 health care and bioscience workers
• Experienced 86% increase in health care and bioscience workers (2004-2008)
• In 2008, 1,650 graduated from NEO programs relevant to cardiovascular medical device manufacturing

Funding

• 45 Ohio-based healthcare investors (venture capital & growth equity funds, as well as angel funds & networks)
• $1 billion in venture funding
• $2.3 billion Ohio Investment Program
• 450 tech transfer licensing deals

Logistics

• Air: Akron/Canton Regional Airport, Cleveland-Hopkins International Airport, and the Akron Fulton International Airport
• Rail: CSX, Wheeling & Lake Erie, Norfolk & Southern, and the Akron Barberton Belt Line
• Highway: 16 long-distance trucking companies

Quality of Life

• 6,600 acres of metropolitan parks (25-mile bike and hike trail)
• Ohio Ballet, The Akron Symphony Orchestra and E.J. Thomas Performing Arts Hall
• Renowned Akron Art Museum with architecture by internationally known COOP HIMMELB(L)AU
• All-American Soap Box Derby, Eastern League Akron Aeros (AA Cleveland Indians), Roadrunner Akron Marathon

Recognition

• Designated Ohio Hub of Innovation and Opportunity, 2010
• Named All-America City: 2008, 1995, 1981
• Ranked 13 of top 50 U.S. cities in attraction of European investment,Expansion Management Magazine, June 2002
• Awarded first place in the City Livability Award competition by the U.S. Conference of Mayors, 1999

History

• Founded by Simon Perkins, 1825
• Developed into a canal town on Ohio and Erie Canal
• Origin of Goodyear Tire, Quaker Oats

Sources:

• http://ci.akron.oh.us/fastfacts.html
• http://www.bioenterprise.com/ (2010 venture report, pdf)
• http://www.ci.akron.oh.us/akrfact.html
• http://www.ci.akron.oh.us/mayor/cabinet/economic_development.htm
• http://bioohio.com/bio-sciences/facts.aspx
• http://www.clevelandplusbiomedical.com/