“Akron has a big city feel when I access things I need professionally and socially, but there is a small town feel when it comes to my relations with people…The Austen BioInnovation Institute in Akron will really set the bar high on the national level for healthcare research and training and I’m excited to participate. The best way for us to predict the future is to create it.”
–Michael G. Holder Jr., M.D. – Vice President, Center for Simulation and Integrated Healthcare Education
Akron is the ideal location for the Austen BioInnovation Institute. Healthcare and education are the nation’s and region’s largest economic sector; the area has historically had a strong commercial capability in the polymers and engineering fields, and a workforce knowledge base that are broad and deep.
Biomedical Business Boom
Healthcare has been, and continues to be, the fastest-growing job market in Akron and Northeast Ohio. All together, the region’s institutions conduct $500 million annually in healthcare research. Due in no small part to the research and clinical strengths, and a broad existing biomedical industry, Northeast Ohio has become a major center of healthcare innovation and commercialization:
- Over the past five years, the region has seen significant increases in all measures of healthcare innovation: investment dollars, grant funding, number of start-ups, licensing revenues and technology deals.
- The region’s innovation network and venture firms have attracted the attention of national investors, strategic firms and investment banks. We are now recognized as a leading region for growing biomedical companies.
- Ohio is among the top five states nationally for number of healthcare venture capital firms, and No. 1 between the coasts.
- Since 2003, more than $750 million has been invested in Northeast Ohio healthcare companies.
The rapid expansion of the region’s biomedical sector is the result of the concerted and collaborative efforts of many in the region. The Austen BioInnovation Institute in Akron is part of a wide-ranging and sustained effort of regional leaders—institutional and business, entrepreneurial, philanthropic and government—who have committed to making Northeastern Ohio a nationally recognized center for health care innovation.
Akron Means Business
Greater Akron’s economic business climate is ideal for growing businesses. It is the home of more than 21,000 businesses, including more than 150 Fortune 500 companies.
With a population of close to 650,000 in the metropolitan area, Akron is one of the largest cities in Ohio. The city lies within 500 miles of 42 major cities, including more than half of all manufacturing plants and nearly 60 percent of the U.S. population—and its buying power.
Taking Your Ideas and Products to Market
The Austen BioInnovation Institute in Akron is closely aligned with regional biomedical and commercialization efforts that will help you take your ideas and products to market, including: BioEnterprise, the City of Akron’s Biomedical Corridor development zone, the Akron Global Business Accelerator, and Akron ARCHAngels.
Quality of Life
Akron has the offering of a large metropolitan area without the usual headaches. With its small-town feel and big-city amenities, Akron truly encompasses the best of both worlds. In 2008, for the third time in history, Akron was named an “All-America City” by the National Civic League, an award considered “The Oscars” of municipal life.