Founded in 2007 with support from an unprecedented $60M funding award to Cleveland Clinic from the State of Ohio, GCIC was the sole Wright Mega-Center of Innovation in the Ohio Third Frontier program. The purpose was to establish a center of excellence that would clearly define Ohio as an international leader in the research and commercialization of a technology platform that would have a substantial, measurable, and sustainable impact on the State’s economy. Leveraging the world-class position of Cleveland Clinic – consistently ranked in the top five of best hospitals by U.S. News and World Report, and number one in heart care for 25 years in a row as of 2019 – GCIC’s mission was established to be an international leader in developing, incubating, and commercializing cardiovascular technology.
Estimated at more than $475B, cardiovascular medicine is the largest healthcare market opportunity in the U.S. The cardiovascular disease burden poses clear medical, scientific, and commercial challenges and opportunities.
Over the past 12 years, GCIC has fulfilled that mission and far exceeded goals on all fronts through programs to provide technology development funding, industry-based commercialization expertise, new company incubation facilities, business development, and company attraction support, and resources for the testing, validation, and training in the use of new technologies – all for the diagnosis, treatment, and management of cardiovascular disease. At the 2019 year end, the GCIC grant period came to a close. The center, however, remains open to build on the accomplishments of the past 12 grant-funded years, and continues to shape a brighter future for patients, businesses, and the state of Ohio.
Outcomes & Impact
|Commercialization Support & Success
- Formally evaluated over 230 technologies and provided funding totaling $24.6M for development of 60 innovative cardiovascular products.
Supporting 47 different companies and 8 research institution-based projects throughout the state.
Resulting in 28 new products in the market or currently being evaluated in clinical trials where they are serving the diagnostic and therapeutic needs of patients worldwide.
- 17 new businesses attracted to continuing operations in Ohio, plus 11 additional attracted companies operated in Ohio on a temporary basis, bringing new key design, manufacturing, and business resources to the state.
- Providing product management and business development support by industry-experienced staff.
Operating preclinical investigation facilities to evaluate and demonstrate product developments.
|New Company Incubation
- Constructed and operating a 50,000 square foot incubator facility, currently home to 23 full-time and 8 part-time tenant companies, with 8 other companies having graduated to expand and grow their businesses, still in Ohio.
|New Employment & Investment
- 1275 new jobs to-date in companies funded, attracted or incubated by GCIC.
- Greater than $1.2B in follow-on funding and M&A transactions secured.
- $3.65M in commercialization funding convertible notes with 9 companies.
- $6.1M in equity investments in 8 companies.
- $1.94M in realized cash returns from 3 company investments.
Read more about the GCIC program and view the full End of Grant report here