Knight Blog

The blog of the John S. and James L. Knight Foundation

Venture capital is helping Akron transition to a knowledge-based economy

Jan. 21, 2011, 4:04 p.m., Posted by Knight Foundation

Venture capital investment in Akron is on the rise - and has returned to pre-recession levels, a new report says.

The region's Venture Capital Advisory Task Force found that levels in Akron rose more than four-fold in just one year - going from $8 million in venture capital investments in 2009 to $38 million last year, the Akron Beacon Journal reported. The biggest venture deal - for $18 million - involved a medical imaging device firm, the journal said.

Northeast Ohio raised a total of $221 million in venture capital this past year.

The task force's report shows how well the region is transitioning to a knowledge-based economy. Knight Foundation is helping the transformation, in part, by supporting the Fund for Our Economic Future, which aims to bring more high-paying jobs to Northeast Ohio, and the Austen BioInnovation Institute.