T
he city of Akron is planning to create a seed fund that’s aimed at attracting out-of-region biomedical companies to the city and helping local startups grow.
Akron Mayor Don Plusquellic announced the plans to form the “Akron Development Corporation Seed Fund” in his State of the City address on Tuesday. “This seed fund will be directed at attracting early stage homegrown and other biomedical companies to set up operations in our accelerator and in the Akron Biomedical Corridor, then help them grow into their own space,” he said in the speech.
Cleveland-based health insurer Medical Mutual of Ohio is the fund’s first sponsor, having pledged $1 million toward it. Power supplier FirstEnergy has also committed to being an investor, but hasn’t specified a dollar amount.
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