April 17, 2007: Congressman Tim Ryan Applauds BioEnterprise and the Pittsburgh Life Sciences Greenhouse for Regional Approach to Venture Capital
Calls for regional summit of business, government leaders to discuss next steps
(Washington, D.C.) – Congressman Tim Ryan (OH-17) applauded BioEnterprise and the Pittsburgh Life Sciences Greenhouse for their new approach to attract venture capital to the region’s emerging medical manufacturing and bio-tech industries. The effort on the part of two medical consortiums comprising businesses, hospitals and Universities in Northeast Ohio and Western Pennsylvania represents a new way to look at regionalization. Congressman Ryan sees this as the first step to creating a viable "Tech Belt" encompassing the Cleveland, Akron, Youngstown and Pittsburgh metropolitan areas.
"Our region has been linked for over 100 years, first as the Steel Belt, then as the Rust Belt. This is our chance to emerge as the Tech Belt," said Congressman Tim Ryan. "I believe very strongly in the new direction BioEnterprise and the Pittsburgh Life Sciences Greenhouse is taking. As a next step, I am calling a regional summit of leaders from local industries, elected officials and economic development organizations to create a regional model for economic advancement that will be competitive in the global marketplace."
There are now over 700 bioscience companies in the Cleveland-Akron-Youngstown-Pittsburgh corridor employing more than 25,000 people. Over $1 billion a year in National Institute of Health and industry research funding flows through the region. Since 2005 over $350 million in venture capital has led to new medical device, biopharmaceutical and health care startups.
"We must commit the time, energy, resources and political leadership necessary to compete in the global economy. What BioEnterprise and Pittsburgh Life Sciences Greenhouse are doing should serve as a model for cooperation for our entire region. I pledge to work with my congressional colleagues in Ohio and Pennsylvania on ways we can build consensus around a vision for the future. We must make the most of this opportunity to bring good jobs, increased investment and a better quality of life to our communities."