Israeli biotechnology companies are reportedly heading to Ohio because of state incentives and a venture capital fund focused on investing in Israel. Rick Shottenstein, Ohio Department of Development’s Tel Aviv representative, told a news source that he frequently meets with representatives of Israeli companies interested in linking with Ohio medical experts, clinics and investors. “It’s a total avalanche” he was quoted as saying.
Michael Goldberg, founder and managing partner of a Cleveland-based investment fund, reportedly said that in the past eight years some 14 Israeli technology startups have raised money from Ohio-based backers, with at least six opening offices in the state. Approximately five Israeli biotech companies plan to move to Ohio, he said, with dozens more cooperating with clinical research associated with Ohio-based groups. “While many Israelis still look to Boston or Silicon Valley for support, Ohio has done more than other states to attract Israeli startups,” Goldberg said. See Bloomberg, November 17, 2010.