Akron mayor focused on bringing biomedical companies to city

AKRON, Ohio - Akron has long been referred to as "The Rubber City" because of its tire production, but Mayor Don Plusquellic wants a new nickname: "Start-Up City."  The goal is to attract new biomedical companies.

During his 24th State of the City Address at Tangier on West Market Street, Plusquellic announced the creation of the Akron Development Corporation Seed Fund.

Medical Mutual has agreed to contribute $1 million towards the initiative. Plusquellic said First Energy has also pledged it commitment to become an investor.

The mayor hopes the fund lures companies to Akron by giving them money for lab and development space. 

"We need to fertilize these growing companies with capital," Plusquellic said.

The plan calls for new companies to set up operations in the Akron Global Business Accelerator and in the Akron Biomedical Corridor and eventually help them grow into their own space.

"We cannot ignite the huge potential for job growth by not reaching out across the U.S. and global market place to get our share of investment and jobs," Plusquellic said.

Dan Colantone, president of the Greater Akron Chamber of Commerce, said the the seed fund will make a big difference when visiting and recruiting companies.

"You need to have more tools in the tool box, so this $1 million will be able to start up companies or potential entrepreneurs," Colantone said.

Ron Seide, president of Summit Data Communications, based in Akron at the Accelerator building, says the plan is good news for his company. 

"Keep those resources here, and in so doing, grow the tax base and grow the economy," Seide said.

The business makes industrial and medical grade Wi-Fi modules, which are installed in many different devices, including patient monitors and ventilators.

Summit Data, in its fifth year, is growing the fastest in the health care field.

"Last year, we grew by 53 percent and we have more than 1.2 million radios already installed in the field," Seide said.