The Global Cardiovascular Innovation Center (GCIC) is a cardiovascular product development consortium made possible through a $60 million grant from the State of Ohio’s Third Frontier Program. Founded in 2007, GCIC is the first Wright Mega-Center of Innovation under this program.
GCIC is focused on the formation, attraction, expansion and retention of cardiovascular companies to create jobs and facilitate economic development in the State of Ohio.
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Established to Support Economic Development in Ohio
- Mission: To be an international leader in developing, incubating, and commercializing cardiovascular technology.
- Organization: Consortium of clinical, academic, and economic development institutions throughout Ohio, established and led by the Cleveland Clinic.
Form or attract > 40 new companies in the state of Ohio
Create > 850 new professional and skilled level jobs
Addressing Major Healthcare Needs
Estimated at more than $475 billion, cardiovascular medicine is the largest healthcare market opportunity in the US. The cardiovascular disease burden poses clear medical, scientific, and commercial challenges. GCIC is building cross-industry partnerships to facilitate the development and adoption of new cardiovascular technologies geared towards improving patient care. Cardiovascular research and commercialization – along with millions of patients – will benefit from the progress made through companies affiliated with GCIC.
Delivering Critical Commercialization Funding and Support
- Commercialization Funding Program. A program to grant seed-stage funding to start-up companies in Ohio developing products to diagnose or treat cardiovascular disease.
- Company Attraction Program. A dedicated program to identify and assist companies in the cardiovascular field who will create new businesses or bring new business lines to Ohio.
- Product Development Acceleration. A program to provide technology and product development expertise to Ohio companies to accelerate their commercialization development and success. Our staff brings greater than 50 years of cardiovascular invention, engineering, product marketing and business development experience to support GCIC-affiliated companies.
- New Company Incubation. GCIC operates a 50,000 sq. ft. incubator facility adjacent to the Cleveland Clinic in which GCIC supported companies can establish development lab and office space. Opened in May 2010, the Incubator provides close proximity to world-class clinical researchers and investigators, along with extensive facility and business support services.
- Preclinical Investigation Capabilities.GCIC operates a preclinical facility conveniently located at the Cleveland Clinic. Equipped to do large and small animal models, acute and chronic studies, with state of the art imaging, monitoring, recording and conferencing capabilities, the facility supports a wide range of sponsored research, product development and procedure training.
Measures of Success
(as of end of Q3 2012)
- 53 Commercialization Funding Grants Awarded, Totaling $16.9M.
- 17 New Businesses Attracted to and Operating in Ohio.
- >525 Added Ohio Jobs in Companies Funded, Attracted or Incubated by GCIC.
- >$390M in Follow-On Funding, Exit Returns Secured by GCIC portfolio companies, expected to grow significantly as companies secure additional later round financing.
Atrial Fibrillation Innovation Center
The Atrial Fibrillation Innovation Center (AFIC), an Ohio Third Frontier Program Wright Center of Innovation established at the Cleveland Clinic, is now managed under the GCIC. For more information on Atrial Fibrillation and AFIC, click here.