Ed. Note: Watch the White House Winning the Future Forum on Small Business live starting at 11:35AM EST. The President will give opening remarks at 11:35, CEA Chairman Austan Goolsbee will hold a special live discussion at 1:00, and the President will close with remarks on what he heard at 1:55.
Northeast Ohio has staked its future on high-growth entrepreneurship. That’s why today, President Obama is bringing five Cabinet secretaries and his top economic advisors to Cleveland for a White House Winning the Future Forum on Small Business. In special sessions on high-growth entrepreneurship, access to capital, workforce development, boosting exports, and cleantech innovation, they’ll hear entrepreneurs from across the region address the real challenges and opportunities facing small and growing businesses every day.
One of these companies is ABSMaterials, based in Wooster, Ohio. It developed and patented super-absorbent material called “Osorb” that soaks up organic contaminants like a sponge. This innovative, reusable technology can help clean up oil spills, polluted waterways, and contaminated drinking water. In just the last two years, ABSMaterials has brought this technology from a novel idea to a revenue-generating product. The company has raised $3.5 million from private investors, and is creating jobs.
The growth of ABSMaterials did not happen in a vacuum. Northeast Ohio has spent well over a decade growing the kind of entrepreneurial ecosystem that allows innovative startups to thrive. Some of the growth capital for ABSMaterials came from JumpStart, a regional economic development network that’s been so successful, it recently announced that it will be scaling the model across the country—a major private-sector commitment to U.S. entrepreneurship in response to the President’s Startup America call to action.
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