Northeast Ohio's innovation economy is being shaped by hot startups and tenured organizations alike — a combination that's reflected by the field of finalists for Cleveland Inno's 2022 Fire Awards.
The Fire Awards highlight the companies, organizations and executives that are sparking innovation locally and whose work is setting the entrepreneurial economy ablaze.
Following a request for Fire Awards nominations earlier this year, Cleveland Inno writers and editors reviewed companies for consideration. Among the factors considered in our review were new initiatives, funding rounds, community impact and company growth.
Across two categories of finalists, 11 organizations were selected for recognition. We're proud to unveil those honorees here.
Next up: One finalist from each of the two categories will be selected as a Fire Awards winner for 2022, with that company to be spotlighted by Cleveland Inno later this year.
Here are the 11 finalists in this year's Fire Awards program:
Investors and Supporters
Brite Energy Innovators: This incubator is assisting startups in the energy technology space. The company touts having served more than 600 clients since its debut in 2012, with more than $235 million in funding secured and 1,600 Ohio jobs created. Operating out of a region being marketed as the Voltage Valley, Warren-based Brite, led by president and CEO Rick Stockburger, is working to drive energy tech innovation through companies in Northeast Ohio and across the state.
Directional Aviation Capital: This private investment firm is reshaping the private-aviation sector. Led by principal Kenneth Ricci, the Richmond Heights-based venture counts among its brands Flexjet, Nextant Aerospace and Sentient Jet. Flexjet earlier this year launched a private helicopter division with a fleet of Sikorsky S-76 helicopters.
JumpStart Inc.: Since its founding in 2004, JumpStart Inc. has worked as a venture-development organization in Cleveland to help entrepreneurs grow and expand across industry lines. In 2021 alone, that involvement translated to $1.2 billion of economic output from startups and small businesses assisted by JumpStart and its partners, according to the organization, which is led by CEO Ray Leach. This spring, the group launched a division called JumpStart Ventures with a goal of investing $70 million in new capital into startups through 2025.
Society Brands: Canton-based Society Brands launched in fall 2020 and targets e-commerce native brands for acquisition and aggregation opportunities. The company earlier this year raised $204 million in a funding round led by i80 Group. In announcing that investment, the company, led by CEO Michael Sirpilla, said it aims to grow its portfolio to more than $1 billion in revenue in the years ahead.
Urban League of Greater Cleveland: Led by president and CEO Marsha Mockabee, the Urban League of Greater Cleveland last year was selected to be one of seven organizations statewide to work with the Ohio Development Services Agency on an initiative to create jobs and increase companies' sales through Minority Business Assistance Center outreach. This year, the group has teamed with the Sherwin-Williams Foundation for the launch of the Construction Accelerator Program to provide eligible minority-owned businesses with access to capital, mentorship and education with an eye on successes in the construction industry. It also is working with Ohio Means Jobs/Cleveland-Cuyahoga County for a digitally-driven training and coaching project called Enhanced Skills for Success.
Innovators and Entrepreneurs
Centerline Biomedical Inc.: This spinoff from the Cleveland Clinic is commercializing a new way for surgeons to guide catheters, guidewires and stents in the human body. The company in May unveiled a research and development collaboration with the U.S. Air Force, and last month it closed a $33 million Series B funding round intended in part to accelerate its commercial sales. Centerline was founded in 2014; its CEO is Philip Rackliffe.
Everstream Solutions LLC: This business fiber network in April secured more than $1 billion in debt financing to refinance existing credit facilities and raise additional capital to continue funding its growth across a 10-state footprint. Led by CEO Brett Lindsey, the company is said to have increased its total route miles of fiber by 80% last year, growing to nearly 27,000 route miles.
Land Energy: An EV bicycle startup, Land Energy closed its first investment round earlier this year. The company, with Scott Colosimo as founder and CEO, is aiming to use the investment in part to scale production and expand its Internet of Things platform and manufacturing footprint in Cleveland. Those real estate plans include bringing to life a historic manufacturing site in Cleveland's MidTown neighborhood.
Lazurite Holdings LLC: This med-tech company, formerly known as Indago, received regulatory clearance this spring to market and sell its ArthroFree wireless surgical camera system in the United States. That landmark approval from the U.S. Food & Drug Administration was followed last month by the company being one of 50 businesses worldwide — and the only one in Ohio — to be chosen to participate in the MedTech Innovator accelerator program in Mountain View, California. Lazurite Holdings is led by founder and CEO Eugene Malinskiy and president Leah Brownlee.
Materion Corp.: Based in Mayfield Heights, this specialty materials provider formerly known as Brush Engineered Materials Inc. is involved in NASA’s programs to travel to the moon and to Mars. Led by president and CEO Jugal Vijayvargiya, the company touts more than $1 billion in revenue with 36 locations in operation worldwide.
TrustedSec LLC: This IT security consultancy advises Fortune 500 companies and governments about how to protect themselves from cybercrime. It moved its operations from Strongsville to a newly built three-story, 20,000-square-foot corporate complex in Fairlawn earlier this year. Founder and CEO David Kennedy has said growth is expected, with the new facility and its labs intended as a national hub for cybersecurity training and development.
