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, Plusquellic announced the creation of the Akron Development Corporation Seed Fund.
Medical Mutual has agreed to contribute $1 million towards the initiative. Plusquellic says 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.
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