The Ohio Advantage

Preface: Letters for the Next Generation of Builders

This is the sixth in a series of ten letters I’m writing to the next generation of founders in Ohio.

I’m writing these letters because Ohio has all the raw ingredients to become the Startup State — but too few people see it.

Too often, our brightest talent leaves for the coasts, believing the only path to success runs through San Francisco or New York. These letters aim to change that story. They’re about building — about taking an idea that lives only in your head and turning it into something real: a product, a company, a movement. They’re about seeing Ohio as one of the most dynamic places in the world to start a venture.

Ohio has an advantage, not just potential.

The Moment We’re In

The geography of innovation in America is being rewritten.

The Silicon Valley monopoly is fading. Remote work, distributed capital, and AI-powered tools mean you can build from anywhere. In 2013, nearly 80 percent of U.S. venture capital was invested in California, New York, and Massachusetts; by 2023, that number had fallen below 65 percent [1].

The industries being disrupted most — healthcare, manufacturing, logistics, energy, and defense — are Ohio’s deepest strengths.

This is a once-in-a-generation alignment between what the world needs and what Ohio does best.

Why This Matters to Me

I’ve built companies in Tel-Aviv, London, New York, São Paulo, and Columbus. I’ve sat in rooms where world-changing ideas are born — and too often, the Midwest isn’t in those rooms.

It should be.

Ohio has world-class universities, corporate titans, and people who understand hard work, loyalty, and long-term thinking. What we lack is massive belief.

What if we could help a generation of founders see Ohio as an advantage — not a limitation? With that mindset, we can change the trajectory of this state and, in turn, the future of American innovation.

The Data Behind Ohio’s Advantage

1/ Talent: Ohio’s nearly 12 million residents produce over 170,000 college graduates each year [2]. The Ohio State University alone enrolls nearly 67,000 students [3]. Case Western, Miami University, the University of Cincinnati, and Ohio University add a deep bench of engineers, computer scientists, doctors, and designers. Ohio-born successes like CoverMyMeds (acquired for $1.1 B [4]) and Root Insurance (NASDAQ: ROOT) prove that world-class founders can — and do — emerge here.

2/ Industry: Ohio is home to 25+ Fortune 500 companies [5], including Procter & Gamble, Nationwide, Cardinal Health, Kroger, Goodyear, and Parker Hannifin.
These are large potential customers, investors, and partners, not just employers. In 2024, Honda and LG Energy Solution broke ground on a $4.4 B EV-battery plant [6], while Intel began building a $20 B semiconductor campus [7] (albeit now with a significant delay). Few states can match that blend of industrial heritage and next-gen reinvention.

3/ Location: Within a day’s drive of 60 percent of the U.S. and Canadian population [8], Ohio sits at the logistics crossroads of North America. Amazon, FedEx, and UPS all operate major hubs here — a massive edge for hardware, logistics, and consumer startups.

4/ Cost Advantage: Median home price in Columbus: $314,000. In San Francisco: $1.3M [9]. A $1 million funding round in Ohio provides the same runway as a $3 million round in Silicon Valley [10]. Your capital lasts longer. Your team lives better. Your burn stays lower.

5/ Capital: Venture investment in Ohio hit $1.8B in 2023 — up from $300M a decade earlier [11]. Firms like Drive Capital, JumpStart Ventures, and Refinery, among others, have established a solid foundation (although we still require significantly more capital). Now it’s time for scale — and belief.

The Gap & The Case for Now

If Ohio has so many advantages, why aren’t we leading the way? Because the software of entrepreneurship — mindset, networks, risk appetite — hasn’t caught up to the hardware of industry and institutions.

One could think of this gap as a weakness. I choose to see it as a whitespace. The founders who step into it today won’t be competing with a crowded ecosystem — they’ll be defining it.

AI, robotics, and biotech are transforming the very industries where Ohio dominates. With capital scarce and burn rates under scrutiny, Ohio’s cost structure is a strategic edge. And the next wave of founders wants to build in places that feel real, grounded, values-driven, and authentic.

That’s Ohio.

Real-World Proof [12]

• 80 Acres Farms (Hamilton) - a farming company that utilizes indoor farming technology - has raised $390M.

• TradingView (Westerville) - a provider of charts, tools, and social networking for traders and investors - has raised nearly $ 390M.

• Astronomer (founded in Cincinnati), and now calling someplace else their HQ - has raised $375M+.

• Path Robotics (Columbus) - offers robotic welding systems to improve manufacturing efficiency - has raised $271M.

• Branch (Columbus) - an insurance company that offers auto and home insurance services - has raised $230M.

• Coterie Insurance (founded in Cincinnati), and now calling someplace else their HQ - has raised $200M+.

• AssetWatch (Westerville) - a deployable, remote, end-to-end condition monitoring solution that provides predictive insights to enable proactive maintenance - has raised $ 166M.

• RVshare (Akron) - an online marketplace that provides peer-to-peer recreational vehicle rental services - has raised $150M.

• Splash Financial (Cleveland) - an AI-enabled lending marketplace that connects borrowers with partner lenders to offer a variety of financing products - has raised $131M.

• Within3 (Lakewood) - a SaaS virtual engagement tool that connects life science companies with physicians, nurses, payers, and patients - has raised $120M.

• Lower (New Albany) - which provides home refinancing, customer service, consumer lending, home purchase, and financial services - has raised $100M.

• Physna (Columbus) - a geometric deep-learning and 3D search company that searches, compares, and analyzes 3D models - has raised $85M.

• Matic Insurance (Columbus) - a digital P&C insurance marketplace built for partners to simplify the insurance buying process - has raised $84M

These are great stories to celebrate, draw belief from, and build on!

If you’re a CS student in Columbus, a biomedical engineer in Cleveland, or a logistics manager in Cincinnati with an idea — this is your time. Move fast, stretch capital further, build with grit. Building here can become your greatest strength.

A Final Note

Imagine an Ohio where thousands of founders choose to build each year. Startups collaborate daily with corporate R&D labs and university spin-outs. Angel networks connect to public funds and private capital. A statewide founder movement celebrates the great achievements by founders throughout the state.

We’re making it happen.

If you’re thinking about starting something, remember that the future of innovation won’t be built only on the coasts. It will be built in places with talent, grit, and heart — places like Ohio.

The next great disruptor could start right here.
And the founder who builds it might be you.

We came to build.
Yon

(Missed the previous letters? Read them here)

1. National Venture Capital Association (NVCA). Venture Monitor Annual Report 2023, p. 18.

2. Ohio Department of Higher Education. 2024 Higher Education Facts & Figures, p. 5.

3. U.S. News & World Report. “Largest Public Universities in the U.S.” (2023).

4. Crunchbase. “McKesson Acquires CoverMyMeds for $1.1 Billion.” (2017).

5. Fortune 500 List 2024. Fortune Media LLC.

6. Reuters. “Honda, LG Energy Solution Break Ground on $4.4 B EV Plant in Ohio.” (2024).

7. Intel Corporation. Intel Ohio Manufacturing Update. (2024).

8. Ohio Department of Development. “Logistics and Connectivity Brief.” (2023).

9. Zillow Research. “Home Value Index — Columbus vs. San Francisco.” (2024).

10. PitchBook Data. Startup Cost Differentials Across U.S. Regions. (2024).

11. NVCA. Venture Monitor 2023, p. 26.

12. Crunchbase