Cintrifuse leadership announced they will launch a national search for a permanent CEO, replacing Jeff Weedman who has served as the initial CEO as an executive-on-loan, when he retires from Procter & Gamble in June 2014. Weedman will stay on as a strategic advisor to the Cintrifuse board.
After almost two years in Cincinnati Business Committee-sponsored planning, Cintrifuse launched 18 months ago with borrowed space, two on-loan employees and a mandate to make the Cincinnati region a place where entrepreneur’s dreams are realized. Now, Cintrifuse boasts national acclaim for its innovative business model that has:
- Attracted over 40 companies to its temporary space.
- Raised over $50 million in an early stage fund of funds.
- Attracted some of the most prominent early stage venture funds in the country with over $500 million in capital to invest.
- Launched a robust mentoring program, and
- Secured a prominent space in Over-The-Rhine which is being renovated as its physical hub.
“When you look at where Cintrifuse started and the significant progress made in 18 months,” offers Jeff Weedman, “it’s only because the entire community (businesses big and small, entrepreneurs, academic, financial, and government institutions, individuals and foundations) rallied around a common goal and leaned in to make it a reality.” Weedman, formerly the head of Procter & Gamble’s Global Business Development, will be retiring after more than 37 years of service to P&G. Cintrifuse will now kick off a national search for a CEO to replace him.
“Jeff’s tenure at Cintrifuse has been unprecedented on a number of fronts,” Bob McDonald, retired P&G CEO and current Cintrifuse Chairman. “The amount of private and public support raised, both financial and human, is impressive and puts Cincinnati in an absolute perfect position to become a hub for innovation on a profound scale.”
In late 2013, Cintrifuse tapped Nancy Koors to serve as its executive-in-residence providing strategic operational leadership to the team. Nancy’s career in strategy, marketing, and professional services brings expertise to help develop key offerings, add accountability, and the ability to scale. Nancy has over a decade of experience advising startups, raising capital and negotiating M&A transactions. She was an active member of Main Street Ventures, one of the city’s first efforts to launch a startup ecosystem.
“There’s even more potential for us to grow venture capital, cultivate the startup community, and recruit young professionals to Cincinnati than there was when Cintrifuse started,” Johnna Reeder, vice president, community relations and economic development for Duke Energy and Cintrifuse board member. “We’ve identified the need, received support from the community, and continued to work in concert with the entrepreneurial ecosystem. Jeff has played an integral role in where we are today and I will miss his leadership, but I’m energized about the future of Cintrifuse.”
“The Cintrifuse Board and business community are grateful to Jeff for his early leadership, getting us out of the gate and established,” Tom Williams, president, North American Properties and Cintrifuse board member. Cintrifuse is a long term priority for our region and building it for the long-term on the foundation he established is a priority.
Even after a successor is chosen, Weedman will stay involved as a strategic advisor to the board. “It’s been an honor for me to be the first CEO of Cintrifuse,” offers Weedman. “I’m looking forward to staying involved and see a smooth transition from incubation to growth stage (to use a few startup words.)”
“Cintrifuse has made unprecedented progress in such a short period of time, I’m not sure that’s said enough,” said Jeff Sinclair, retired director of McKinsey & Company, the group who’s work was commissioned by the Regional Innovation Task Force and helped result in the formation of Cintrifuse. “Having seen efforts like these across the globe, I can tell you with confidence – Cintrifuse is the new benchmark.”