Swiftarc Ventures Forms Groundbreaking Commercialization Partnership with Cleveland-Based Nottingham Spirk
Longest-Standing Business Innovation & Product Design Company Launches Unprecedented Alliance with Early and Growth Stage Venture Firm
NEW YORK, Dec. 14, 2020 /PRNewswire/ -- Swiftarc Ventures, LLC, an early and growth stage Venture Capital Firm, has entered into a strategic partnership with Nottingham Spirk, a Cleveland, Ohio-based innovation studio dedicated to the development, production, and scale of consumer and consumer health products. The studio comprises over 1,300 patents and is responsible for breakthrough designs of several notable consumer and medical device products including the Crest Spinbrush, Swiffer Sweep + Vac, CardioInsight ECVUE Vest, and the Cardinal Health InPower Digital Medication Assistant.
Frank Krasovec, Co-Founder of Swiftarc Ventures and a Lakewood, OH native who served as Chairman Emeritus of the Ohio University Foundation and Trustee on the Ohio University Board of Regents added, "I have had the chance to see some of Nottingham's truly remarkable products and innovation capabilities first-hand in their design studio and left knowing we need to be in business with them. It's a pleasure to be back in Cleveland and Ohio, a state in which I have had deep roots over my entire business and investing career."
Standing with a foot in the future, Swiftarc Ventures is dedicated to reimagining industries by building and backing the future of Consumer and Consumer Health. The common thread linking both companies through this unprecedented alliance is the value placed on disruptive innovation, a key linchpin in the entrepreneurial and venture capital ecosystem and a rarity within larger corporations.
"This partnership combines the proven wealth-creation track record of Swiftarc Group with Nottingham Spirk's Vertical Innovation™ process, which has produced over $50 billion in combined sales and a 95% commercialization rate," said John Nottingham, Co-President and Co-Founder of Nottingham Spirk and member of the Cleveland Clinic Board of Trustees.
Nottingham Spirk will act as a valuable strategic partner to the Swiftarc Ventures team in assisting portfolio companies with expert-led product innovation. The company has served as a beacon of innovation for organizations pursuing uncharted territory to accelerate growth and improve life experiences in the consumer goods, medical device, and industrial manufacturing verticals for 50 years through their Vertical Innovation™ process, perfecting the optimal approach to disruptive innovation across various product categories.
"We're excited about the potential of this partnership which will help redefine the future of several dormant consumer categories as well as create new ones. Nottingham Spirk is a formidable company with a proven track record that is unmatched in the industry. We believe that our current and future portfolio companies will benefit greatly by having Nottingham Spirk on our side," added Fabian Urquijo, Managing Director at Swiftarc Ventures who is a consumer-industry veteran having spent 19 years at Procter & Gamble including 4 at the Firm's headquarters in Cincinnati before joining Swiftarc in 2019.
Earlier this year, Nottingham Spirk also joined forces with corporate giant Ernst & Young to launch the new EY-Nottingham Spirk Innovation Hub. It combines Nottingham Spirk's Vertical Innovation™ design and product development offerings with EY's digital, manufacturing and wavespace™ capabilities to help businesses drive efficiency, resiliency, agility and growth throughout the end-to-end value chain.
Andre Eanes, Development Principal at Swiftarc Ventures pointed out, "The Cleveland area has been historically greatly underserved by the traditional Venture Capital community. It's tremendous to be a force of change that will drive innovation in our dynamic city." Apart from being a Cleveland-area native, Andre has deep roots in the state being an alumnus of St. Edward High School and University of Cincinnati where he is especially involved with community and diversity efforts.
"John Nottingham is a true visionary and it's an honor to partner with Nottingham Spirk (NS) for industry leading and cutting-edge innovation. The fact that a global leader like Ernst & Young chose them as their manufacturing innovation partner is also a testament to the leadership that NS has established in this domain. We look forward to this partnership and our first major initiative in the greater Cleveland area," noted Sid Jawahar, Founder & Managing Partner of Swiftarc Ventures.
About Nottingham Spirk
Founded in 1972, Nottingham Spirk is the longest-standing business innovation and product design company offering insights, industrial design, engineering, prototyping & commercialization services. In 2020, Nottingham Spirk was recognized as one of Fast Company's "Top 100 Top Workplaces for Innovators in the World."
For more information, please visit https://www.nottinghamspirk.com/
About Swiftarc Ventures
Swiftarc Ventures, LLC is an early and growth stage Venture Capital Firm focused on the next generation of Consumer and Consumer Health disruptors leading the charge. Swiftarc's team combines over 170 years of experience across the entire consumer investment and executive spectrum, from growing pre-revenue concepts to managing operations for multibillion-dollar Fortune 500 companies.
For more information, please visit https://www.swiftarcventures.com
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SOURCE Swiftarc Ventures
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