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Ohio-Based Venture Capital Fund Partner: Vance “claiming responsibility for creating 1,000 jobs is definitely a reach”

Columbus, OH – A Politico analysis finds that J.D. Vance embellished just how many jobs he created in Ohio — more than 60 times over. 

Narya Capital, the venture capital firm that Vance founded, which he has claimed created 1,000 jobs — a number a spokesperson later clarified was closer to 750 — was just one of 46 firms that together invested in three Ohio companies. As one independent expert notes, “If one assumes that each investor can take an equal share of the job creation (which is a reasonable assumption) then at best Narya can claim 750 jobs divided by 46 investors which equals 16 jobs.”

This is just another way Vance’s record has failed to hold up under scrutiny. Previous reporting has shown that the non-profit Vance moved back to Ohio to found – also turned out to be a sham.

“It’s no surprise J.D. Vance lied to Ohioans about his business record – everything Vance has said he would do to help Ohio has really just been to help himself,” said Michael Beyer, a spokesperson for the Ohio Democratic Party.  

Read more below:

Politico: J.D. Vance says he’s a job creator in the state of Ohio. Here’s what the numbers show.
Adam Wren
October 30, 2022

• Throughout his Senate campaign, GOP candidate J.D. Vance has touted his business credentials as a venture capitalist and job creator for the state of Ohio.
• “My business in Ohio has been involved in investing and supporting the creation of nearly 1,000 jobs just in our state and jobs elsewhere as well,” he said in a recent debate with his opponent, Democrat Tim Ryan. “I believe in investing in our communities, and I’ve actually put my money where my mouth is.”
• A POLITICO analysis of information provided by his venture capital firm and Vance’s financial disclosure forms suggest that 1,000 may be a bit of a stretch. Since it was founded in 2019, Narya, Vance’s venture capital firm, was part of a group of at least 46 investors who together invested in three companies that created a total of about 750 jobs in the state of Ohio between 2019 and 2022.
• “We’re proud to say that, in just over 2.5 years, Narya has already invested in three Ohio companies that have collectively created approximately 750 jobs,” Vance’s partner, Falon Donohue, said in a statement. 
• Vance’s business record, including his job creation estimate, is open to interpretation.
• But Jeff Sohl, director of the Center for Venture Research at the University of New Hampshire, noted that Narya was just one of 46 firms that contributed to the investments, so it can’t claim credit for directly creating all 750 jobs.
• “It would be impossible to parse out which investor is responsible for each job created,” Sohl said in an email. “If one assumes that each investor can take an equal share of the job creation (which is a reasonable assumption) then at best Narya can claim 750 jobs divided by 46 investors which equals 16 jobs.”
• A partner at another Ohio-based venture capital fund, granted anonymity to speak freely about Vance’s business record, told POLITICO that “claiming responsibility for creating 1,000 jobs is definitely a reach. We measure job creation based on incremental jobs since our investment.”
• Vance’s business record has been a part of his campaign since at least his launch last July. “What we need in Washington is not just leaders who talk about doing things,” he said at his campaign announcement last year, “but have actually done them and will continue to do them.”
• After the debate, the Vance campaign spokesperson said Vance’s estimate that he had created “nearly” 1,000 jobs comported with their figure of 750, and also pointed to hundreds of additional jobs Vance’s company has invested in outside Ohio.
• Narya’s three Ohio investments are situated near the state’s capital and largest city, Columbus. They are: Branch, an umbrella home and auto insurance provider; AmplifyBio, a commercial drug discovery firm; and Strive Asset Management, an index fund company. None of the three Ohio companies in which Narya has invested count Vance’s firm as their only financial supporter.
• Only one of the Ohio firms Narya invests in — AmplifyBio — returned POLITICO emails seeking clarification about how many jobs Narya’s investments directly support and what median salary they pay. The drug developer said it employs 231 people after a $200 million funding round, to which Narya contributed.
• AmplifyBio may be Vance’s biggest success at Narya, but one for which he cannot claim sole credit. Focused on vaccine technologies along with drug development, the company grew from 120 employees in 2021 after two early stage investments. Narya was one of four investors, which also included Battelle Memorial Institute, Casdin Capital and Viking Capital.
• Branch, the insurance company founded in 2017, employs roughly 400 people, up 300 employees in the last year alone. That growth was fueled by a $147 million fundraising round, led by Weatherford Capital, that Narya participated in along with 11 other firms in June.

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Happy Halloween, and welcome back to Mike Check, your weekly source of all the infighting, conspiracy spewing and corruption that’s making headlines in and around Mike DeWine’s campaign and statehouse, courtesy of the Ohio Democratic Party. 

With just one week to go before Election Day, Democrats want to remind you of all of the ways Mike DeWine has flat-out failed Ohio, and how our state is not-so-strong after all from years of poor leadership from DeWine and his cronies. 

NOT-SO-STRONG OHIO. Mike DeWine is taking our state backward. For four years, DeWine has been too weak to stand up to extremists in his own party and the special interests fueling his campaign, instead serving as a rubber stamp for policies that hurt working families while failing to provide the leadership Ohioans expect from their governor. From abortion rights to gun violence to redistricting to the largest public corruption scandal in state history, DeWine’s weakness is costing Ohioans big time and Ohioans are literally paying the price. 

Key examples of DeWine’s weaknesses include:

• Abortion Rights – Mike DeWine told an anti-abortion special interest group that he wants ‘to go as far as we can’ to rip away reproductive rights in Ohio. 
• Gun Violence – Despite promising to ‘do something’ to combat gun violence, DeWine caved to the gun lobby and signed gun bills that are opposed by Ohio law enforcement because they make Ohioans less safe. 
• FirstEnergy Bribery Scandal – ‘State Official 1’ has been dodging questions since October about what he knew and when about the largest public corruption scandal in state history, a scandal that continues to cost Ohioans thousands of dollars every single day. 
• Redistricting – Even as he acknowledged the maps he was passing were likely unconstitutional, DeWine ignored voters, caved to his own party and rubber-stamped seven illegal, GOP-gerrymandered maps. 

Mike DeWine has spent his entire term as governor selling out to his wealthy and well-connected donors, leaving hardworking families behind. It’s time to elect a leader who will do more than cower in the corner and actually lead our state. We need Nan Whaley. 

NO DEBATE ABOUT IT. With that kind of record, it’s no wonder Mike DeWine flat-out refused time and again to debate Nan Whaley this year. Ohioans have a right to be concerned about what another four years of Mike DeWine would look like and we know DeWine feels the same way, which is why he only faced Whaley (virtually) once. DeWine insists that he is the most accessible governor, touting press conferences and editorial board interviews as proof he talks directly to voters. These are not substitutes for standing on the debate stage, but DeWine has proven he’s so weak he will always duck, dive and deceive instead of facing an opponent this year. Let’s face it, if DeWine can’t even muster the political courage to tell Ohioans why they should punch his ticket on November 8, he’s admitting what we already know – he doesn’t deserve the job. We deserve Nan Whaley. 

Thanks for catching up on the race each week with us, that’s all the Mike Check we’ve got. Have a great week, and make a plan to vote! 

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“While LaRose equivocates, Chelsea Clark leaves no doubt where she stands.”

Columbus, OH — In case you missed it, the Cleveland.com/The Plain Dealer Editorial Board endorsed Chelsea Clark for Secretary of State. 

Clark earned the endorsement over Frank LaRose, who is so busy planning his run for U.S. Senate that he’s already abandoned the job he has now. For the last year and a half, LaRose has been passing GOP-gerrymandered maps, sowing election doubts to gain the support of MAGA Republicans and creating taxpayer-funded solutions to problems that don’t exist. The Editorial Board listed LaRose’s dangerous rhetoric around elections as a significant reason they endorsed Clark. 

“In other words, LaRose, a former Green Beret who now serves in the Army reserves, subtly sowed doubts about the integrity of a U.S. presidential election two years ago. What will happen in two years if Trump is again on the ballot and things don’t go his way in Ohio? That’s partly why, in a close call, our editorial board urges Ohio voters to choose Democrat Chelsea Clark, a 36-year-old Cincinnati-area politician and entrepreneur, as secretary of state for the next four years,” writes the Editorial Board. 

Read more from the Cleveland.com/Plain Dealer Editorial Board here and below: 

• In a year when former President Donald Trump still stokes the dangerous lie that the 2020 presidential election was stolen — endorsing state-level candidates he apparently thinks will be able and willing to help him if he runs again in 2024 — the race for Ohio’s secretary of state, the state’s chief elections officer, takes on special importance.
• The trouble is that LaRose, 43, who was endorsed by Trump for this election, equivocated when our editorial board asked whether Joe Biden were elected president fair and square.
• Biden “is the president of the United States and was elected through the process we have,” LaRose said. “But I’ve also been clear that there were things that happened in 2020 that shouldn’t have happened. … [They] weren’t some, you know, grand scheme to steal the election. They were things that happened … in courtrooms where activist judges changed the rules, that at the last minute happened in secretary of states’ offices….”
• In other words, LaRose, a former Green Beret who now serves in the Army reserves, subtly sowed doubts about the integrity of a U.S. presidential election two years ago. What will happen in two years if Trump is again on the ballot and things don’t go his way in Ohio? That’s partly why, in a close call, our editorial board urges Ohio voters to choose Democrat Chelsea Clark, a 36-year-old Cincinnati-area politician and entrepreneur, as secretary of state for the next four years.
• Clark, as well, is committed to voting reforms; her late father had firsthand experience of the fight for civil rights for Black Americans (and of the inside of the Birmingham, Alabama, jail). Clark is founder and CEO of the nonprofit STEM Lab, providing STEM education access for underserved youth in Cincinnati and Hamilton County, and has served on the Forest Park City Council for nearly five years.
• While LaRose equivocates, Chelsea Clark leaves no doubt where she stands. She also supports voter access and outreach to ensure that all Ohioans who want to vote and are eligible to vote will be able to cast a ballot.
• Ohioans should elect Chelsea Clark as secretary of state. Early voting in the Nov. 8 election has begun.

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Columbus, OH — In case you missed it, the Akron Beacon Journal Editorial Board endorsed Rep. Emilia Sykes for Ohio’s newly redrawn 13th Congressional seat, saying “Sykes is ready for the task of representing all of us in Washington, D.C., and saving our democracy.”

The Beacon Journal editorial points to Sykes’ leadership on issues important to voters in the district, from keeping healthcare affordable to reducing infant mortality, working across the aisle to deliver these important priorities across the region. Sykes’ record serves as a stark contrast to her challenger, who is nowhere to be found on the campaign trail and is trying to distract from her extremist views by lying about Sykes in racist tv ads. 

“Emilia Sykes of Akron, a former Ohio House minority leader who was first elected in 2014, is a highly qualified candidate. We are confident the Democrat will listen to the needs of Akron-Canton constituents if she moves from the Statehouse to Congress and work across the aisle to get things done,” writes the editorial board. 

Read more from Akron Beacon Journal’s endorsement of Rep. Emilia Sykes HERE and below:

• Emilia Sykes of Akron, a former Ohio House minority leader who was first elected in 2014, is a highly qualified candidate. We are confident the Democrat will listen to the needs of Akron-Canton constituents if she moves from the Statehouse to Congress and work across the aisle to get things done.
• While the Republican is a Stark County native, her dedication to the Akron-Canton area is also in question. A year ago, she had a Sandusky address and was hoping to challenge Democrat Marcy Kaptur in the 9th Congressional District in Northwest Ohio.
• And it should be troubling to Republicans that Gesiotto Gilbert can’t state on the record whether she believes it’s true or false that Donald Trump lost the 2020 presidential election. The Washington Post has identified her as one of 299 Republican election deniers running for office this November.
• In this time of extreme political partisanship, The Beacon Journal largely is discontinuing the candidate endorsements that were once a staple at election time. We realize many voters don’t necessarily want advice on how to vote, instead following either left-wing or right-wing political coverage.
• But in this case, we really must call out Gesiotto Gilbert. She is a Trump extremist who is eager to disparage Joe Biden and Nancy Pelosi, but has nothing specific to say about the 13th District.
• In the voter guide provided by the Beacon Journal, in collaboration with the League of Women Voters of Akron and Hudson, Gesiotto Gilbert did not provide biographical information or respond to questions. Sykes did.
• Sykes has been accessible and spoken about issues that matter to the 13th District, which includes all of Summit County, northwestern Stark County and a sliver of Portage County.
• She noted the importance of health care affordability to area residents, while acknowledging that Summa Health is Summit County’s largest employer and that other hospital systems are also major employers in the district. Sykes sees her support for the Affordable Care Act — which Gesiotto Gilbert strongly opposes — as key to ensuring residents have access to care and that health care providers thrive.
• Sykes has worked for years on the infant mortality issue in the Ohio House, with one early victory being the release of $1.5 million in Medicaid funds for Akron-area nonprofits addressing the issue. She has repeatedly advocated for more solutions.
• Republicans have distorted Sykes’ views on crime, maligning her for support of bail reform. She is a co-sponsor of House Bill 315, which is unpopular with bail bond agencies, but has bipartisan support, and even praise from a conservative think tank. A Buckeye Institute researcher conceded that too many people awaiting trial are sitting in jail for “petty, nonviolent offenses” because they can’t afford cash bail.
• Sykes’ work on protecting crime victims includes introducing a bill eventually signed into law that ensures people suffering domestic violence in dating relationships can obtain civil protection orders from the courts.
• If elected, Sykes said she is determined to build relationships with Republicans — even if she were to find herself in the minority — so that she can make government work for her constituents.
• We think Sykes is ready for the task of representing all of us in Washington, D.C., and saving our democracy.

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Columbus, OH — We think Frank LaRose knows his ABCs and 123s, but it looks like he may need help from a few friendly monsters this Halloween to tell him how to get to the Franklin County Board of Elections. 

As Secretary of State, you’d think LaRose would know where the Board of Elections is located in the most populous county in the state. But just yesterday, LaRose tweeted a video featuring a Republican candidate (an extremist candidate who was called out last week for antisemitic comments, by the way) telling voters to go to the wrong address to vote. And LaRose didn’t take the video down until the media called him out for it. 

• Watch the full video HERE

“We assume Frank was too busy thinking about his impending Senate run to actually listen to the extremists he was supporting, but for the Secretary of State to post misinformation about one of the most important elections in Ohio history is disqualifying. If Frank is so checked out from being the Secretary of State, he should simply remove his name from the ballot and stop using the office to play political games,” said Ohio Democratic Party spokesperson Matt Keyes. 

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