Reinventing America’s Industrial Engine
Innovation & Entrepreneurship helped us create industrial giants:
Northeast Ohio: America’s Industrial Engine
Northeast Ohio By the Numbers
• Gross Regional Product: $170 billion
• 4.1 million people• 4 large metro areas
The Engine Needs an Overhaul
• Major industries are not in growth sectors
• Results in:– Gross Regional Product
failing to keep pace (chart)– Significant job losses,
particularly in manufacturing sector
– Increased pressure on public and philanthropic sectors
Multi-sectoral Leadership
Strategies to Reinvent Our Economy
• New tech-based clusters• Entrepreneurship• Manufacturing renewal
• Connect local assets • Bring initiatives to scale• Build around high-end talent
Entrepreneurial Ecosystem• Incubators & Accelerators• Minority & Women-owned Business Support Organizations• Small Business Development Centers [SBDCs]
• Center of Research & Innovation• Higher Education Research Institutions
• Angels• Pre-seed & Seed Funds• Venture Capital• State & Federal Government
• Chambers of Commerce• Business/Trade Associations• Policy Makers and Governance
• Higher Education Institutions• Youth Entrepreneurship Organizations• Internship Support Organizations
• State & Federal Government• Foundations• Corporations & Law Firms
• Media• One-to-one Communicators
Entrepreneurship
IMPACT• $961 million venture capital; 133% more deals and 26% more dollars invested compared to previous 5-year period
• Abundance of resources in region• Intermediary needed to increase accessibility
of resources
PRISM Draws Together Important Partners
PRISM Draws Together Important Partners
• Abundance of resources in region• Intermediary needed to increase accessibility of
resources
Manufacturing
Culture Change
• Provides a frame to create greater alignment to address regional priorities
• Helps to sustain shared commitment, responsibility and value
• Alignment makes it easier to secure state and federal resources to support actions – and helps makes sure the money is spent better
Lessons Learned
• Sustaining commitment demands a shared understanding; Metro Business Plans can help create that understanding
• Building stronger connections among assets generates better results
• How you work together is as important as what you work on