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As a collaboration, the Fund's members direct its strategy and management. Leadership and loaned staff from member organizations work with the Fund's staff to implement its strategy.
In Phase 2, the Fund focused on working with its private and public sector partners to implement Advance Northeast Ohio, the region's economic action plan. You can learn more about the plan at www.advancenortheastohio.org.
Since 2004, the Fund’s work has contributed significantly to three meaningful changes in Northeast Ohio.
1. Regionalism Taking Root
The Fund’s success has created a spirit of regionalism in Northeast Ohio. We see it particularly in the government and business sectors. For example, the NEO Mayors and City Managers Association met in May to discuss tax revenue sharing and regional planning.
2. Healthy Entrepreneurial Environment
Through hard work, the Northeast Ohio region has moved from dead last to number 23 in Entrepreneur Magazine's worse places in America to be an entrepreneur. Between 2004 and 2006, about 100 companies raised at least $500 million in capital, mostly coming from out-of-town firms. Several of those out-of-town capital firms opened offices in Northeast Ohio.
3. Global Growth Industries Emerging
We are leveraging the region’s historical strengths in such areas as health care, advanced materials and energy and propulsion to grow new industries.
Health care companies raised more than $200 million in venture dollars in the first half of 2007.
Northeast Ohio has attracted three fuel cell companies to take advantage of the state’s cutting-edge research and commercialization efforts.
Several companies are collaborating on the next generation of flexible liquid crystal displays at a new industrial park on the Kent State University’s campus.
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