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