Brad Whitehead | Reinventing Northeast Ohio | Global Cities Initiative
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The document discusses strategies to reinvent the economy of Northeast Ohio by overhauling its industrial engine. It notes that major industries are no longer in growth sectors, resulting in declining GDP and job losses. It proposes developing new tech clusters, entrepreneurship, and manufacturing renewal. It outlines developing an entrepreneurial ecosystem through business incubators and funding. It highlights the impact of increased venture capital funding and the role of partnerships in coordinating regional resources and driving culture change to better align priorities and commitments.
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Brad Whitehead | Reinventing Northeast Ohio | Global Cities Initiative
- 1. Reinventing America’s Industrial Engine
- 2. Northeast Ohio: America’s Industrial Engine Innovation & Entrepreneurship helped us create industrial giants:
- 3. Northeast Ohio By the Numbers • Gross Regional Product: $170 billion • 4.1 million people • 4 large metro areas
- 4. 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
- 6. Strategies to Reinvent Our Economy • New tech-based clusters • Connect local assets • Entrepreneurship • Bring initiatives to scale • Manufacturing renewal • Build around high-end talent
- 7. Entrepreneurial Ecosystem • Incubators & Accelerators • Minority & Women-owned Business Support Organizations • Small Business Development Centers [SBDCs] • Center of Research & Innovation • Higher Education • Higher Education Institutions Research Institutions • Youth Entrepreneurship Organizations • Internship Support Organizations • State & Federal Government • Foundations • Corporations & Law Firms • Angels • Pre-seed & Seed Funds • Media • Venture Capital • One-to-one Communicators • State & Federal Government • Chambers of Commerce • Business/Trade Associations • Policy Makers and Governance
- 8. Entrepreneurship IMPACT • $961 million venture capital; 133% more deals and 26% more dollars invested compared to previous 5-year period
- 9. PRISM Draws Together Important Partners • Abundance of resources in region • Intermediary needed to increase accessibility of resources
- 10. Manufacturing PRISM Draws Together Important Partners • Abundance of resources in region • Intermediary needed to increase accessibility of resources
- 11. 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
- 12. 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
Editor's Notes
- This is what Brookings said it wants:Key Strategies Driving the Plan (MAX 2 slides per lever)Summarize the key strategies for the plan. In Chicago, I know there are ten. In NE Ohio, the goal is to show those five key strategies or so that emerged from the market levers (and updated too if you’d like)HOWEVER: It is very unclear to me whether/how Brookings wants us to address every lever. There’s a reference to MAX 2 slides per lever. Do you know what that means?Here are the Levers and the relevant initiatives:Build and Sustain Industry and Occupational Clusters: We put PRISM under this one…As well as our efforts to build new new industry clusters.Human Capital: Talent Dividend & WorkAdvance (formerly NEO@Work)Innovation and Entrepreneurship Infrastructure: JumpStart & Third FrontierEnhance Spatial Efficiency: NEOSCCEffective Public and Civic Culture & Institutions: Cleveland PlusProvide Information Resources: OneCommunityI don’t know if those are still relevant or not…My suggestion is we talk broadly about “effective civic culture” in the first bullet; we talk about the inter-connectedness of all of the levers, particularly spactial efficiency and human capital in the second and you begin to drill down on JS and Prism in the final bullet.
- Slide 7: ImpactJumpstart: we’ve been at it longer so we should emphasize impact“leave town” to “Move Here”Give the capital #s from JS, but tell the story of KNOTICEI don’t know if those are still relevant or not…My suggestion is we talk broadly about “effective civic culture” in the first bullet; we talk about the inter-connectedness of all of the levers, particularly spactial efficiency and human capital in the second and you begin to drill down on JS and Prism in the final bullet.
- PRISM implementation will be led by MAGNET (Manufacturing Advocacy & Growth Network)Supported by business community, county, state & federal government, local philanthropic organizationsForecast: to generate an estimated 3,200 jobs and $470 million in incremental gross regional product within 8 years Initial OutcomesCurrently PRISM has 12 firms in its portfolio. Together those firms are targeting the development of 12-14 new products, $275 million in new revenue and 450 new jobs by the end of 2014.
- PRISM implementation will be led by MAGNET (Manufacturing Advocacy & Growth Network)Supported by business community, county, state & federal government, local philanthropic organizations
- - Provided a frame to create greater alignment to address regional priorities- Helps to sustain shared commitment, responsibility and valueSlide 10 – Impact with gov’tAlignment makes it easier to secure state and federal resources to support actionsState and feds always spend money, having a regional plan helps make sure the money is spent better
- Sustaining commitment demands a shared understanding (MBP can help create that understanding)Building stronger connections among assets generates better results (prism working with universities, nasa…)How you work together as important as what you work on