Business Growth

Northeast Ohio's economic future depends on our region fostering a large number of high-growth companies in new industries and every day, it seems, we have more evidence that are region is succeeding in those efforts.

Here's the latest from Paula Schleiss at the Akron Beacon Journal, who regularly documents entrepreneurial developments in the region:

For 25 years, the Akron Global Business Accelerator has been a rather quiet force for economic development in Northeast Ohio.

But the national spotlight found it on Tuesday.

The facility won the 2008 Incubator Innovation Award from the National Business Incubation Association at the organization's annual conference in San Antonio, Texas.

And one of the incubator's tenants — Summit Data Communications — took second place for Outstanding Incubator Client in the technology category.

The Accelerator is one of a handful of so-called business incubators operated throughout the region that are part of the NEOinc network. Check out the network's web site to see how they can help your company achieve its high-growth potential.

One of the many false arguments I often hear around the region goes something like this: "Should we work harder to preserve our manufacturing base or put more of an emphasis on our bioscience industry?"

The answer is yes. We can do both. Indeed, the fastest growing manufacturer in Cuyahoga County, Ben Venue, manufactures drugs. And the region is full of manufacturing companies that make medical devices, equipment and products.

BioEnterprise and MAGNET are partnering to accelerate the development of the region's medical manufacturing assets. The two organizatoins are hosting a program on May 29 from 3:30 to 6 p.m. at the Hilton Garden Inn in Cleveland that will feature area manufacturing leaders who have sucessfully diversified their businesses to participate in the biomedical industry.
Crain's Cleveland Business publisher Brian Tucker will moderate a panel featuring:

• BioEnterprise President & CEO, Baiju Shah
• MAGNET Acting President Fatima Weathers
• Valtronic, TBD
• Superior Products Inc, Executive Vice President Gregory
• Gans Quality Rubber Systems, TBD

The discussion will provide manufacaturers ou the information you need to determine how to enter the fast-growing and profitable medical sector.

Cost is $25.

To register for this event please contact Katharine Boone at (216)432-5159 or by email at Katharine.boone@magnetwork.org.

The Cleveland-Pittsburgh-Youngstown Learning network is an opportunity for the three cities to explore common concerns, share best practices, and identify opportunities for collaboration.

The first Learning Network session will be June 20, 2008 from 10 am to 4 pm in Youngstown.

The keynote speaker will be John Austin, director of the Great Lakes Economic Initiative at the Brookings Institution. He will speak about the economic potential of the Great Lakes Mega-region. The event will also
include sessions on innovative programs and initiative within the cities of the Great Lakes Region.

More details to follow.

Contact:

Bobbi Reichtell
Neighborhood Progress, Inc. BLR@neighborhoodprogress.org

Terry Schwarz
Cleveland Urban Design Collaborative tschwarz@kent.edu

Few organizations have demonstrated the power of collaboration as well as the Youngstown Business Incubator, home to several of the region's most promising high-growth companies.

Jim Cossler, chief evangelist for the incubator, provides the following update on how things are going at YBI:

Just how far the Youngstown Business Incubator has come as a center of excellence for software development really struck home for me late last week during a three-way video conference.

Joining with us in Youngstown, Ohio were YBI portfolio companies Zethus Software, M-7 Technologies and our research partner Youngstown State University. Also joining us from Columbus, Ohio and Gaithersburgh, Maryland respectively were scientists from the Ohio Supercomputer Center and the National Institute of Standards and Technology.

Our goal? To define each partner's responsibility for developing the next generation of laser-based 3D imaging software for advanced manufacturing under our contract with the U.S. Department of Defense.

You know, there was a time a few years ago that we would have been happy to get just one software company successfully off the ground in Youngstown.

Now I'm kinda thinking total world domination.

If you have a high-growth potential company and your looking for some business advice and services, check out YBI and the region's other incubators that collaborate as part of the NEOinc network.

The Lorain County Community College Foundation said Thursday that it will invest $325,000 in four Northeast Ohio technology startups through the second round of its Innovation Fund awards.

Most interestingly, not a single one of the four companies was started in Lorain County. Now that's regionalism. You can read more about the Fund and the companies it is investing in this story from the Lorain Morning Journal.

The Fund is demonstrating that major benefits are derived from looking beyond traditional borders. Two of the companies it is investing in will be moving into the GLIDE incubator building on the campus of the college. The incubator is part of a network of incubators throughout the region called NEOinc. Check out its new web site here.

The college is using its innovation fund to stimulate the growth of high-growth startups. It is a model that other institutions throughout the region should consider emulating -- particularly if they adopt Lorain's regional perspective.

Congratulations to officials in Stow, Hudson and Cuyahoga Falls for collaborating together to secure a 100-bed hospital in northern Summit County.

The deal is an example of the success generated when communities collaborate rather than compete for projects.

''We will share in the investments, the risk and we will also share in the benefits,'' Cuyahoga Falls Mayor Don L. Robart said according to this story in the Akron Beacon Journal.

This collaboration provides an example of the benefits of broader regional collaboration and planning that is envisioned by the Regional Economic Revenue Study. When our communities plan together for regional growth rather than competing over it, good things happen.

This is the second great example of regional collaboration by governments recently. Read about how communities are working together in Lake County to spur economic growth.