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How Innovation is Accelerating NEO's Economic Future October 2, 2013.

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Presentation on theme: "How Innovation is Accelerating NEO's Economic Future October 2, 2013."— Presentation transcript:

1 How Innovation is Accelerating NEO's Economic Future October 2, 2013

2 In the past 30 years in the U.S., all net new job growth stemmed from high growth entrepreneurial companies.

3 Entrepreneur magazine: “NEO has the Worst Performing Entrepreneurial Outcomes for a Large U.S. Region Between 1990-2002” THAT EXPLAINS A LOT ABOUT NEO… ANNUAL CHANGE IN GREATER CLEVELAND'S GROSS REGIONAL PRODUCT VS. NATIONAL GDP NEO ranked worst across aggregate metrics: Number of new companies % of employees working for young firms Amount of venture capital Number of bankruptcies Per capital income growth 38% of Ohio GDP and population 3

4 NOT ALL COMPANIES CONTRIBUTE EQUALLY In 2011, high tech companies between 1-5 years of age created a net 16,700 jobs Other businesses between 1-5 yrs of age in the private sector overall lost 513,700 jobs 87% of technology startups plan to hire new employees in 2013 according to an interactive report by Silicon Valley Bank For each new job that is created in the tech sector, 5 jobs are created in service fields The manufacturing sector creates only about 1.7 support positions for each core job within the industry. 4

5 High-tech startups are forming at a higher rate than all other private-sector businesses. SOME GOOD NEWS ABOUT WHAT IS HAPPENING 5

6 Return-oriented fund $10M with a management fee of 2% We can help. Interested in accelerating diverse entrepreneurial successes to spark significant economic growth in Northeast Ohio? OnShift | Cleveland, Ohio Northeast Ohio Opportunities

7 Advisor Investor Partner & Advocate Deliver high-impact business assistance directly to entrepreneurs. Invest directly in early stage, high growth Northeast Ohio companies. Champion new regional resources and programs via a combination of promotion and advocacy. Resource Manager Manage a Network of nearly 30 entrepreneurial resources to deliver efficient and effective support to entrepreneurs. 7 Focused on Northeast Ohio Delivering Resources to Region’s Entrepreneurs

8 Specialized Services & Resources Raise and deploy much-needed early stage capital Help startups access funding Identify and recruit key talent for young firms Deliver expert volunteer mentoring Offer free educational and networking opportunities Conduct market research for startup companies Assist with marketing and public relations Attract and develop new entrepreneurial resources Specialized support for women, minority and inner-city entrepreneurs Manage a Network of connected seed funds, mentors, incubators and accelerators to ensure efficient, cost-effective and complementary delivery of resources across 21 counties of Northeast Ohio Delivering Resources to Region’s Entrepreneurs 8 Juventas Therapeutics | Cleveland, Ohio

9 9 economic impact of NE Ohio startups on the entire state Impact of Supported Companies

10 Capital · Revenues · Jobs Clients Are Measurably Contributing to NEO’s Economic Vitality revenue generated by client companies in 2012 jobs created and sustained by client companies follow-on capital collectively raised by clients 10 JumpStart’s clients

11 Our Organization’s Goals Increase the economic impact and ensure the sustainability of JumpStart’s work while reducing our dependence on current Northeast Ohio charitable supporters 1.Deliver economic results that impact startup and high-potential firms 2.Build partnerships that lead to greater collective entrepreneurial impact and sustainability 3.Have the strongest, ever-evolving knowledge and solutions for accelerating the economic impact of entrepreneurs and building entrepreneurial ecosystems 4.Offer a unique, world-class set of programs for engaging with and accelerating results of minority and female entrepreneurs, as well as an intentional approach to developing inclusive ecosystems 5.Organize to generate significant increased resources Planning for the Future 11

12 Building Partnerships 12 Our partnership philosophy is to work together to achieve your desired community, business, or philanthropic objectives.

13 Entrepreneurial Signature Program More than 600 entrepreneurs approach JumpStart and our ESP partners annually for support. As a result, we’re: Implementing a new assessment continuum and service methodology, enabling even more efficient use of resources and increased speed-to-outcomes for all entrepreneurial clients Developing online learning and educational events to support entrepreneurs furthest from outcomes Scaling the Burton D. Morgan Mentoring Program Expanding talent recruiting services to make them even more available to growing Northeast Ohio companies Enhancing services to help companies attract follow-on funding and first customers Delivering Coordinated, High-Impact Assistance “We wouldn't exist without JumpStart.” –Laura Bennett, Embrace Pet Insurance 13

14 14 A Coordinated Startup Network

15 Connected To A Larger System 15

16 PRISM is about Growth Revenue Growth Job Growth Regional Economic Growth Enabling growth at SMMs can lead to significant revenue and job growth in Northeast Ohio  6,900 Manufacturers in NEO  14.1% of region’s employment  19.0% of GRP  23.4% of region’s wages  40.5% of Ohio’s manufacturing employment 16

17 Through a network of EDOs, research agencies & labs, higher education institutions, manufacturers, and other partners, Northeast Ohio is: 1. Home to many growing manufacturing companies 2. Emerging as a hotbed of talent 3. Attracting manufacturing companies from elsewhere “Game-Changing” Vision 17 Northeast Ohio is Internationally Renowned as a Center of Excellence in Manufacturing Education and Product Innovation

18 The Partnership for Regional Innovation Services to Manufacturers (PRISM) seeks to establish Northeast Ohio as a global center of excellence in manufacturing innovation Objective: Drive regional economic growth from small-to-mid-sized manufacturers (SMMs) through three core strategies:  Target SMMs as an untapped source of economic growth  Assist critical mass of SMMs in applying resources of the region in growth projects  Leverage the lessons learned from these engagements to develop sustainable, more powerful resources to catalyze growth in the broader sector What does PRISM do? SMMs account for more than 45% of activity in $30 Billion+ NEO manufacturing sector, but their full growth potential is not being realized 18

19 Let’s Partner In New Ways to Leverage Innovation Into NEO Economic Growth! Ray Leach, CEO

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