Promising Practices in Regional Economic Development: Northeast Ohio

Last week, I attended an event focused on the importance of regional planning, partnerships between government, workforce, education, and economic development, and how encouraging entrepreneurship in regions can help spur economic growth and prevent further population loss.

My own organization, Corporation for a Skilled Workforce (CSW), has initiated or has involvement in several regional strategies in Michigan, Arizona, and across the country. Though CSW is not working in Northeast Ohio, this region won notoriety in its efforts to transform the region into a global economic competitor. We can learn from this example.

Regional Strategic Planning

In 2003, philanthropic and corporate leaders committed themselves to building a strategy from the ground up. I was living in Cleveland at the time and took part in the focus groups called Voices and Choices that informed the region’s efforts.

Moving to Action

Advance Northeast Ohio, the region’s economic action plan was launched in 2007 and creates a common vision for more than 80 partner organizations, institutions and leaders from business, philanthropy, and government. The 16-county partnership is committed to collaborating and implementing strategies that help create jobs, increase incomes, and reduce poverty, collectively strengthening the region.

Clear Priorities

The partnership has identified four clear priorities to guide its work:

• Business Growth and Attraction
• Talent Development
• Racial and Economic Inclusion
• Government Collaboration and Efficiency

Regional Investors

A regional funders collaborative, The Fund for Our Economic Future, emerged to support the region’s effort, and demonstrates how corporate and philanthropic partners can invest in a common vision.  Of the over $60million raised, most of the resources have been granted to regional economic development organizations that work to start, accelerate, attract, and grow companies in the region.

Tracking Progress

To monitor progress, partners, assisted by George Erickcek of the Upjohn Institute, created a community economic dashboard which is now updated annually by Cleveland State University. The dashboard is an index, tracking indicators in the following nine areas:

• Skilled Workforce and Research & Development (R&D)
• Legacy of Place
• Urban Assimilation
• Racial Inclusion and Income Equality
• Locational Amenities
• Technology Commercialization
• Urban/Metro Structure
• Individual Entrepreneurship
• Business Dynamics

Award Winning Practices

Jumpstart is northeast Ohio’s venture development organization that invests in early stage businesses and ideas. Through the end of 2008, it invested in 34 companies, which have raised more than $100 million in growth capital. The program was recently recognized for Excellence in Urban or Suburban Economic Development by the U.S. Economic Development Administration.*(See footnote)

Community engagement, regional action guided by strategy and clear priorities, consistent investment, and innovative practices—these are key ingredients in a recipe for regional transformation.

* Other finalists in the same category: Composites Kansas (WIRED Initiative, Wichita, Kansas); Conway Development Corporation (Conway, Arkansas); Los Angeles County Economic Development Corporation (Los Angeles, California).

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