Regional Strategy Aims To Accelerate Job Growth

Regional Strategy Aims to Accelerate Job Growth

As part of a new regional economic competitiveness strategy (RECS)
for Northeast Ohio, the functions of both Team NEO and NorTech
– along with new functions such as workforce integration,
retention/expansion support and strategy coordination – are
being folded into a new organization that has adopted the Team NEO
name.

The regional strategy aims to accelerate the pace of job growth
– ultimately outperforming the nation – and ensure that
all segments of the population benefit from this growth. As one
organization, NorTech and Team NEO can facilitate this growth by
leveraging each other’s strengths, connections and resources
to better meet the needs of companies within or expanding into
Northeast Ohio.

More than 100 business and philanthropy leaders from across
Northeast Ohio spent more than two years developing the regional
strategy, which made four initial recommendations:

Make larger commitments (“go big”) in fewer
industry clusters – biomed and one or two
others to be identified. Analysis shows that successful regions
focus their economic development efforts on certain industries with
high growth potential.
Increase
emphasis on business retention and expansion making
it more proactive, coordinated and growth oriented; integrate the
region’s innovation services and assets.
Continue to support startups, but extend
assistance to “scale ups;” provide
entrepreneurship and innovation services to high-growth- potential
companies.
Address
talent and workforce development, align development
and connect resources to company, cluster and project specific
needs.

To learn more about the regional strategy visit http://www.rccstrategy.org/

The new organization will serve as the JobsOhio Regional Partner
for Northeast Ohio. It will identify and grow high-potential
industry clusters, increase the emphasis on retention and
expansion, market the region’s strengths and assets to
attract new businesses, address critical workforce development
issues, and coordinate partners under the economic
development strategy.

This includes other regional economic development organizations
that will continue in their current roles. BioEnterprise, for
example, will play a critical role in developing a “go-big”
strategy for the biomedical cluster. JumpStart will lead regional
efforts in providing support services to entrepreneurs and
“scale ups,” while MAGNET will support manufacturing
across Northeast Ohio.

Team NEO is led by interim CEO Grant Goodrich, who played an
integral role in advancing the RECS process. Goodrich will provide
needed continuity and direction for the organization as the board
conducts a search for a permanent CEO.