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.
- Team NEO