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NEO Horizons: A Look Forward

NEO Horizons: A Look Forward. Regional Day October 30, 2006. Is It Really That Bad?. NEO Per Capita Income in Top Third of All Metro Areas. NEO Atlanta Portland Charlotte Raleigh. Who is Team NEO?. Team NEO: JV of the Chambers. Joint Venture of Larger NEO Regional Chambers

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NEO Horizons: A Look Forward

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  1. NEO Horizons:A Look Forward Regional Day October 30, 2006

  2. Is It Really That Bad?

  3. NEO Per Capita Income in Top Third of All Metro Areas NEO Atlanta Portland Charlotte Raleigh

  4. Who is Team NEO?

  5. Team NEO: JV of the Chambers • Joint Venture of Larger NEO Regional Chambers • Greater Akron Chamber • The Greater Cleveland Partnership • Youngstown-Warren Regional Chamber • Stark Development Board • Lorain County Chamber of Commerce • Medina Economic Development Council • Serve and Promote 13 County Region • 4 Million Population • 2 Million Workforce • 12 Largest Economic Zone in U.S.

  6. Launched Nov 2003: Mission The region catalyst, supporting and stimulating higher levels of targeted marketing business attraction, retention and development in Northeast Ohio. Uniting the Region to Accelerate Business Growth

  7. Team NEO’s Role…Catalyst • Regional Business Retention, Expansion and Attraction • Assist Companies to obtain: • City/County/State Tax Credits, Grants & Incentives • Low Cost Capital • Workforce Training and Incentives • Relocation Services • Location Searches across the Region • Industry Networking, Sourcing/Customer Development • Econometric Research • Marketing the Region’s Assets “Switzerland”…The Indispensable Neutral Party

  8. Insights Northeast Ohio

  9. Northeast Ohio Population Stable Moody’s Economy.com data

  10. We are Transitioning to a New Growth Curve • Center of U.S. Industrial Boom 1900-1950 • Created Substantial Community Wealth and Cultural/Intellectual Assets • Commodity Manufacturing Base Fading Behind Us • New Technology-Driven Economy Emerging on World Class Assets • These are “Long Waves”, Change is Organic • Research Triangle Founded 1959 • Silicon Valley roots 1930’s

  11. New Economy Emerging From World Class Assets • Diverse Base of High Value Manufacturing • Corporate HQs and Research Centers • World Class Healthcare, Life Sciences assets • Market Reach with Excellent Logistics • Strong Financial Institutions • National Prominence in Higher Education • Resurgence of Entrepreneurial Activity • World Class Cultural Assets • High Quality, Affordable Life Style • The Envy of Every “New Economy” City

  12. 2002 - 2005 Quarterly Private Sector Employment Change Source: Bureau of Labor Statistics QCEW data; not seasonally adjusted

  13. Change in NEO GRP(Source: Moody’s Economy.com)

  14. Insights The Region’s Economic Development “System”

  15. Smart RegionalismBig Opportunity---Tough Task • Strong Region Built on Strong Individual Communities • Individual Communities Maintain Individuality: • Diversity of Communities is a Strength • Local Pride and Identity Creates Energy • Regional Collaboration When it Makes Sense • Connecting Economically • Centralize as Appropriate • Can Compete Nationally/Globally Better as a Region • Public/Private Partnership is Critical • Private thinks Regionally; Public thinks locally Long-Term Mindset; Requires New Behaviors

  16. Smart RegionalismTeam NEO Role Evolved to Find Value Added Niche • Marketing as a Region • Accelerate Industry Clusters through Regional and Statewide Connections • User-Friendly Central Entry Point to Site Selectors and Businesses Interested in NEO • Help Companies Stay in NEO when Expansion or Move from Current Location Needed • Champion Creative New Approaches that Leverage Regional Strength while Keeping Local Pride/Energy • If Not Team NEO, Then Who?

  17. Regional ED Groups are Focused, Complementary and Strategic • Market, Attract, Retain Large/Med Companies • Increase Investment in New Technology • Assist and Invest in Hi-Potential Entrepreneurs • Bring Capital to Grow the BioScience Sector • Transform Manufacturing Base to Highly Productive, High Value Producers

  18. Priorities Team NEO

  19. Team NEO Priorities • Focus on High Potential Industries

  20. Focus on High Potential Industries • Core Industries • Healthcare • Polymers • Advanced Manufacturing • Financial Services • Emerging Industries/Opportunities • Flexible Liquid Crystal Displays • Advanced Energy • NASA Glenn and Orion Project • Information Technology

  21. Team NEO Priorities • Focus on High-Potential Industries • Launch Regional Marketing with Partners • NEO Messaging to Targeted Audiences • Develop More Tools, Training to Improve the “System” (Retention and Attraction) • Training, Marketing Templates, Research, State of the Region Reports • Champion Smart Regionalism • Tax Sharing Across Communities • Create a Greater Team NEO

  22. Greater Team NEO Pledge

  23. Team NEO Uniting the region to accelerate business growth. To bring, expand or keep a business in Northeast Ohio, call 1.888.NEO.1411

  24. Back Up Slides

  25. NEO Horizons: A Look ForwardKey Takeaways • Transition from Old to New Well Underway • Region’s Economy Dynamic, Yet Stable Overall (Too Stable) • World Class Assets Fueling new Growth Curve • New Curve Requires Work, Resources, Persistence, Patience • Region’s Business Community Investing Seriously in Clear Strategy • BIG Team Needed to Accelerate $140 Billion Region

  26. Unified Chamber StrategyCleveland, Akron, Canton, Y&W, Lorain, Medina • Build more Growing, Globally Competitive Businesses • Make Life Better for the People of NEO • Create the Support and Energy to Succeed in Accelerating our Economy Businesses Across the Region Investing More than $34 million Each Year Implementing this Strategy

  27. Build More Growing, Globally Competitive Businesses • Help Existing Businesses • Gain Skills, Resources to Grow • Attract New Businesses • Promote NEO Assets, Including Quality of Life • Create Business Friendly Environment • Increase Innovation, Business Start-ups and Investment in New Technology

  28. Make Life Betterfor the People of NEO • Create a Competitively Advantaged Workforce • Increase Workforce Skills • Improve Educational System Effectiveness • Attract/Develop New, Young Leaders • Improve Physical Assets: Accessibility, Appearance • Support Quality of Life Programs • Re-Build and Re-Energize Core Cities into Vibrant Economic and Social Centers

  29. Create the Support and Energyto Succeed in Our Turnaround • Aggressively Tell NEO Story to Priority Audiences • Regionally, Nationally, Globally • Work to Create Public Policies and Support Public Officials who Advance this Agenda • Increase Our Power by Becoming Better at Regional Goal Setting and Regional Action

  30. Filling Gaps to Go from Good to Great • Effective Complementary Marketing Strategies • Targeted Nationally/Globally and Internally • Coordinated Region-wide Retention Process • Concerted Talent Attraction Effort • Need More Trained ED Professionals • Leverage NEO’s Political Strengths to Improve OH Business Climate and OH/Fed Clout • Going from Good to Great in Regional ED will Take Work and Resources

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