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How Innovation is Accelerating NEO' s Economic F uture

How Innovation is Accelerating NEO' s Economic F uture. October 2, 2013. In the past 30 years in the U.S., all net new job growth s temmed from high growth entrepreneurial companies. That Explains A lot about NEO…. Entrepreneur magazine:

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How Innovation is Accelerating NEO' s Economic F uture

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  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. That Explains A lot about NEO… Entrepreneur magazine: “NEO has the Worst Performing Entrepreneurial Outcomes for a Large U.S. Region Between 1990-2002” 38% of Ohio GDP and population • 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 Annual Change in greater Cleveland's gross regional product vS. national GDP

  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.

  5. Some good news about what is happening High-tech startupsare forming at a higher rate than all other private-sector businesses.

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

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

  8. Specialized Services & Resources Delivering Resources to Region’s Entrepreneurs • 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 Juventas Therapeutics | Cleveland, Ohio

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

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

  11. Our Organization’s Goals Planning for the Future Increase the economic impact and ensure the sustainability of JumpStart’s work while reducing our dependence on current Northeast Ohio charitable supporters • Deliver economic results that impact startup and high-potential firms • Build partnerships that lead to greater collective entrepreneurial impact and sustainability • Have the strongest, ever-evolving knowledge and solutions for accelerating the economic impact of entrepreneurs and building entrepreneurial ecosystems • 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 • Organize to generate significant increased resources

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

  13. Entrepreneurial Signature Program Delivering Coordinated, High-Impact Assistance 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 “We wouldn't exist  without JumpStart.”–Laura Bennett, Embrace Pet Insurance

  14. A Coordinated Startup Network We Manage & are part of a connected Network

  15. Connected To A Larger System

  16. PRISM is about Growth • 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 Regional Economic Growth Job Growth Revenue Growth Enabling growth at SMMs can lead to significant revenue and job growth in Northeast Ohio 16

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

  18. What does PRISM do? • 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: • TargetSMMs 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 SMMs account for more than 45% of activity in $30 Billion+ NEO manufacturing sector, but their full growth potential is not being realized

  19. Let’s Partner In New Ways to Leverage Innovation Into NEO Economic Growth! Ray Leach, CEO ray.leach@jumpstartinc.org

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