Torino has been called the Detroit of Italy. And like that -- and our -- city, it succeeded or failed on the backs of a few large manufacturers. In the 1980s, the shutdown of some of those big companies cost the Torino region more than 100,000 jobs. That city wouldn't turn things around economically for nearly 20 years.

But turn things around it did, says this Time article, which states that Torino has "become a model of how a city can transform itself after an industrial collapse." Civic and business leaders there fashioned an aggressive urban plan that included expansion into international markets, investments in innovation, and the buildup of new sectors like food and tourism. Today, Torino's per capita GDP is more than 10% higher than the national average.

Lessons learned there can -- and in some cases already are, says Time -- being implemented here in Cleveland.

"Once a powerhouse of heavy industry -- steel, rubber, automobiles -- Cleveland has struggled for decades to find its footing. Recently, however, the city and the surrounding area have established agencies like those in Torino to help young companies get off the ground, assist midsize businesses with finding new markets, and guide the city's old manufacturing base into faster-growing sectors such as medical supplies, flexible electronics, clean energy and next-generation polymers."

And efforts are already paying off: "Cleveland and its region are now home to 19 venture-capital firms -- up from two in 2000 -- and are focused on working to help existing firms find their places in the new economy."

Read the entire article here.