The Fund for Our Economic Future has awarded $5.3 million in grants to six regional economic development organizations collaborating to improve Northeast Ohio's economic competiveness. The Fund has been awarding these year-long grants since 2004.
"Part of what we do through grant making is develop a system in Northeast Ohio that we know hits on things that work," says Brad Whitehead, president of the Fund. "The purpose is to advance the economic agenda in Northeast Ohio."
The Fund for Our Economic Future is a collaboration of more than 100 foundations, organizations and philanthropists from across Northeast Ohio that strengthens the region's economic competitiveness through grant making, public engagement and research.
The grant recipients are: BioEnterprise, JumpStart, MAGNET, Minority Business Accelerator 2.5+, NorTech, and Team NEO. "Collectively, these six organizations have strengthened Northeast Ohio's economy contributing more than 2,000 new jobs, $47 million in payroll and attracting $371 million in capital," explains David Abbott, chairman of the Fund and executive director of the George Gund Foundation.
These six organizations best represent and support industries that have great growth potential -- namely manufacturing in emerging markets.
"Early on we identified the areas in which we need to work on, and we've tried to have constancy in these organizations," says Whitehead. "For a long time people thought that because we're a manufacturing economy that that was a bad thing. What we're learning is Northeast Ohio manufacturing is still an important part of our economy. We're turning old growth manufacturing into new growth products. Manufacturing is cool again."
Recent CWRU mechanical engineering graduates Austin Schmidt and Solomon Alkhasov won the 2011 Idea Competition, sponsored by LaunchHouse and CSU's Accelerated MBA program at Nance College of Business. They created a company called Affinity Algorithms, which develops proprietary computer arbitrage software to facilitate transactions between buyers and sellers in various online marketplaces. The software provides greater liquidity and price transparency in the marketplaces.
"We are developing a suite of online software that helps the seller in fragmented marketplaces better manage inventory," explains Schmidt. Although Schmidt and Alkhasov came up with the idea from their experiences buying and selling textbooks in college, they say it can be applied to many online marketplaces.
The idea for Affinity Algorithms came about in January, they set up shop in March, and landed at LaunchHouse this month. They plan to roll out a full build of the software in September.
Students from all Northeast Ohio colleges and universities were invited to pitch a business concept to a panel of entrepreneurs, venture capitalists, CSU faculty and LaunchHouse staff. The contest primarily focused on students who had innovative ideas in the fields of software and internet technology, low-tech medical devices and clean energy.
The second winner is Ronny Shalev, also a student at Case. Shalev created a product known as an autonomous intravenous (IV) insertion tool that will be the most effective replacement for the current procedure of manual vein localization and needle insertion. Shalev's tool will completely replace the need for trained medical staff.
Contest winners were each awarded a $2,500 scholarship to the Global AMBA program along with a prize basket of support services from LaunchHouse, "Additionally, we received a $500 check from LaunchHouse, along with a bunch of services that include legal services, accounting, and free space for three months," says Schmidt. "All in all, a very comprehensive package with everything needed to get a business off the ground."
The winners will also have the opportunity to compete for up to $5000 in follow on funding.
Source: Austin Schmidt
Writer: Karin Connelly
The PNC SmartHome is complete at the Cleveland Museum of Natural History and open to visitors who want to learn how to make environmentally-friendly improvements to their own properties. The 2,500-square-foot three-bedroom house uses 90 percent less energy than a traditional home, and it uses no furnace for heating and cooling. The walls are a foot thick and packed with insulation, while the windows are triple-pane glass -- both of which reduce heat loss. The home is heated and cooled with small heat pumps.
"The museum wanted to help people understand how they can dramatically reduce energy consumption," says David Beach, director of the GreenCityBlueLake Institute at CMNH. "We think the SmartHome will be the first home to receive passive home certification in Northeast Ohio."
Other features include hardwood floors made from 100-year-old reclaimed wood and artwork with environmental themes created by local artists. The landscaping features storm water management techniques to keep rain water on-site instead of in storm sewers.
So far, the home has been well-received. "People walk in it and go, 'wow,'" says Beach. "What they are reacting to immediately is what a beautiful home it is. Then they see they can learn things [to do] for their own homes."
The house will be moved to an empty lot on Wade Park Boulevard this fall and will go on the market soon. Beach says they've already received inquiries about purchasing the house.
Tours run Monday through Saturday 11 a.m. to 4 p.m., Wednesdays from 11 a.m. to 9 p.m. and Sundays 12:30 p.m. to 4 p.m. Tickets are $5 with museum admission, $3 for those who can't go upstairs. Children 2 and under are free.
Source: David Beach