The Fund for Our Economic Future approved $5.035 million in grants to go to seven regional economic development organizations to continue their work in developing companies and bringing jobs to the Northeast Ohio.

The organizations are: NorTech, JumpStart, BioEnterprise, Team NEO, MAGNET, WorkAdvance and the Agriculture-Bioscience Industry Cluster. The organizations specialize in everything from entrepreneurship and technology to healthcare, manufacturing and bioscience, to general business attraction.

“Although funding was down 15 percent this year, the good news is the impact of these grantees continues to go up,” says Brad Whitehead, president of the Fund. “There’s a real sense of momentum in the work of these great teams.”

Many of the organizations have expanded their support of businesses by working together to accomplish the common goal of attracting, retaining and supporting businesses in Northeast Ohio. “Most of them have done a great job of expanding,” says Whitehead. “It’s gratifying to hear stories of companies touched by multiple organizations. To see them surrounded with support is great.”

The grantees are chosen based on four criteria: tangible data like job creation; what the organization is doing to promote its respective niche industry; the organization’s efforts to network with other organizations; and assurance of a plan for economic inclusion.

The Fund is a collaboration of philanthropic organizations and individuals that have united to strengthen the economic competitiveness of Northeast Ohio through grant making, research and civic engagement.

Source: Brad Whitehead
Writer: Karin Connelly