SSTI's 12th Annual Conference

Ohio & Tech-based Economic Development
| Why Cleveland | Amenities

The State of Perfect Balance
Fountain of Eternal Life Often referred to as the "Buckeye State,” Ohio is rich in history, culture and diversity. With so much to do and so much to see, Ohioans enjoy a broad range of lifestyles and activities. From arts and culture to sports, amusement parks, historic sites, and natural wonders, Ohio has something for everyone.

Ohio is a highly industrialized state due to its geography, with ports along Lake Erie and major rivers, and is a key center for steel, automobiles, rubber products, chemicals, machine tools, and building materials. Ohio’s agricultural industry also contributes to the state’s economic strength.

The state has done an excellent job of leveraging its technology strengths to grow and increase future economic opportunities. Innovative policies and programs at the state and local levels have spurred research, development and commercialization activities, as well as business and job growth and creation. Here are few examples of why Ohio’s TBED story is unique:

Ohio's Thomas Edison Program is a network of nonprofit organizations around the state that are funded to provide services to new and existing businesses that will result in an increased percentage of product-based high technology businesses, new and improved products brought to market by Ohio businesses, and improved and more efficient processes in existing Ohio businesses. Since the program started 25 years ago, it has provided millions of dollars in benefits to the state's economy and has been cited as a program model for other states to emulate. www.odod.state.oh.us/tech/edison/

The Third Frontier Project was initiated in 2002 and is the state's largest-ever commitment to expanding Ohio's high-tech research capabilities and promoting innovation and company formation that will create high-paying jobs for generations to come. The 10-year, $1.6 billion initiative is designed to build world-class research capacity, support early stage capital formation and the development of new products, and finance advanced manufacturing technologies to help existing industries become more productive. Through the Third Frontier Project, additional federal and private sector support can boost the total investment to more than $6 billion. www.thirdfrontier.com

The Ohio Venture Capital Fund, a fund of funds, was established by the State of Ohio to help increase private investment in Ohio companies in the seed- or early-stage of business development. As of October 2006, the Ohio Capital Fund had obtained $150 million of commitments from private resources for investment in qualified venture capital funds. These venture capital funds commit to invest at least half of the Ohio Capital Fund monies in Ohio-based companies, corporations and individuals. The Ohio Capital Fund is actively making commitments to venture capital funds, and through these commitments, the Ohio Capital Fund acts as a catalyst to promote venture capital investment in promising Ohio companies.
www.theohiocapitalfund.com/

Cleveland+
Akron+Canton+Youngstown. We’ve got it all. Together.
Did you know the first wind turbine was invented in Cleveland? How about America's first gasoline-powered automobile, electric streetlight or x-ray machine? Once dubbed the Silicon Valley of the mid-19th century, today Cleveland+ adds to its legacy of technology, innovation and entrepreneurship.

TBED efforts in Northeast Ohio are continuing to pay off. In 2007, the Cleveland+ region attracted $318 million in new venture investments, which is double the amount of capital invested in 2006. Cleveland+ is also developing a reputation as the “Nation’s New Bioscience Innovation Destination.” Since 2003, 70 healthcare start-ups in Greater Cleveland have attracted more than $600 million in new equity funding and another 35 have attracted $70 million in NIH SBIR grants. Employment levels are higher than five years ago, with double-digit growth in high-tech, biomedical and professional services industries. The Cleveland+ region is also experiencing gains in high-tech industry growth, high-tech occupations, and research and development activity.

Even though the Cleveland+ region is transitioning to a high-tech economy, it maintains its cultural and ethnic diversity, combined with Midwest hospitality, which makes the region a perfect place to live, learn, work and play. In fact, in 2005, Cleveland was ranked as the number one "Most Livable City" in the U.S. by the Economist, primarily because it has all the benefits of a major city without sacrificing quality of life. Cleveland+ is home to major research institutions and healthcare organizations; major league sports teams; world-class cultural institutions; and great museums and entertainment attractions.

To plan your visit to Ohio’s largest city and its cultural capital, see www.positivelycleveland.com. To find out more about the state of Ohio, visit www.ohiomeansbusiness.com. To find out more about doing business in Cleveland+, visit www.clevelandplusbusiness.com.