Regional Economy

what it will take to bring millennials like me back home
Young people born in Cleveland in the 90s don't feel a sense of nostalgia for the city's heyday. Instead, they see an increasingly vibrant city as a place of opportunity, provided we stay on our current path.
local innovators in the spotlight at cleveland clinic medical innovation summit
The premier healthcare gathering in the country takes place this week at the Cleveland Convention Center. Here are four Cleveland healthcare innovators being featured at the conference.
7 craft food startups that are making it in the 216
Using the local food scene as a launch pad, craft food startups are growing quickly. We caught up with a fresh batch to learn the recipes behind their success.
four companies compete as finalists in cose's business pitch competition
The Shark Tank style competition, now in its second year, is designed to give new businesses financial assistance and expert advice to get off the ground.
everykey the winner of magnet's product-focused pitch competition
EveryKey, creator of a high-tech wristband that wirelessly syncs with various electronic devices, was the winner of the Incubator at MAGNET's first product-focused pitch contest.

EveryKey was pitted against five other hardware-creating entrepreneurs during the ProtoTech competition held Oct. 21 at the Ariel International Center in Cleveland. The nascent Case Western Reserve University-based company took home $12,000, funds that will be sunk into an invention that holds all of the wearer's online passwords and is designed to lock and unlock doors.

Chris Wentz, CEO of EveryKey, was thankful for the opportunity to put his product before a panel of investors, development specialists and peers interested in supporting physical technology. Now that the contest is over, the startup will concentrate on its Kickstarter campaign, set to launch Oct. 29.

"This competition meant so much to us," says Wentz, 23. "There were a lot of great companies here with some great ideas."
The ProtoTech pitch contest, co-sponsored by NASA Glenn Research Center, concentrated on tech-driven wares and the startups aiming to bring those products to market. The competition was introduced in July by MAGNET executive director Dave Crain with the intention of highlighting manufactured creations rather than IT or service-based ventures.

ProtoTech's second-place winner was RoboNail, designer of an app-operated robotic roofing installation machine.

The other ProtoTech finalists were:

* Advanced BioSensors-Ohio, creator of a "Continuous Glucose Monitor" for diabetic patients.

* Axenic, maker of non-toxic liquid-based solutions that clean organic waste.

* FGC Plasma Solutions, creator of a fuel nozzle designed to save money and reduce emissions.
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* Real Time Imaging Technologies, designer of a low-dose dental x-ray imaging system.
 
cwru's think[box] breaks ground on new $30m innovation center
With fireworks and smoke machines, and science experiments galore, CWRU officials on Thursday officially broke ground on the new home to thinkbox, a collaboration and innovation center housed in the former Lincoln Storage Building, now known as the Richey-Mixon Building.
 
The CWRU board of trustees voted unanimously last Sunday, October 12 to approve the renovations with the $25 million out of a $30 million goal. Phase I is due to be completed in August 2015.
 
Phase I includes renovations to the first four floors. A glass skyway will connect the athletic center to the thinkbox entrance. The first floor will be a community floor with a bike station. “It will be a younger-feeling creative space that suits our students’ lifestyle,” explains thinkbox manager Ian Charnas. “The second floor will be the ideation floor with amenities such as whiteboards and meeting rooms modeled after Stanford d. School in California.”
 
Floors three and four are dedicated to some real hands-on innovation. Three will house a prototyping floor and a small metal shop, will offer tools for nearly every metal project conceivable. “We’re sending an email out, saying 'come enjoy several thousand square feel to do your projects and get messy.'”
 
Charnas expects thinkbox to both attract and retain innovative thinkers to Cleveland. “This is helping to build industry in the region,” he says. “Most of our students are recruited from outside of Cleveland, and even Ohio. This is a big golden carrot to keep these folks in the area.”
 
The announcement was made during Case’s homecoming celebration. Case president Barbara Snyder was accompanied by the major donors to make the announcement amid smoke machines and fireworks displays on monitors. Instead of a ribbon-cutting, the group flipped a giant old-fashioned power switch.
 
Students dressed in white lab coats embroidered with thinkbox and blue hard hats made commemorative chocolate coins using liquid nitrogen, with the help of Sweet Designs Chocolatier and Piccadilly Creamery. A laminar flow fountain – the kind where the liquid leaps about – dispensed punch that shot from a white display case into guests’ glasses.
 
Charnas says they hope to raise the remaining funds in the next year and shoot straight into phase II renovations, which will include the remaining top three floors.
 
 
want to get people back to work? fill the basic skills gap
Low-income workers often lack the basic skills needed to find a good job. To bridge the gap, experts says it's essential to invest in training. Yet despite millions of people out of work, programs are hard to find.
the flats are back: five big and small projects reshaping the city's oldest neighborhood
After a decade of standing still, the Flats are on the move. Check out some of the newest developments changing this mixed-use neighborhood, from the Lake Link Trail to plans for a new boathouse on the Cuyahoga River.
northeast ohio automotive sector expected to outpace U.S., report says
In a report released Sunday by Team NEO, the automotive industry in Northeast Ohio is expected to hold a lot of promise in the upcoming decade. According to the report, the area has the second-largest Tier I auto production markets in the country, meaning the suppliers here make the parts the go directly on the vehicles, second only to Detroit.

Team NEO predicts the Gross Regional Product (GRP) in automotive to grow by 79 percent to become a $4.5 billion industry by 2024. Employment is also expected to grow by 19 percent. Jacob Duritsky, managing director of research for Team NEO, attribute the predicted growth to the area’s diverse mix of auto manufacturing.
 
“No one has a crystal ball, but based on our industry mix, the trend is pretty steady,” Duritsky says.  Add to the mix the jobs brought back to the Avon Lake Ford plant and the scheduled manufacture of Ford’s medium trucks, the F650 and F750, as well as tremendous investment in Ford’s Brookpark and Lordstown plants and Honda’s presence in the state, automotive has a strong hold in an industry that is expected to decline elsewhere in the country.
 
Automotive is one of only two manufacturing industries in Northeast Ohio to grow in the next 10 years. The other is food manufacturing. “We’re experiencing manufacturing employment, essentially, to remain flat,” says Jenny Febbo, Team NEO vice president of marketing and communications. “Automotive is one of only two expected to grow.
q&a: ronn richard, president of the cleveland foundation
In this candid, wide-ranging interview, the leader of the Cleveland Foundation discusses its centennial gifts, the Greater University Circle Initiative, the Transformation Plan and more.
keycorp report answers the question, how green is my banking?
KeyCorp's business practices are becoming as green as the currency handled by its nearly 1,000 branches nationwide, according to a recently released 2013 Corporate Responsibility (CR) Report.

In earning its eighth consecutive "Outstanding" rating on the Community Reinvestment Act exam, the financial institution has emphasized its conscientious approach to banking, citizenship and operations. That responsibly includes establishing operational policies that protect the environment, notes KeyCorp head of sustainability Andrew Watterson.

Last year, the corporation invested more than $6 million in energy efficiency improvement projects in KeyCorp buildings nationally. This includes lighting retrofits and HVAC improvements, diversion of waste from landfills, and nearly 5,000 tons of recycled office paper.

In addition, over 900 KeyCorp facilities are engaged in the U.S. Environmental Protection Agency's Energy Star program, an effort promoting power saving products and buildings in order to reduce pollution and energy consumption. On the local front, the bank's Tiedaman Road offices are platinum-certified by the Leadership in Energy and Environmental Design rating system.

Meanwhile, the institution has invested upwards of $1.2 billion in its renewable energy portfolio. This funding has gone largely to utility-scale wind and solar farms that carry the capability of producing massive megawatts.

An environmental focus aligns nicely with KeyCorp's overriding mission of helping the community thrive, says Watterson.
"Sustainability is in perfect alignment with that purpose," he says. "It's an important component of being a responsible corporate citizen."