F U N D       F O R                O U R
                                       E C O N O M I C                        F U...
Northeast Ohio Health Care Startups
                                                Raise $66 Million in 2009

           ...
EfficientGovNow Engagement Meetings
                                     Sweep the Region

                               ...
BioEnterprise and Team NEO Amp Up
                                                                                        ...
Report Indicates Northeast Ohio Benefits
                                     from Diversifying Industry

                ...
Broer to Join Leadership Team at
                                              Montessori High School

                   ...
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February 2010 Newsletter

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February 2010 update from the Fund for Our Economic Future and the work of its grantees.

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February 2010 Newsletter

  1. 1. F U N D F O R O U R E C O N O M I C F U T U R E February 2010 Members Newsletter Venture Dollars Slow, But Still Flow The 2009 Venture Capital Report for the Cleveland Plus Region issued in Northeast Ohio by January found that between 2005 and 2009, $1.1 billion has been invested by venture the Numbers capitalists and angel investors in 183 unique companies in the region. In the last five years, these 183 Northeast Ohio companies have received 348 investments, contributing to Ohio’s 2009 ranking as a top ten state for investment deal activity. 125 However, 2009 was a disappointing year for venture investment in the region, with only $99 million raised, compared to $260 million in 2008. Despite the overall drop in venture deals, investments in young companies Ohio companies will receive (described as seed stage investment) peaked in 2009, with 32 companies attracting nearly $125 million in clean-energy investment. manufacturing tax credits “The fact that investment actually increased in seed stage companies in 2009 is an indicator of the commitment of the region’s investors and the State of Ohio to 41 commercializing technologies,” says Ray Leach, CEO of JumpStart Inc. “Seed stage investors in the region are priming the pump for later stage investors, enabling them Cuyahoga County’s land to find competitive investment opportunities here.” Over the past five years, more than bank received nearly $41 million 170 seed stage investments have been made. to demolish blighted homes and renovate others The Venture Capital Advisory Task Force that compiled the report is comprised of more than 40 investors in the Cleveland Plus region. The report is paid for by the 4 Fund for Our Economic Future. Collaborative efforts The 2009 Venture Capital Report for the Cleveland Plus™ Region For Policy Makers of four entities (the Global Over $1 Billion of Venture Capital Invested in the last Five Years Cardiovascular Innovation Center, has Created Thousands of Jobs, with Thousands More Projected. Jobs Are Being Created at Every Stage of Growth Team NEO, the State of Ohio and Today: A Thriving Pipeline of Growing Companies SEED BSKLive is an IT company whose flagship product, StaffKnex, is a web-based application that combines staff scheduling and other functions into an automated staff management system. The the City of Akron) attracted Israeli $1.1 billion dollars have been invested by angel and venture capital investors in 183 unique Cleveland Plus regionentrepreneursince 2005*, raised $550,000 of seed funding in 2008, company, led by serial companies Mark Woodka, demonstrating that our region is starting and growing the innovative companies and large scale employers of our future. In 2009, during2009, and has grown its team to nine full time employees. followed by a $1.3 million Series A round in a year in which venture capital investing was down 38 percent nationally, our region saw seed stage investment at its highest level in the biomedical device company region’s pipeline of growing companies. EARLY last four years. Over the past five years, more than 170 seed stage investments have beenMAR Systems’ process forthe Cleveland Plus and other metals from water has already proven made, continuously filling removing mercury over 100 times more effective than competitive methods. The company has grown due to seed These investment dollars are funding companies in globally competitive, high tech industriesinvestment, followed by a $1 million Series A round in 2007, and a $1.5 million Series B round in such as Healthcare, Cleantech, and IT. NI Medical Ltd. to Akron 2009. With this funding, the company plans to grow its current seven-person team to 50 people in 2010. EqUITY INVESTMENTS BY SECTOR [$ Millions 2005-2009] [2005-2009] GROWTH NUMBER OF COMPANIES BY SECTOR PartsSource is the nation’s only alternative parts aggregator for hospital equipment parts. The company is led by Air Force veteran Ray Dalton, currently employs over 200 people, and hires Business & Consumer Products & Business & Consumer an additional four to six people per month. The previously angel-backed company raised a $50 Healthcare Services & Agriculture Products & Services & Agriculture million growth capital round in 2008,n Information Healthcare and its revenues grew by 338% in 2009. Information 136 n Healthcare Services, Technology EXIT 35 25 MemberHealth, a pharmacy benefits management company, grew rapidly and was acquired Healthcare IT & Other Technology 261 n Business & 112 11 by UniversalnAmerican in 2007 for $630 million. Prior to the acquisition, MemberHealth Biopharmaceuticals Consumer 4 n Medical Devices & Products & employed 160 people; now, Universal American’s Cleveland office employs 250 and the Equipment Services & 63 company ranks 494 in the Fortune 500. Agriculture 33 48 46 206 Cleantech 262 Information Tomorrow: $1.2 Billion in Venture Capital Will Be 18 n Advanced Technology 12 Specialty Materials Cleantech Needed to Deliver Growth andChemicals & Thousands More Jobs Healthcare n Energy 3The Venture Capital Advisory Task Force, comprised of over 40 Cleantech n Environmental investors in the Cleveland Plus region, has determined that at least an additional $1.2 billion in private sector venture capital investment will be needed over the next five years to continue the Today and Tomorrow: Thousands of Jobs Created growth of the companies in the pipeline and create thousands of additional jobs. According to the National Venture Capital Association, a job is created for every $26,435 of private sector capital invested, which equates to 40,700 jobs that have been and will be created from the $1.1 billion raised by Cleveland Plus companies in the last five years. These jobs feed into an ecosystem of growth in the high tech sector in Northeast Ohio: • Ohio is in the Top 10 for medical device jobs in the country and venture-backed Cleveland Plus area companies such as AxioMed Spine, CerviLenz, IMALUX, Orthohelix Surgical Designs, Synapse BioMedical, Trek Diagnostics, and ViewRay are the programs of the State of Ohio, some of which are currently pending Current investment incentives and funding types of firms that will continue to keep Ohio ranked highly. approval in the state legislature, are critical to maintaining this projected flow of private sector venture capital ffef • Ohio has the 4th highest number of cleantech jobs in the country the venture-backed Cleveland Plus area companies such as into and Cleveland Plus region. Five Star Technologies, Logos Energy, MAR Systems, Ovation Polymers, rexorce Thermionics, and Sorbent Technologies are the types of firms that will keep Ohio standing strong on this front. Ohio Third Frontier Technology Investment Tax Credit The Ohio Capital Fund • Ohio’s high tech employment has grown faster than almost all other Midwest states funded percent versus an averagetax credit is for taxpayers who Third Frontier has – 6.4 four pre- This of 4.3 This fund provides capital to investment percent in other Midwest states. Nowhere is this more true than in the Cleveland Plus region.supported seed and seed funds and invest in small, Ohio-based technology funds to increase investing in Ohio the growth of over 800 innovative companies. companies. companies in the Cleveland Plus region Over $20 million in private sector 10 Cleveland Plus area investment funds *Annual Equity Capital Raised by Cleveland Plus Area Companies: 2005: $259 million, 2006: $158 million, 2007:and indirectly. Statewide, it 2009: $99 millioncapital has been invested in over 200 directly $317 million, 2008: $260 million, have received monies from which $64 has catalyzed innovation and created Cleveland Plus area companies as a million has been invested in Cleveland 41,300 jobs already, with the potential result of the tax credit. Plus area companies for their growth. to create thousands more. Special thanks to the Fund for Our Economic Future for www.jumpstartinc.org www.nortech.org www.bioenterprise.com underwriting this report. www.futurefundneo.org February 2010 Members Newsletter
  2. 2. Northeast Ohio Health Care Startups Raise $66 Million in 2009 As part of its work to grow health care companies and commercialize bioscience technologies in Northeast Ohio, BioEnterprise closely monitors private investment across biotechnology, medical device and health care software and services – with a special focus on trends, financings and opinions in the Midwest region. The organization’s latest Midwest Health Care Venture Investment Report found that health care startups in the Midwest attracted $780 million in new investments across 156 companies in 2009. Northeast Ohio accounted for $66.6 million of the new Northeast Ohio by investments across 21 companies – the third highest number of companies in the Numbers the Midwest. 50 The total number of investments across the Midwest in 2009 is comparable to 2008, but the funding level represents a 26% drop from 2008, reflecting a similar drop nationally in health care venture investing. San Francisco-based Revere Data opened a Youngstown “This was a difficult year for emerging health care ventures in the Midwest office and plans to hire and nationally,” said Baiju R. Shah, president & CEO of BioEnterprise. “The global 50 employees within two years recession combined with the industry uncertainties related to U.S. health care reform dampened investment.” 123 The full Midwest Health Care Venture Investment Report is published yearly. Editions dating back to 2005 are available at www.bioenterprise.com. Business expansion projects News from in Wayne County totaled more than Midwest Health Care Startups Raise $780 Million in 2009 $123 million in 2009 Minnesota Leading State Cleveland, OH, January 29, 2010 – Midwest health care startups attracted $780 Million in new investments across 156 companies in 2009 according to the BioEnterprise Table: Midwest Health Care Venture Investment (By State) Midwest Health Care Venture Investment Report.. While the total number of investments is comparable to 2008, the funding level represents a 26% drop from 2008, State 2009 2008 2007 2006 2005 reflecting a similar drop nationally in health care venture investing. Minnesota $ # of $ # of $ # of # of $ # of companies collectively attracted the most investment dollars within the Midwest. Millions Cos. Millions Cos. Millions Cos. $ Millions Cos. Millions Cos. 70 Illinois 38.9 8 97.3 13 125.5 7 101.6 12 39.2 7 “This was a difficult year for emerging health care ventures in the Midwest and nationally,” said Baiju R. Shah, President & CEO of BioEnterprise, the Cleveland-based Indiana 76.3 14 75.4 7 135.6 10 37.2 8 23.1 4 biomedical venture developer. “The global recession combined with the industry Iowa 36.8 3 4.0 1 - - - - - - uncertainties related to U.S. health care reform dampened investment.” Kansas 4.3 5 16.9 9 56.6 6 - - - - Kentucky 97.3 7 19.2 6 32.0 4 51.4 4 19.3 2 By sector, the 2009 equity funding was allocated as follows: Michigan 102.2 14 105.0 12 56.2 5 135.5 11 52.9 8 The Minority Business • Medical device companies: $264 million (34%) Minnesota 199.0 65.8 23 8 318.9 50.2 22 11 296.1 69.6 25 7 233.9 39.2 22 10 151.0 71.9 18 9 • Biopharmaceutical companies: $378 million (48%) Missouri Accelerator 2.5+ has generated • Health care software and service companies: $139 million (18%) Ohio Western 105.4 40 189.1 43 295.5 44 113.9 39 185.4 18 37.8 24 126.2 33 101.4 17 54.4 22 58.3 10 $70 million in new deals for “While the dollars to biotech companies are larger, the number of companies attracting Pennsylvania capital is balanced between biotech and medical devices,” Shah continued. “This Wisconsin 16.2 10 48.5 8 56.2 12 25.2 7 39.3 6 reflects the industry balance in the Midwest as compared to the coasts.” Total 780.0 156 1,050.5 165 1,224.7 137 792.3 135 640.4 82 16 minority companies The Midwest Health Care Venture Investment Report includes all reported numbers and regionally collected data. For complete state and region results across the Midwest, see Table: Midwest Health Care Venture Investment (By Region)** the attached table. To view additional data about Midwest health care business activity visit http://www.bioenterprise.com/reports/index.html. Region 2009 2008 2007 2006 # of $ # of # of # of 1 $ Millions Cos. Millions Cos. $ Millions Cos. $ Millions Cos. Chicago 38.9 8 97.3 13 125.5 7 101.6 12 Indianapolis 41.2 9 73.0 6 113.6 8 18.4 6 West Lafayette 28.2 3 2.5 1 22.0 2 18.8 2 Louisville 2.5 4 13.4 3 6.2 2 11.4 3 Detroit-Ann Arbor 68.8 7 89.0 8 56.2 5 98.3 8 SW Michigan 14.5 5 16.0 2 - - 6.7 2 Minneapolis 199.0 23 318.9 22 296.1 25 233.9 22 St. Louis 27.8 7 47.2 10 57.6 6 20.2 9 Kansas City* 42.3 6 19.9 10 68.6 7 19.0 1 Cincinnati* 121.2 8 19.2 2 64.6 10 13.6 4 Cleveland 66.3 21 163.5 31 241.8 28 87.9 23 Columbus 12.4 13 6.4 10 14.2 7 12.4 12 Pittsburgh 37.8 24 126.2 33 101.4 17 54.4 22 Wisconsin 16.2 10 48.5 8 56.2 12 25.2 7 * Border MSAs such as Kansas City and Cincinnati include deals from both states in those geographies; deals are aggregated into state totals based on the MSA’s principal state **Regions’ totals do not equal states as not all areas are included in list of regions Sources: Compiled by BioEnterprise team from Venture Wire, Private Equity Week, Wall Street Journal, Venture Source, SEC Filings, company press releases, and www.biospace.com. 2 Pg. 2 1 4 2 2 E u c l i d A v e n u e , S u i t e 1 5 1 0 , C l e v e l a n d , O h i o 44115 • 2 1 6 . 9 2 5 . 4 9 0 0 • w w w . f u t u r e f u n d n e o . o r g
  3. 3. EfficientGovNow Engagement Meetings Sweep the Region Representatives from the Fund for Our Economic Future and Kent State University’s Center for Public Administration & Public Policy have been hitting the road across Northeast Ohio to encourage the public and government officials to participate in Round 2 of EfficientGovNow. Entities participating in recent and upcoming EfficientGovNow engagement meetings include: Northeast Ohio by Ashland Area Council for Economic Development the Numbers Ashland City Council 45 Ashtabula Growth Partnership Burton Middlefield Rotary Cleveland Clinic’s Global Chagrin Valley Intergovernmental Council Cardiovascular Innovation Center City of Medina, Montville, Lafayette and York Townships has awarded $13 million to 45 Cleveland City Council Caucus companies in just two years First Suburbs Consortium Lorain County Community Alliance 37 Medina County Economic Development Corporation Northeast Ohio’s Medina County Township Trustees Association biomedical industry has grown by Northeast Ohio Four County Regional Planning and Development Organization 37 percent in the last five years, Northeast Ohio Trade & Economic Consortium outpacing the national average Portage County Township Trustee Association Richland County Regional Planning Commission Stark Development Board Tri County Municipal Clerks Western Reserve Municipal Clerks Similar meetings last year helped persuade 294 government entities, representing 14 of Northeast Ohio’s 16 counties, and their partners to submit 65 project ideas to the first round of the competitive grants program. In the second round, the Fund hopes to attract even more project ideas from the region’s government officials, as well as entries from all 16 counties. The deadline for government officials to submit a project abstract for Round 2 of EfficientGovNow is February 26. Updates on the progress of engagement efforts, as well as details about the second round of EfficientGovNow, are available at www.efficientgovnow.org. ffef February 2010 Members Newsletter Pg. 3
  4. 4. BioEnterprise and Team NEO Amp Up Biomedical Company Attraction Northeast Ohio’s robust biomedical cluster is getting a shot in the arm from a collaboration between BioEnterprise and Team NEO. The two Fund grantees have been collaborating on a targeted marketing campaign to attract additional medical device companies to the 16-county Plus region. Through an informative new Web site ( www.clevelandplusbiomedical.com ), ongoing national and trade media stories and targeted business development efforts, the initiative aims to: >> Attract new businesses and jobs in core regional MEDICAL DEVICES strengths: medical imaging, orthopedics, cardiovascular and neurostimulation Behind Cleveland’s >> Promote Northeast Ohio’s biomedical cluster as an ideal BioMed Hub location for medical device business growth because of the Company executives credit their success to the area’s deep pool of resources. access to funding, talent, support entities, suppliers, customers and collaborative partners, such as the Cleveland Clinic, Case by MARK AREND velop the critical mass for m a r k . a r e n d @ c o n w a y. c o m a sustainable biomedical industry cluster,” says Peter C Western Reserve University, Summa Health System, University Gingras, president and leveland’s aspirations of being CEO of Proxy Biomedical, a leading center of biomedi- Inc., which makes bioma- Hospitals and the Austen BioInnovation Institute in Akron cal device manufacturing will terials for the repair and take a step forward when the regeneration of tissue. “The Medical Mart and Conven- development of the Euclid tion Center opens in 2013. A site on the Corridor and the Medi- city’s downtown mall, chosen in January cal Mart will help the city 2009, will accommodate 120,000 sq. ft. (11,150 sq. m.) of permanent show- rooms, 300,000 sq. ft. (27,870 sq. m.) of in attaining this critical mass and lead to additional growth,” he predicts. (The The offices of Quality Electrodynamics, led by >> Increase the Plus region’s brand awareness and position in core industries exhibit halls and 100,000 sq. ft. (9,290 Euclid Corridor is a trans- President and CEO Dr. Hiroyuki Fujita (left), have doubled sq. m.) of conference center space. The portation project involving in staff every 18 months. center, being developed by MMPI — rapid transit and diesel- manager of Chicago’s Merchandise electric vehicles on Euclid Mart, among other properties — will Avenue.) bring together buyers and sellers of medical equipment and help showcase Catalysts for Growth initiative of the Cleveland Clinic, Uni- versity Hospitals, Case Western, Summa To date, the campaign has secured 15 national/trade media Cleveland’s substantial healthcare and What’s already in place is just as Health System and the BioInnovation biotech communities. “Cleveland is on the path to de- important as what lies ahead. Two organizations are behind much of the Institute in Akron that cultivates health- care companies and commercializes placements, including stories in Expansion Solutions magazine, recent growth in the area’s bioscience technologies. medical device and equip- ment sector — the Global “Access to funding is essential for biomed companies to grow,” says Gin- Site Selection magazine and the Medical Device Daily technology Cardiovascular Innova- gras. “GCIC and BioEnterprise, and the tion Center (GCIC) and BioEnterprise. GCIC is a US$250-million research connections to funding resources these organizations provide, demonstrate the area’s commitment to providing finan- newspaper. and product development consortium founded in 2007 with funding from cial resources that will help the cluster continue to grow.” Dr. Hiroyuki Fujita, president and More information about the effort, as well as what makes Ohio’s Third Frontier Proj- ect. The Cleveland Clinic leads the effort with par- CEO of Quality Electrodynamics (QED), a maker of MRI RF coils for hu- man body imaging founded in Cleveland Northeast Ohio an attractive biomedical hub, is available at www.clevelandplusbiomedical.com. ticipation from Case West- in 2005, concurs. ern Reserve University, “The region will continue to grow, Peter Gingras (right), President Ohio State University, the because it provides biomedical compa- and CEO of Proxy Biomedical, Universities of Toledo and nies the resources necessary to thrive,” Inc., says development of the Cincinnati and University he says. In February 2009, QED moved Euclid Corridor and the new Hospitals of Cleveland. from 3,000 sq. ft. (279 sq. m.) of space Medical Mart will help Cleveland achieve critical mass for the GCIC has funded 45 com- to a 27,000-sq.-ft. (2,500-sq.-m.) facility. biomedical industry. panies thus far. The company doubles its staff approxi- BioEnterprise is an mately every 18 months and currently 784 NOVEMBER 2009 SITE SELECTION Pg. 4 1 4 2 2 E u c l i d A v e n u e , S u i t e 1 5 1 0 , C l e v e l a n d , O h i o 44115 • 2 1 6 . 9 2 5 . 4 9 0 0 • w w w . f u t u r e f u n d n e o . o r g
  5. 5. Report Indicates Northeast Ohio Benefits from Diversifying Industry Northeast Ohio is trending closer to the United States in this current recession than in the 1981 recession, according to the most recent edition of Team NEO’s quarterly Cleveland Plus Economic Review. Compared to the 1981 major recession in which Northeast Ohio significantly lagged behind the United States in employment and GRP, these indicators in the 16-county region of Northeast Ohio are trending closer to national averages in this Northeast Ohio by recession. the Numbers The review indicates that this improvement is likely due to Northeast Ohio’s change in industry mix. Nearly 30% of the region’s GRP depended on the manufacturing 25 industry in 1981, compared with 12% today. The Cleveland Plus region’s economy is now more diversified, with increases in health care, headquarters, professional, Phycal, a JumpStart portfolio scientific and technical services, and other industries. company creating algal biofuel, More information and the complete report are available at was one of BusinessWeek’s www.clevelandplusbusiness.com. “25 Most Intriguing Companies.” 33 December 2009 | Volume 3, Issue 4 Our partners include: Greater Cleveland Partnership Greater Akron Chamber Stark Development Board Thirty-three Northeast Ohio Team Lorain County The Cleveland Plus Economy Youngstown-Warren Regional Chamber Medina County Economic Development Corporation ® Growth Partnership of Ashtabula County cleantech companies have received venture or angel investment in the Through Two Recessions The U.S. has experienced two major recessions in Therefore, today it is important to know how last five years the last 30 years: one beginning in 1981, and the we are doing in comparison – both to the 1981 Cleveland current recession, which began in 2007. In the 1981 recession and to the nation. To evaluate this, recession, the Cleveland Plus region saw much the following report looks at the Cleveland Plus ® greater declines in employment and Gross Regional Plus region’s performance through the first Product (GRP) than for the U.S. as a whole. seven quarters of each recession. Economic Review December 2009 Volume 3, Issue 4 Current NEO vs U.S. Employment 1981 vs. 2007 Recession Recession +2% +2% Diversifying Industries Trending 0 -2% U.S. ‘81 0 -2% % Change % Change Closer to U.S. -4% U.S.‘07 -4% Positively Impacting -6% NEO ‘07 -6% Cleveland Plus Economy: An indicator of regional -8% -8% NEO ‘81 -10% -10% economic strength is the Q3 in ‘81 vs. Q4 in ’07 Q4 in ‘81 vs. Q1 in ’08 Q1 in ‘82 vs. Q2 in ’08 Q2 in ‘82 vs. Q3 in ’08 Q3 in ‘82 vs. Q4 in ’08 Q4 in ‘82 vs. Q1 in ’09 Q1 in ‘83 vs. Q2 in ’09 Q3 in ‘81 vs. Q4 in ’07 Q4 in ‘81 vs. Q1 in ’08 Q A Northeast Ohio View of the Global Recession of employment comparison U.S. in ‘81 NEO in ‘81 U.S. in ‘07 NEO in ‘07 U.S. in ‘81 and GRP indexes. During the 1981 recession, Cleveland Plus > From 1981 to 2007, Source : Economy.com and Ohio LMI employment and GRP rate Employment has increased www.clevelandplusbusiness.com dropped more sharply than the by nearly 100,000 individuals U.S. During the current recession, NEO vs U.S. Employment and GRP are only employment NEO vs U.S. GRP 1981 vs. 2007 Recession 1981 vs. 2007 Recession now approaching the decline experienced in 1981. And, the +2% +2% change in Cleveland Plus 0 0 employment and GRP is U.S.‘81 -2% -2% tracking much closer to the U.S.‘81 % Change % Change U.S.‘07 U.S. ‘07 -4% changes for the U.S. In this -4% NEO ‘07 -6% recession, Northeast Ohio -6% NEO ’07 -8% is performing more in -8% NEO ‘81 NEO ‘81 -10% Q3 in ‘81 vs. Q4 in ‘81 vs. Q1 in ‘82 vs. line ‘82 vs. the ‘82 vs. average. Q1 in ‘83 vs. Q2 in with Q3 in U.S. Q4 in ‘82 vs. -10% Q3 in ‘81 vs. Q4 in ‘81 vs. Q1 in ‘82 vs. Q2 in ‘82 vs. Q3 in ‘82 vs. Q4 in ‘82 vs. Q1 in ‘83 vs. Q4 in ’07 Q1 in ’08 Q2 in ’08 Q3 in ’08 Q4 in ’08 Q1 in ’09 Q2 in ’09 Q4 in ’07 Q1 in ’08 Q2 in ’08 Q3 in ’08 Q4 in ’08 Q1 in ’09 Q2 in ’09 U.S. in ‘81 NEO in ‘81 U.S. in ‘07 NEO in ‘07 U.S. in ‘81 NEO in ‘81 U.S. in ‘07 NEO in ‘07 Source : Economy.com > From 1981 to 2007, All data are for seven quarters of each respective GRP has increased by almost $65 billion recession and does not project future performance. ffef www.clevelandplusbusiness.com Pg. 5 February 2010 Members Newsletter
  6. 6. Broer to Join Leadership Team at Montessori High School Members and friends of the Fund for Our Economic Future are widely familiar with the efforts of Weathertop Foundation’s Vikki Broer, who has been working as a consultant to the collaboration’s staff over the last three years. She has raised the bar in the area of member relations, feedback and fundraising. Recently, a new opportunity to advance the goals of the region, namely in the area of talent development, piqued Vikki’s interest. Over the next couple months, she will transition into the position of dean of administration at the Montessori High School at University Circle. In breaking the news of her new opportunity, Vikki shared the following reflections: The Fund for Our Economic Future is one of the keys to the revitalization on Northeast Ohio. I am privileged to be part of this forward-thinking network of philanthropists. While I will continue with the Fund in a volunteer capacity, I will miss the supportive and collegial atmosphere of the Fund offices. The opportunity to work with all of our members was an experience in the pursuit of excellence. The vision and dedication of Fund members, Fund leadership and staff is overwhelming. The Fund “walks the walk,” creating a regional network that encourages collaboration, and creativity in solving the challenges of our region. In my new position, I will continue the spread the message of Advance Northeast Ohio, working on what matters across silos and across regional boundaries to ensure a bright future for Northeast Ohio. The Fund looks forward to working with Vikki in a volunteer capacity, and wishes her the best in her new position. Brad Whitehead, president of the Fund, responded: Vikki has been an extraordinary asset to the Fund over the last two years, leading our strategy process, facilitating the design of our committee structure, coordinating membership efforts and regularly reaching out to Fund members to determine how they might best contribute to our collaboration – and she has been a trusted counselor and friend to me as well. Vikki certainly represents philanthropy at its finest and we are thrilled that she will still be a part of the Fund even as she moves in new professional directions. Funders Committee 2010 Calendar The first Phase 3 meeting of the Funders Committee of the Fund for Our Economic Future will be held on March 3 at the Intercontinental Hotel at the Cleveland Clinic, 9801 Carnegie Ave. The meeting will be held from 9 a.m. to noon. The dates for the other Funders Committee meetings in 2010 are: • June 16 at the Davis Education & Visitor Center in Youngstown 2010 • September 1 (location to be determined) • December 8 (location to be determined) All Funders Committee meetings are from 9 a.m. to noon. If you have questions or suggestions for a Funders Committee location, please contact Angela Maldonado at 216-925-4900. Pg. 6 1 4 2 2 E u c l i d A v e n u e , S u i t e 1 5 1 0 , C l e v e l a n d , O h i o 44115 • 2 1 6 . 9 2 5 . 4 9 0 0 • w w w . f u t u r e f u n d n e o . o r g

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