Vote Yes on Issue 1
                                     F U N D        F O R       O U R                                 ...
Fund Elects Burton D. Morgan Foundation
                                              President as Vice Chair
            ...
JumpStart and Ohio Department Aim to
                                      “Launch 100”
                                  ...
MBA 2.5+ Portfolio Company Secures
                                               $480,000 Subcontract

                  ...
Fund Retains Fuentes to Serve as Controller

                                            The Fund is pleased to announce t...
Upcoming SlideShare
Loading in …5
×

Fund April 2010 newsletter

680 views

Published on

Published in: Education
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
680
On SlideShare
0
From Embeds
0
Number of Embeds
2
Actions
Shares
0
Downloads
4
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Fund April 2010 newsletter

  1. 1. Vote Yes on Issue 1 F U N D F O R O U R and renew the E C O N O M I C F U T U R E Third Frontier initiative April 2010 Members Newsletter To show our support of State Issue 1, this month’s NEO by the Numbers all Issue 1 Receives relate to successes achieved to date by Ohio Third Frontier. Widespread Support The Fund and its grantees have been working to build support for Issue 1, Northeast Ohio by a statewide ballot measure on the May 4 primary ballot that will renew Ohio’s most the Numbers successful economic development and jobs program: Ohio Third Frontier. Third Frontier is an integral part of Advance Northeast Ohio, the region’s economic competitiveness agenda. The initiative supports the region’s efforts to boost 1 entrepreneurship and drive innovation and commercialization in targeted industries. Since its inception in 2002, Third Frontier has created 55,000 new jobs; Issue 1 renews and created, attracted, or capitalized 637 companies; and generated $6.6 billion in continues Ohio’s highly successful economic activity across the state. Third Frontier’s current funding mechanism, Third Frontier economic approved by voters in 2005, expires in 2012. Issue 1 will authorize $700 million in development and jobs program bonds to extend funding through 2016 without raising taxes. Supporters of the Issue 1 campaign to renew the Third Frontier program have gained bipartisan legislative support, as well as widespread editorial support from 4 the region’s newspapers, including: The Plain Dealer Ohioans will have a chance on May 4 to cast a vote for the state’s future. Issue 1 is on the They need to seize that opportunity by voting for Issue 1 and doubling down on the best May 4 primary ballot economic development bet Ohio has made in decades: its Third Frontier program. The Morning Journal When it comes to creating jobs and expanding high-tech industries, Ohio’s Third 55,000 Frontier program has shown amazing success since it began in 2003. Best of all, the Third Frontier program is paying for itself. [It] equates to a $10 return on every $1 the Since the Third Frontier state invested in the program. Ohio’s Third Frontier program is well worth continuing. program’s inception in 2002, it has helped create Akron Beacon Journal 55,000 jobs in Ohio The strength of the [Ohio Third Frontier] process has been affirmed by the growth in venture capital, with Ohio outpacing the country in recent years by almost 2.5 times. Third Frontier has been a winner. Now Ohio voters must say yes to its extension — to the promise of innovation, prosperity and jobs. Tribune Chronicle Virtually everything about the Third Frontier appears positive, from its non- partisan review and reward procedures to its bipartisan political support to its objective third-party support. The Center for the States calls the Ohio Third Frontier ‘’a comprehensive, professionally run effort to build world-class research capacity, promote interaction between research and industry, and commercialize research and development.’’ The Brookings Institution and Greater Ohio Policy Center recommend renewing Ohio Third Frontier. We add our voice to the chorus. The Vindicator ffef An objective evaluation of Third Frontier will lead to the conclusion that this is an initiative voters can — and should — easily support. Visit www.UnitedForJobsOhio.com for more information and to learn how you can join us in supporting State Issue 1. April 2010 Members Newsletter
  2. 2. Fund Elects Burton D. Morgan Foundation President as Vice Chair Members of the Fund for Our Economic Future have elected Deborah D. Hoover, president of The Burton D. Morgan Foundation, to serve as a vice chair. The Fund adds Hoover to its leadership at the advent of its third, three-year phase, which began in March. “As we embark on phase three, the Fund has many challenges and opportunities to confront, and we move forward with fresh determination. I am energized to begin work in my new role,” said Hoover. “Participation in the Fund throughout the last six years has enriched the work of The Burton D. Morgan Deborah D. Hoover Foundation by providing a regional context to our grants in the entrepreneurship field, President, The Burton D. Morgan Foundation and the foundation will continue to share its resources and expertise to help inform critical Fund decisions.” Hoover joins Brian Frederick, president and CEO of the Community Foundation of Lorain County, and Christine Mayer, chief operating officer of the GAR Foundation, as vice chairs of the Fund. She will continue to serve as a member of the Fund’s Steering Committee and co-chair of its Entrepreneurship and Innovation Action Team. NorTech Energy Enterprise Launches Web Site NorTech Energy Enterprise, a grantee of the Fund and leader of the collaborative regional effort to drive growth across all sectors in advanced energy, recently launched www.nortechenergy.org to support its work. The site features: >> Northeast Ohio’s Advanced Energy Industry Cluster Directory of more than 400 organizations >> Details about offshore wind energy and clean energy incubator projects >> Links to resources, including organizations, groups, reports and presentations Additionally, the site offers news stories and industry event information, including details about NorTech’s Advanced Energy Speaker Series. The next event in the series, which is presented in partnership with NASA Glenn Research Center and Great Lakes Science Center, is April 29 from 5:30 - 8 p.m. During the event, NASA experts will share exciting developments in wind power, photovoltaics, fuel cells/ batteries, flywheels and smart grid technology, followed by a question-and-answer session. Free registration is available at www.nortechenergy.org. 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. JumpStart and Ohio Department Aim to “Launch 100” The Ohio Department of Development Minority Business Enterprise Division and JumpStart Inclusion Advisors recently introduced JumpStart Launch100, a collaborative statewide initiative to create a pipeline of 100 high potential minority and inner-city based businesses in Ohio over the next five years. The initiative is being rolled out in Northeast Ohio this year and will be followed by a statewide roll-out by mid-2011. Launch 100 is designed specifically for entrepreneurs whose companies or business ideas have the potential to become larger enterprises, and who face the unique challenges associated with growing businesses that will ultimately service a national and international client base. Throughout the initiative, a network of service providers, including Ohio’s minority business assistance organizations, will work collaboratively with Fund grantee JumpStart to identify companies and ideas that meet the following criteria for the program: Northeast Ohio by >> Sales growth potential of more than $15 million in the next the Numbers three to five years >> Potential to create 50+ jobs in Northeast Ohio >> Ability and desire to raise capital from private equity, angel 10 or venture capital investors >> Significant competitive advantage or barrier against future Third Frontier leveraged a competitors $10 return on every $1 invested >> Operating in a growing national/international market of at least during 2003 - 2008 $500 million in total market value, and conducting or planning to conduct business in at least a multi-state region 2016 >> Need for at least $250,000 in non-bank capital in the next 12-24 months to grow Issue 1 will authorize $700 million For qualifying, selected companies, the JumpStart Launch100 initiative will in bonds to extend funding provide intensive business assistance and direct access to growth capital from through 2016 without raising taxes a network of seasoned advisors with specific experience in growing larger scale firms. It’s the kind of assistance designed to accelerate the growth or “launch” of high potential companies. More information is available at www.jumpstartinc.org. Launch100 ffef April 2010 Members Newsletter Pg. 3
  4. 4. MBA 2.5+ Portfolio Company Secures $480,000 Subcontract MAC Installations & Consulting LLC, a Minority Business Accelerator 2.5+ portfolio company, has secured a $480,000 subcontract with Zenith Systems Inc. to complete cable work on the new University Hospitals Case Medical Center Cancer Hospital. Work will include building 25 telecommunication closets and installing fiber optic and copper cabling. Bedford-based MAC Installations, founded in 2002, is a telecommunications and information technology company specializing in design, installation, test and Northeast Ohio by maintenance of structured cable systems. Kenneth McElrath Jr. started the business the Numbers out of necessity when the company he worked for closed its doors and previous clients sought his expertise to fill the void. Today, MAC Installations has a staff of 14. 1. 1 McElrath credits MBA 2.5+ with providing needed growth structure guidance and company infrastructure development, as well as bonding and insurance insight. Companies supported by Third Frontier report $1.1 billion in sales Dr. Church To Receive H. Peter Burg Regional Vision Award 637 Third Frontier has assisted Fund grantee Team NEO will honor Dr. Roy A. Church of Lorain County in the creation, attraction Community College (LCCC) with the H. Peter Burg Regional Vision Award at the Team and capitalization NEO Economic Development Plus Awards to be held June 23, 2010. The award of 637 businesses in Ohio is Team NEO’s highest honor, and commemorates the late chairman and CEO of FirstEnergy Corporation, a regional leader who was the founding chairman of Team NEO. “Roy Church exemplifies the legacy of Pete Burg,” said Thomas Waltermire, CEO of Team NEO. “We are pleased to have the opportunity to recognize Roy Church’s commitment to maximizing our region’s resources, proven by his wonderful leadership of Lorain County Community College and his impact on the entire Northeast Ohio region.” Dr. Church became president of LCCC in 1987 and his visionary leadership has helped it become one of the top-rated community colleges in Ohio. Additionally, he served as a member of the Fund for Our Economic Future Funders’ Steering Committee from 2007-2010, and he is co-chair of the Fund’s Engage & Empower Committee. Dr. Church’s regional work has focused on collaboration, creating dynamic higher education opportunities and improving access to education. Past recipients of the H. Peter Burg Regional Vision Award include: former Fund chairman Robert Briggs (2005); Jim Griffith (2006); Les Vinney (2007); Richard Pogue (2008); and Congressman Ralph Regula (2009). The Team NEO Economic Development Plus Awards event will also include presentation of awards to winners in nine categories, all focused on driving economic development. The event will be held at the John S. Knight Center in Akron. Visit www.ibmag.com/TeamNEO to register. 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. Fund Retains Fuentes to Serve as Controller The Fund is pleased to announce that it has retained the services of Lisa Fuentes to serve as a controller on a part-time basis. Her duties will include managing financial records and transactions, preparing taxes, compiling statistical grantmaking reports and other financial duties related to the Fund’s status as a 501(c)3 organization. Fuentes is a graduate of the University of Cincinnati and has 23 years of accounting experience. She was a former principal at Ernst & Young LLP and Northeast Ohio by is currently the sole proprietor of Lisa Fuentes, CPA, a full service accounting the Numbers firm. She has served and continues to serve not-for-profit, partnerships, financial services and manufacturing clients. 2.4 “We’re very excited to have Lisa join the team. She has an excellent accounting background, with nearly two decades of experience at Ernst & Young and as a sole proprietor. She comes highly regarded by her former colleagues and clients, and Third Frontier has generated we’re fortunate to have her with us,” said Michael Shafarenko, the Fund’s manager more than $2.4 billion in of operations and finance. employee wages and benefits 446 Berry To Remain at MAGNET as Third Frontier and related initiatives contributed to President and CEO the major growth of venture capital investment in Ohio, from The Board of Directors of MAGNET, the Manufacturing Advocacy & Growth $243 million in 2004 to Network, have announced that Dan Berry has accepted its offer to become the full- $446 million in 2008 time president and CEO of MAGNET, a grantee of the Fund. Berry was named the 3,000 organization’s interim president and CEO last October. He continued to perform duties as an executive vice president of strategy, membership and marketing for the Greater Third Frontier has played Cleveland Partnership for several months as he transitioned to the top position at a key role in 3,000 Ohio students MAGNET. being awarded internships MAGNET Chairman of the Board and President and CEO of Swagelok Company with nearly 700 companies in Arthur F. Anton said, “In a very short time, Dan has strongly impressed the board, 77 of Ohio’s 88 counties our employees and clients and the many public and private agencies we work with each day to help manufacturers stay competitive in today’s global marketplace. We at MAGNET are grateful to the Greater Cleveland Partnership for allowing us the opportunity to transition Dan from one of its top leadership posts to the top position here at MAGNET. Both organizations believe that the region’s manufacturing community will be better served by having Dan lead MAGNET at this very critical time.” “I am delighted that the Board has asked me to continue at MAGNET and look forward to working with all the parties necessary to keep manufacturing what it always has been in this area — a significant part of this region’s economy,” said Berry. ffef April 2010 Members Newsletter Pg. 5

×