NorTech

Yesterday, the NEO Capital Initiative, a group of Northeast Ohio foundations and economic development organizations announced they were joining forces to generate more investments in local entrepreneurial companies.

From the Plain Dealer:

In January 2007, NorTech’s  Early Stage Capital Task Force on venture capital reported that Northeast Ohio will need $375 million in seed and early-stage investments over the next five years to fund a pipeline of companies emerging from regional incubators and organizations like JumpStart and BioEnterprise.

The NEO Capital Initiative is the latest regional effort to help narrow that investment gap.

The new local initiative is looking for additional support from foundations and other institutional investors with large endowments. This effort is spearheaded by the Cleveland Foundation, the GAR Foundation, Fund for Our Economic Future, NorTech, BioEnterprise, JumpStart and Buckeye Venture Partners.
To download a copy of the Greater Cleveland Venture Capital Report “2006 Annual Survey of Venture Investing Activity Across Northeast Ohio” click here.

Last week the Greater Cleveland Partnership released its “World of Opportunity 2007-2008″ video that highlights more than $4 billion in physical development-real estate, commercial and infrastructure improvements-happening right now in Cleveland’s downtown, its neighborhoods and in University Circle.

To preview a copy of the video please visit GCP’s homepage at www.gcpartnership.com or click here.

From a technology perspective, you’ll note the development of the Global Cardiovascular Innovation Center at the Cleveland Clinic and the new Emergency Medicine and Cancer Center at University Hospitals near University Circle that will be connected via the Euclid Corridor project to Cleveland’s new Medical Mart and Downtown Convention Center.

It’s an exciting time to be living in Cleveland and we believe these physical development projects and improvements will have an economic impact on the entire Northeast Ohio region.