Participants at the Cleveland Fed’s Innovation Roundtable believe there are many opportunities—and some challenges—for growth in Northeast Ohio

Late last year, the Federal Reserve Bank of Cleveland brought together leaders from the medical and technology sectors and educational and financial institutions to talk about up-and-coming drivers of the Northeast Ohio economy. The conversations centered on workforce development and education, and on research, financing, and commercialization. For example:

• Roundtable participants said finding and retaining high-skilled employees was one of the major challenges for growth in the region. To address the region’s skills gap, some participants suggested an increase in work-based learning, internships, and co-op opportunities. A source of optimism is growth in the numbers of highly educated individuals in the region.
• Participants also highlighted partnerships between educational institutions and industry to facilitate research, development, and commercialization of new technologies. Growth in research centers in Northeast Ohio has led to strong patenting activity across the region.
• A major challenge facing startups in the region is the availability of Series A funding by local venture capital and angel investors. At the same time, participants highlighted several initiatives that promote startup creation through local incubator and co-working spaces.

For more conversation highlights, see The Innovation Roundtable: A Discussion of Growth in Northeast Ohio, and watch a video clip featuring two of the Roundtable participants: Lev Gonick, chief executive officer, OneCommunity, and Chris Thompson, director of regional engagement, Fund for Our Economic Future.

Federal Reserve Bank of Cleveland

The Federal Reserve Bank of Cleveland is one of 12 regional Reserve Banks that along with the Board of Governors in Washington DC comprise the Federal Reserve System. Part of the US central bank, the Cleveland Fed participates in the formulation of our nation’s monetary policy, supervises banking organizations, provides payment and other services to financial institutions and to the US Treasury, and performs many activities that support Federal Reserve operations System-wide. In addition, the Bank supports the well-being of communities across the Fourth Federal Reserve District through a wide array of research, outreach, and educational activities.

The Cleveland Fed, with branches in Cincinnati and Pittsburgh, serves an area that comprises Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.

Media contact

Doug Campbell, doug.campbell@clev.frb.org, 513.218.1892