Presents findings from an assessment of a joint philanthropic effort in Northeast Ohio designed to address poverty and unemployment in the area.
“A set of philanthropic institutions from across Northeast Ohio launched the Fund for Our Economic Future (the “Fund”) in 2004 to promote a regional approach for increasing economic prosperity and opportunity” (p.5). Over the years, “the fund’s investments and strategic guidance … have spurred the development of the region’s innovation ecosystem and advanced new industries” (p.6). For example, “in 2011, Northeast Ohio ranked second in the country in job growth and its unemployment rate of 7.4 percent outperformed the national average of 8.5 percent. By the end of 2012, the Fund’s efforts had contributed to more than 12,000 new jobs, nearly $400 million in new payroll generated through new businesses, and almost $2.2 billion in new capital to sustain existing businesses and grow new economic activity” (p.6). The resource is based on lessons learned from this collaboration and distilled for leaders of the government, nonprofit, and business worlds. It highlights some of the challenges faced by the collaboration efforts, as well as providing details about six lessons learned. Each lesson includes a section of “key takeaways” and illustrative examples from Ohio. (Abstractor: Author and Website Staff)