The University of Akron Research Foundation is helping entrepreneurs connect with resources in the academic and business communities. Some of its programs included the sponsorship of the 2005 development of the AkronARCHAngels, which helped 30 entrepreneurs secure over $50 million in funding. To further support university ventures and startups, the foundation partnered with the Lorain Community College Innovation Fund to help early-stage Northeast Ohio companies gain the resources needed to succeed in The Plus region.

Not only has the foundation provided the resources needed for Northeast Ohio entrepreneurs to succeed, it has also played a role in the creation of 30 new businesses which included the launch of Akron Polymer Systems, founded by University of Akron scientists. Akron Polymer Systems generates an estimated $2 million in sales each year based on commercializing of technologies developed in the University of Akron’s labs.

In November 2006 Little Tikes, based in Hudson, Ohio, was thinking of picking up and moving to a new location. A move Hudson, Summit County, Greater Akron and the state of Ohio were not ready for the toy company to make.

Together these representatives joined forces to create an incentive package that included a $3.2 million low-interest loan, a $125,000 work force development grant and a Rapid Outreach grant of $300,000. To further assist in the retention efforts, the city of Hudson matched the $300,000 grant and offered Little Tikes a job creation tax credit on new employees.

What were the results of these efforts? Great! Not only did this local and state team help retain 400-plus jobs, but the company itself also committed to staying in Hudson, Ohio by adding 66 new positions.

On Wednesday, June 23rd more than 650 business and representatives from 16 Northeast Ohio counties came together to honor 25 finalists for their impactful Northeast Ohio development projects.  Out of these finalists 9 winners were chosen for their outstanding impact in creating jobs, attracting investment and creating new opportunities for Northeast Ohio.

And The 2010 Winners Are…

Asset Creation
Project Winner: Case Western Reserve University

Case Western Reserve University won for putting Northeast Ohio on the international stage for biomedical imaging.

Business Attraction
Project Winners: Team Lorain County, City of Oberlin, City of North Ridgeville and the Lorain County Growth Partnership

These communities won based on the attraction of GreenField Solar Corp. Headquarters to Northeast Ohio. GreenField plans to create 200 new jobs in Ohio by 2012.

Business Expansion
Project Winner: The City of Westlake

The City of Westlake won based on helping Hyland Software find room to expand into a new $5 million, 28,000-square-foot office right next to its current operations

Business Retention
Project Winners: The City of Cleveland, Village of Cuyahoga Heights, City of Independence & Cuyahoga County

These communities won based on their efforts to come together as a team to help retain 1,250 jobs at Alcoa. These efforts also resulted in Alcoa committing to invest an additional $110 million in its Cleveland Works facility by 2011

Foreign Investment
Project Winner: Global Cardiovascular Innovation Center

Global Cardiovascular Innovation Center won based on attracting and assisting an Irish firm, Proxy BioMedical Ltd., with incentives and infrastructure to Cleveland for innovative health care products enterprise.

Fostering Entrepreneurship
Project Winners: City of Akron, The University of Akron & Akron Global Business Accelerator

These organizations won based on their overall impact on the Akron Global Business Accelerator in 2009.

Minority Business Development
Project Winner: ShoreBank Enterprise Group Cleveland

This group one for its establishment of the Evergreen Cooperative Development Fund which helps create opportunities for minorities through employee ownership of environmentally friendly businesses.

Public-Private Partnership
Project Winners: City of Wooster, Wayne Economic Development Council, Ohio Bioproduct Innovation Center & the Ohio Agricultural Research and Development Center

These organizations won for their efforts in assisting quasar energy group in expanding its operations. The quasar energy group generates both clean power and student development.

Workforce Development
Project Winner: Eastern Gateway Community College

Eastern Gateway Community College won for its creation of a new community college in Mahoning Valley. During its 2009-2010 academic year, Eastern Gateway Community College served 3,010 students.

We would like to congratulate the 2010 Team NEO Economic Development Plus Awards winners and thank everyone in their efforts to continue to retain and attract new businesses and innovations to Northeast Ohio.