NorTech's Strategy
NorTech leads the region’s technology based economic development agenda. By supporting and nurturing Northeast Ohio's most promising technology projects and initiatives, we help to create new technology industries and make the region 's economy more globally-competitive.
LINK
We align and connect technology and innovation leaders and other resources to create, expand and retain business opportunities in Northeast Ohio.
LEVERAGE
We secure and leverage funding from public & private sources for early-stage, technology-based projects that have potential to leverage that support.
LEAD
We lead and nurture the most promising projects and initiatives in an effort to create new industries and a more globally-competitive economy for the benefit of all the citizens in the region.
At its core, one of the region’s greatest strengths is its people. With a population of nearly four million and a workforce of nearly two million, Northeast Ohio represents a large market for production and consumption of goods and services. As well, this region remains centrally located in the U.S. marketplace, with access to more consumers than any other region in the country within a 500-mile radius of our borders. Despite the loss of so many manufacturing jobs, the region still retains a solid base of manufacturing expertise, is known and respected around the world for the excellence of its medical care, and remains a leader in the development of materials, coatings, and other chemicals.
In each of Northeast Ohio’s technology areas we have distinctive strengths as well as opportunities for building critical mass in products and services that will:
- Improve healthcare options and treatment outcomes
- Create alternative fuels, energy, and power sources that lessen our dependence on CO2 emitting fossil fuels
- Develop new functional materials that incorporate instrumentation, controls, and intelligence functions directly in the materials themselves
- Transform old-line manufacturing jobs and industries into new opportunities in advanced manufacturing, including mass customization and other emerging opportunities such as sustainable systems/green technologies, leading to better jobs, better pay, and a healthier environment
- Bring the state’s three largest industries, agriculture, medical services and chemicals/polymers together in ways that generate innovative solutions to meet market needs
- Use Information and Communication Technologies ICT to improve organizational effectiveness, enhance collaborations between organizations, and serve as an enabling platform for new industries
In order to transform the region’s economy, we believe it is necessary to:
NorTech Successes
NorTech has been instrumental in the formation and development of several organizations that are working to transform the economic fortunes of the region, including:
NorTech has also been active in several State-level advocacy initiatives, including:
- Third Frontier Project , the state’s technology initiative that has resulted in more than $300 million in research, development, and commercialization funding for Northeast Ohio.
- The Ohio Capital Fund , a new fund of funds that will provide $100 million in early-stage venture funding for Ohio technology ventures.
- Legislative changes that encourage state university professors toward commercialization for their research.