CLEVELAND, OH – November 8, 2011 – Today, NorTech was named a recipient of the State Science and Technology Institute’s (SSTI) 2011 Excellence in Technology-Based Economic Development (TBED) Awards. Now in its fifth year, the prestigious awards program identifies national models developed by states and regions to accelerate science, technology and innovation to grow their economies and create high-paying jobs.
NorTech received the Most Promising TBED Initiative award, a new category, which recognizes creative initiatives that address a specific need in a community or region in order to achieve economic growth. The TBED community defines a cluster as a geographic concentration of interconnected businesses, suppliers, service providers, and associated institutions in a particular technology sector.
“NorTech is honored to receive national recognition for its efforts to grow Northeast Ohio’s emerging technology industries,” said Rebecca O. Bagley, president and CEO of NorTech. “Our cluster development model leverages the region’s resilient assets and its entrepreneurial culture to foster new opportunities that will strengthen Northeast Ohio’s capacity to make the transition to the next economy.”
NorTech’s Regional Innovation Cluster Model was selected by a judge’s panel of national TBED practitioners for its comprehensive approach, strategic value, and ability to create jobs and economic impact. The NorTech model incorporates market driven roadmaps; a set of disciplined metrics; revenue, funding and market opportunities for companies; and connecting, convening and educating cluster members.
“NorTech’s systematic approach to growing industry clusters is finely targeted to the regional economy and demonstrates a methodology that can be applied to other areas of the country,” said Dan Berglund, SSTI president and CEO. “NorTech has taken a popular economic development theory and translated it to successful practice.”
The 2011 Excellence in TBED Awards were announced at SSTI’s 15th Annual Conference in Columbus, Ohio attended by local, regional and national leaders in economic development.
NorTech is a regional nonprofit technology-based economic development organization serving 21 counties in Northeast Ohio. As a catalyst for growing Northeast Ohio’s emerging technology industries, NorTech is leading efforts to develop regional innovation clusters that create jobs, attract capital and have a long-term, positive economic impact. www.nortech.org
The State Science and Technology Institute is a national nonprofit organization that leads, supports and strengthens efforts to improve state and regional economies through science, technology and innovation. www.ssti.org