CLEVELAND — The John S. and James L. Knight Foundation announced it will invest $2 million into the second phase of the Fund for Our Economic Future, a collaboration of philanthropy in Northeast Ohio working to transform the economy of Northeast Ohio.
“Northeast Ohio is providing a national model for other regions intent on shifting to a new-economy emphasis on knowledge, innovation and entrepreneurship,” said Alberto Ibargüen, Knight’s president.
The three-year commitment doubles the Knight Foundation’s investment in the Fund. Knight Foundation invested $1 million in the first phase of the Fund’s work.
“Knight Foundation’s support of the Fund provides us with important validation that our regional collaboration is making a difference in the economy of Northeast Ohio,” said Brad Whitehead, president of the Fund. “We deeply appreciate Knight Foundation’s commitment to building a brighter future for our region.”
Formed in 2004, the Fund unites more than 90 foundations and philanthropic organizations to support regional programs and initiatives that improve the economy of Northeast Ohio, a region that is home to more than 4 million people and includes the cities of Akron, Canton, Cleveland, Lorain and Youngstown. To date, the fund and its members have deployed more than $44 million, and it intends to raise more than $30 million to continue its work for three more years. To date, more than 30 entities have committed approximately $23 million to the second phase of the Fund’s work.
Results of the Fund’s efforts include:
- An improved climate for entrepreneurs, as reflected by nearly 100 companies raising $500 million in equity since 2004
- Attracting more than $300 million in state research and commercialization funds
- Development of an economic action plan shaped through the engagement of more than 20,000 residents.
The focus of Fund’s second phase of work is working with partners from government, business, education, labor and elsewhere to implement that action plan, called Advance Northeast Ohio. The action plan builds off of the success of the Fund’s first phase and will address four targeted areas:
- Business attraction and growth
- Workforce preparation and educational excellence
- Growth through racial and economic inclusion
- Government collaboration and efficiency
New initiatives already launched as part of Advance Northeast Ohio include a regional marketing program, called Cleveland+; a new web site that highlights available technology and health care jobs in the region; and a minority business accelerator.
About Knight Foundation
The John S. and James L. Knight Foundation promotes excellence in
journalism worldwide and invests in the vitality of Akron and 25 other
U.S. communities where the Knight brothers published newspapers. Knight
Foundation supports ideas and projects that create transformational
change.
About the Fund for Our Economic Future
The Fund for Our Economic Future (www.futurefundneo.org)
is an unprecedented collaboration of more than 85 foundations and other
philanthropic organizations from across Northeast Ohio. Its goal is to
build a stronger regional economy through grant making, public
engagement and research that measures the region’s economic
progress. Launched in February 2004 the Fund has deployed more than $36
million and is in the process of raising an additional $34 million to
continue its work through 2009.