This past spring, I spent time in Florence, Italy, one of my favorite places in the world. As I navigated crowded piazzas and narrow streets lined with small shops, I thought about the generations of merchants and families that had pursued their livelihoods in these bustling neighborhoods.
Renaissance Florence is widely recognized as a crucible for the intersection of ideas and disciplines leading to major advancements in the fields of art, architecture, science, medicine and culture. The fluidity of explorations across these many disciplines among geniuses like Leonardo and Michelangelo produced dynamic interactions of ideas leading to catalytic innovations. The confluence of political and economic circumstances created fertile ground for discovery, exploration, experimentation and the accumulation of knowledge.
Florence dominated the Tuscan region by capitalizing on a variety of advantages including its location on the Arno River as support for agriculture, transportation of materials and water required for industry. Florentines developed the business practices and structures that facilitated the conduct of commerce in Florence and beyond. Florence is considered the birthplace of the double entry accounting system, an invention that aided business establishments large and small allowing these enterprises to closely track the state of their finances. The teaching of business skills began for young boys with a heavy emphasis on arithmetic in their early schooling and continued into their apprenticeships where they learned and practiced accounting principles. Economic development for Florence encompassed a networked approach in which businesses took full advantage of supply chains, international connections and trusted business relationships to build trade dealings that benefited a wide swath of Florence’s population. Banking and textile production led the way among industries generating export sales and a balance of trade that strongly favored the Florentine economy.
As I reflected on the breadth and influence of the Renaissance Florentine ecosystem, my mind shifted to the regional assets at play in Northeast Ohio. An abundance of auspicious elements — Lake Erie, industry clusters, strong networks and universities, fresh energy in government, young entrepreneurs on the rise, urban revitalization and creative minds at work — are contributing factors in the vibrancy of the region. A great example of our “village” coming together is JumpStart’s Trailblazer Accelerator “as a needed tool in the network of development organizations, governments, and medical and academic institutions striving to spur successful startups.” Fifty-plus service providers and subject matter experts, including the tech-development and venture capital community, have donated time or discounted their services for the Trailblazer Accelerator. Identifying and optimizing the synergies that amplify these assets are what set regions and ecosystems apart. While Northeast Ohio has had its ups and downs over the decades, the fertile circumstances present in our region are spawning a brighter future.
The collision of ideas that occurred in Florence during the Renaissance age generated sophisticated advances in a city that continues to prosper based on the commercial and cultural achievements that occurred hundreds of years ago. Our Northeast Ohio region has the gumption to do the same.
The Entrepreneurship Education Consortium is Northeast Ohio’s hub for the university-based entrepreneurship ecosystem.
