Five years ago when I arrived in Cleveland for my job interview at NorTech, the driver picking me up at the airport shared with me his view of Northeast Ohio. He spoke of a declining region without opportunities, a place clinging to its manufacturing roots unable to shake its Rust Belt image.
It didn’t take me long to realize he was wrong. The truth is that Northeast Ohio is transitioning from Rust Belt to Tech Belt. Northeast Ohio is home to manufacturing giants like Rockwell Automation as well as innovative newcomer Vadxx Energy. The region’s tremendous innovation capacity comes to life when these kinds of companies connect, which they unfortunately rarely do.
Making a difference
Large corporations are often unaware of the innovation assets in their backyard. Smaller companies developing groundbreaking technologies often don’t have the resources to capture the imagination of these large corporations.
This is where intermediaries like NorTech can make a difference. Our mission is to strengthen Northeast Ohio’s economic vitality by accelerating the pace of innovation in the region.
Enhancing the region’s ability to turn innovations into assets that will transform our economy must be an important part of our competitive strategy. Companies must have the tools and resources to do things differently and take advantage of national innovation trends.
How do we give our companies these tools and resources? By making connections.
Companies in Northeast Ohio will solve problems, increase revenues and create jobs if connected to the region’s research institutions, supply chain partners, investors and other resources they did not access earlier.
Here’s an example: Vadxx Energy is a promising company in the waste-to-energy business, turning plastic waste back into crude oil. Vadxx’s real breakthrough came when Vadxx was introduced to Rockwell Automation.
With the help of NorTech and other intermediaries, Vadxx and Rockwell formed a partnership that ultimately led to a multimillion-dollar investment by private equity firm Liberation Capital. As a result of that investment, Vadxx was able to award a $15 million contract to Rockwell to engineer, procure and construct its first plant in Akron.
Foster more opportunities
In order to grow Northeast Ohio’s economy, we need to foster more opportunities for business leaders from diverse industries to exchange innovative ideas. One such opportunity is NorTech’s Innovation UnConference.
Set for Sept. 24 at the Cleveland Convention Center, the event in many ways will be a microcosm of what NorTech envision for the region as a whole. It will put a spotlight on Northeast Ohio’s tremendous innovation capacity and allow the region’s most creative minds to exchange knowledge on groundbreaking trends, technologies and business approaches.
The UnConference is the first of its kind in Northeast Ohio’s thriving technology community, offering an opportunity for business leaders, academics and investors to have free exchange of innovative ideas. The event is powered by the expertise and creativity of the attendees, as they pitch and convene breakout sessions on topics that matter most to them.
To learn more about the UnConference, meet the lineup of mentors and to register, visit www.NorTechUnCon.com.
