C
UYAHOGA
I
NNOVATION
Z
ONES
Pilot ProgramStrategic Guidebook
Final DraftMarch 1, 2007
Cuyahoga
Innovation
Zones
a CuyahogaNext advisors Initiative
Final Draft 03-01-2007
2
Cuyahoga
Innovation
Zones
COMMISSIONERS
Jimmy DimoraTimothy F. HaganPeter Lawson Jones
Purpose
The purpose of Cuyahoga Innovation Zones (CIZ) is to accelerate the rate of innovation in the economy of Cuyahoga County and Northeast Ohio (NEO). The initiative is designed to “leverage” the economic developmentcapacity of the region’s institutional and industrial strengths and tie them together through a strategic place-basedeconomic development plan.An Innovation Zone is a business-friendly environment focused on unique market segments of the regionaleconomy with an enduring network of places that are attractive to entrepreneurs, businesses, professionals, andinvestment capital. The initiative provides an opportunity to focus physical development of Cuyahoga County andNortheast Ohio.Cuyahoga Innovation Zones are designed to promote collaboration through practical benefits for the participants.Benefits to participating businesses and entrepreneurs include:
•
Access to facilities and resources for business development.
•
Access to creative new ideas and market opportunities.
•
Connections to colleges and universities to identify and recruit talented students and faculty.
•
Opportunities to work with colleges, universities, and/or research institutions to design custom trainingand/or research collaborations programs.
•
Access to new investment opportunities and capital for business development.Benefits to research organizations and higher education institutions include:
•
Institutions becoming more attractive and competitive organizations for collaboration with businesses,because of the “value adding” proposition to businesses.
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Access to new career networks for students.
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Access to business development networks for faculty and researchers.
•
Opportunities to strengthen networks with alumni and other supporters.Benefits to surrounding communities and chambers of commerce include:
•
sition to businesses, making communities more attractive and
•
Opportunities to leverage Zone economic development efforts.Enhancement of the “value adding” propocompetitive places for business to locate.
•
Access to new business investment.
Final Draft 03-01-2007
3
Cuyahoga
Innovation
Zones
COMMISSIONERS
Jimmy DimoraTimothy F. HaganPeter Lawson Jones
Vision, Mission, and Goals
Vision
Cuyahoga Innovation Zones will leverage the economic assets of the County and region to create self-sustainingZones that will attract people and grow businesses, advancing the region’s economic competitiveness.
Mission
To promote collaboration and build business-friendly place-based environments that will help drive the region’seconomic resurgence.
Guiding Principles
•
Zones are networks of places where innovation takes place.
•
Zones couple colleges and universities, entrepreneurs, businesses, professionals, and capital to the ZoneHotSpots, where physical development takes place.
•
Each Zone has unique characteristics and offerings with which to attract people and businesses.
Success
Accomplishing this mission will be evidenced by establishing successful Innovation Zones. The success of theZone will be demonstrated by:
Direct
•
Employment growth – rate of growth in private sector, Zone-based jobs within the Zone HotSpot
o
1 job per $50,000 of County funding over three year period
•
Increase property values – rate of increase in property values within the Zone HotSpots
o
15% increase in property values, after any abatement that may be offered by the local communityor the state within a five year period.
•
Business startups and attraction – rate of firm location or creation within the Zone
o
3 new business start-ups or attractions within a three year period
Firms must be directly supportive to the Zone market focus – relevant and rationalconnection
Intra-county relocations will not count as an attraction nor will they qualify for funding
Retail firms will not be counted for creation or attraction nor will they qualify for funding
Indirect
•
Income growth – rate of growth in average Zone-based wage per capita
•
Productivity growth – rising ratio of Zone-based output to employment growth multiplied by incomegrowth
•
Private-to-Public capital ratio growth – rising ratio of economic development funding coming from theprivate sector to funding coming from the public sector
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CIZ Guidebook 03-01-2007
Cuyahoga County Innovation Zones guidebook
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