| Team NEO is a private sector-led, regional economic development organization formed through the collaboration of many of the region’s leading business organizations to support and stimulate higher levels of targeted business attraction, retention, and expansion in Northeast Ohio. Team NEO will deliver value added services to the entire region and its businesses through a new relationship management model supported by: 1) a targeted sales and marketing capability; and 2) more coordination and cooperation among existing economic development organizations in order to enhance regional assets.
The need for a regional approach to economic development was first identified by Cleveland Tomorrow and refined through the Greater Cleveland Growth Association’s strategic plan. The Team NEO approach resonated with other business and community leaders and led Cleveland Tomorrow and the Greater Cleveland Growth Association to collaborate on the development of a working model. The Cleveland Foundation supported the partnership by dedicating funds to retain McKinsey? & Company for a ten-week project and by participating with leaders from Cleveland Tomorrow, Greater Cleveland Growth Association and other organizations in the region in a Steering Committee comprised of business and community leaders across the region formed to oversee the McKinsey? work.
The Steering Committee recommended that specific implementation plans be developed and the Interim Steering Committee subsequently was formed to guide the planning effort. Subsequently, using the business plan developed by McKinsey? & Company as a starting point, the Interim Steering Committee has reached consensus on a plan for implementation of Team NEO as described in herein.
Rationale
Team NEO responds to several challenges and opportunities confronting the region:
Job growth and wage growth in Northeast Ohio are lagging the nation and competitor regions.
This is in part because the region achieves only a grade of "C" on measures of product quality, but also because we have not sold well what we have.
The pressures of the global economy threaten our existing base of companies.
At the same time, the region has a tremendous amount of Fortune 1000 companies that represent an enormous, but untapped, asset to build upon.
We have missed opportunities to capture growth from existing companies. We are not competing effectively for attraction prospects. Site location consultants often eliminate the region in the early stages of a project location analysis.
Regions are the key units of competition in today’s economy.
Many of our competitors already have organized on a regional basis. We must leapfrog our competitors in order to catch up.
There is a need for a more coordinated regional voice to advocate for continual improvements in physical and human infrastructure.
Objectives
Expand the pool of business attraction prospects to the region by generating leads through targeted international and domestic marketing efforts, while also capitalizing on more growth opportunities from existing companies. The new Team NEO president will establish specific targets in consultation with the board and Management Council.
In collaboration with its economic development partners in the public and private sectors, specific performance goals will be established to influence improving the region’s overall product grade from a C to a B, with no Ds.
Link and leverage the region’s existing economic development resources.
Functions
Team NEO will be the first point of contact for targeted businesses that are looking to expand or locate in Northeast Ohio. The graphic below shows a high level working model for Team NEO that includes the four major functions recommended by McKinsey? & Company and a fifth essential function added by the founding partners.
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