NorTech clearly has a “Go big or go home” attitude. Its cluster approach to economic development in advanced energy and flexible electronics has supported companies that have attracted $20.5 million in capital, created 171 jobs and generated $10.8 million in payroll in Ohio over a one year period starting in July of 2010.
A “cluster” is a geographic concentration of interconnected businesses, suppliers, service providers, and associated institutions in a particular technology sector.
NorTech, a regional nonprofit technology-based economic development organization serving 21 counties in Northeast Ohio, has tested its cluster model on two industry clusters – advanced energy and flexible electronics. “We provide and connect cluster members to a variety of resources to help them commercialize new products, locate investors, access government funding, form strategic partnerships and funding collaborations,” said Kelly South, NorTech’s senior director of communications.
And now, NorTech has won big for its development innovation. The organization is in the national spotlight for recently receiving a prestigious national award from the State Science Technology Institute (SSTI).
SSTI is a national nonprofit organization that leads, supports and strengthens efforts to improve state and regional economies through science, technology and innovation.
According to a news release, SSTI’s awards program identifies "national models developed by states and regions to accelerate science, technology and innovation to grow their economies and create high-paying jobs."
NorTech received SSTI’s Most Promising TBED Initiative Award, a new category for creative initiatives that address a specific need in a region to achieve economic growth.
The recognition is a very big deal. "The SSTI award brings external validation from national technology based economic development (TBED) practitioners to our work,” said South. “It recognizes our cluster development model as a ‘best practice’ approach to growing regional industry clusters that can be applied to other industries and areas of the country. It’s a great honor to be recognized by our peers."
According to Rebecca O. Bagley, president and CEO of NorTech, "At the federal level, there is a growing recognition of the value of regional innovation clusters as a ‘bottoms up’ approach to creating jobs and making the U.S. more globally competitive."