The Fund for Our Economic Future began in 2004 as a philanthropic venture with 28 members contributing millions of dollars towards jumpstarting the local economy. Since then, membership has doubled, with an emphasis on promoting business growth and investment.
A new report commissioned by the John S. and James L. Knight Foundation – a member of the coalition - shows the Funds effort has created 14,500 jobs between 2004 and 2011. That amounts to about $518 billion in added payroll in the region.
Jonathan Sotsky is Director of Strategy and Assessment for the Knight Foundation. He says one finding will help guide future employment strategy across northeast Ohio.
“Anywhere between 76 to 92 percent of new jobs were generally created by existing small and mid-sized business," says Sotsky. "So a key takeaway for the Fund was, as it considers its business growth strategy moving forward, there needs to be complementary approaches that balance the incubation of new businesses…with the scaling of existing, small/mid-sized businesses.”
That runs contrary to some claims that job growth and creation sits mainly with startups.
While the Fund has done well in promoting business growth, the report says it could have focused more attention towards government collaboration, racial and economic inclusion, and developing talent in the business base to reach its aims.