F e b r u a r y 2 0 1 0 M e m b e r s N e w s l e t t e r

ffef F e b r u a r y 2 0 1 0 M e m b e r s N e w s l e t t e r

F U N D F O R O U R

E C O N O M I C F U T U R E

The 2009 Venture Capital Report for the Cleveland Plus Region issued in January found that between 2005 and 2009, $1.1 billion has been invested by venture capitalists and angel investors in 183 unique companies in the region. In the last five years, these 183 Northeast Ohio companies have received 348 investments, contributing to Ohio’s 2009 ranking as a top ten state for investment deal activity. However, 2009 was a disappointing year for venture investment in the region, with only $99 million raised, compared to $260 million in 2008. Despite the overall drop in venture deals, investments in young companies (described as seed stage investment) peaked in 2009, with 32 companies attracting investment. “The fact that investment actually increased in seed stage companies in 2009 is an indicator of the commitment of the region’s investors and the State of Ohio to commercializing technologies,” says Ray Leach, CEO of JumpStart Inc. “Seed stage investors in the region are priming the pump for later stage investors, enabling them to find competitive investment opportunities here.” Over the past five years, more than 170 seed stage investments have been made. The Venture Capital Advisory Task Force that compiled the report is comprised of more than 40 investors in the Cleveland Plus region. The report is paid for by the Fund for Our Economic Future.

Venture Dollars Slow, But Still Flow

4 41 125

Northeast Ohio by the Numbers

Ohio companies will receive nearly $125 million in clean-energy

manufacturing tax credits

Cuyahoga County’s land bank received nearly $41 million to demolish blighted homes and

renovate others

Collaborative efforts of four entities (the Global

Cardiovascular Innovation Center, Team NEO, the State of Ohio and the City of Akron) attracted Israeli

biomedical device company NI Medical Ltd. to Akron

Tomorrow: $1.2 Billion in Venture Capital Will Be Needed to Deliver Growth and Thousands More Jobs

The Venture Capital Advisory Task Force, comprised of over 40 investors in the Cleveland Plus region, has determined that at least an additional $1.2 billion in private sector venture capital investment will be needed over the next five years to continue the growth of the companies in the pipeline and create thousands of additional jobs.

Current investment incentives and funding programs of the State of Ohio, some of which are currently pending approval in the state legislature, are critical to maintaining this projected flow of private sector venture capital into the Cleveland Plus region.

Special thanks to the Fund for Our Economic Future for underwriting this report. www.futurefundneo.orgwww.jumpstartinc.org www.nortech.org www.bioenterprise.com

EARLY

GROWTH

EXIT

SEED

Ohio Third FrontierThird Frontier has funded four pre-seed and seed funds and supported the growth of over 800 innovative companies in the Cleveland Plus region directly and indirectly. Statewide, it has catalyzed innovation and created 41,300 jobs already, with the potential to create thousands more.

Technology Investment Tax CreditThis tax credit is for taxpayers who invest in small, Ohio-based technology companies.

Over $20 million in private sector capital has been invested in over 200 Cleveland Plus area companies as a result of the tax credit.

The Ohio Capital Fund This fund provides capital to investment funds to increase investing in Ohio companies.

10 Cleveland Plus area investment funds have received monies from which $64 million has been invested in Cleveland Plus area companies for their growth.

Jobs Are Being Created at Every Stage of Growth

BSKLive is an IT company whose flagship product, StaffKnex, is a web-based application that combines staff scheduling and other functions into an automated staff management system. The company, led by serial entrepreneur Mark Woodka, raised $550,000 of seed funding in 2008, followed by a $1.3 million Series A round in 2009, and has grown its team to nine full time employees.

MAR Systems’ process for removing mercury and other metals from water has already proven over 100 times more effective than competitive methods. The company has grown due to seed investment, followed by a $1 million Series A round in 2007, and a $1.5 million Series B round in 2009. With this funding, the company plans to grow its current seven-person team to 50 people in 2010.

PartsSource is the nation’s only alternative parts aggregator for hospital equipment parts. The company is led by Air Force veteran Ray Dalton, currently employs over 200 people, and hires an additional four to six people per month. The previously angel-backed company raised a $50 million growth capital round in 2008, and its revenues grew by 338% in 2009.

MemberHealth, a pharmacy benefits management company, grew rapidly and was acquired by Universal American in 2007 for $630 million. Prior to the acquisition, MemberHealth employed 160 people; now, Universal American’s Cleveland office employs 250 and the company ranks 494 in the Fortune 500.

The 2009 Venture Capital Report for the Cleveland Plus Region

Over $1 Billion of Venture Capital Invested in the last Five Years has Created Thousands of Jobs, with Thousands More Projected.

$1.1 billion dollars have been invested by angel and venture capital investors in 183 unique Cleveland Plus region companies since 2005*, demonstrating that our region is starting and growing the innovative companies and large scale employers of our future. In 2009, during a year in which venture capital investing was down 38 percent nationally, our region saw seed stage investment at its highest level in the last four years. Over the past five years, more than 170 seed stage investments have been made, continuously filling the Cleveland Plus region’s pipeline of growing companies.

These investment dollars are funding companies in globally competitive, high tech industries such as Healthcare, Cleantech, and IT.

Today: A Thriving Pipeline of Growing Companies

Today and Tomorrow: Thousands of Jobs Created

According to the National Venture Capital Association, a job is created for every $26,435 of private sector capital invested, which equates to 40,700 jobs that have been and will be created from the $1.1 billion raised by Cleveland Plus companies in the last five years. These jobs feed into an ecosystem of growth in the high tech sector in Northeast Ohio:

• Ohio is in the Top 10 for medical device jobs in the country and venture-backed Cleveland Plus area companies such as AxioMed Spine, CerviLenz, IMALUX, Orthohelix Surgical Designs, Synapse BioMedical, Trek Diagnostics, and ViewRay are the types of firms that will continue to keep Ohio ranked highly.

• Ohio has the 4th highest number of cleantech jobs in the country and venture-backed Cleveland Plus area companies such as Five Star Technologies, Logos Energy, MAR Systems, Ovation Polymers, rexorce Thermionics, and Sorbent Technologies are the types of firms that will keep Ohio standing strong on this front.

• Ohio’s high tech employment has grown faster than almost all other Midwest states – 6.4 percent versus an average of 4.3 percent in other Midwest states. Nowhere is this more true than in the Cleveland Plus region.

™

EqUITY INVESTMENTS BY SECTOR [$ Millions 2005-2009]

NUMBER OF COMPANIES BY SECTOR[2005-2009]

n Information Technologyn Healthcare Services,

Healthcare IT & Other

n Biopharmaceuticals

n Medical Devices & Equipment

Healthcare

n Advanced Specialty Materials & Chemicals

n Energy

n Environmental

Cleantech

n Business & Consumer Products & Services & Agriculture

For Policy Makers

*Annual Equity Capital Raised by Cleveland Plus Area Companies: 2005: $259 million, 2006: $158 million, 2007: $317 million, 2008: $260 million, 2009: $99 million

2535

46

3

12 18

33

11

63

48

262

206

261136

112

4

HealthcareCleantech

InformationTechnology

Business & Consumer Products &Services & Agriculture

Business & ConsumerProducts & Services& Agriculture

InformationTechnology

Cleantech

Healthcare

70

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Pg. 2

Northeast Ohio Health Care Startups Raise $66 Million in 2009

As part of its work to grow health care companies and commercialize bioscience technologies in Northeast Ohio, BioEnterprise closely monitors private investment across biotechnology, medical device and health care software and services – with a special focus on trends, financings and opinions in the Midwest region. The organization’s latest Midwest Health Care Venture Investment Report found that health care startups in the Midwest attracted $780 million in new investments across 156 companies in 2009. Northeast Ohio accounted for $66.6 million of the new investments across 21 companies – the third highest number of companies in the Midwest. The total number of investments across the Midwest in 2009 is comparable to 2008, but the funding level represents a 26% drop from 2008, reflecting a similar drop nationally in health care venture investing. “This was a difficult year for emerging health care ventures in the Midwest and nationally,” said Baiju R. Shah, president & CEO of BioEnterprise. “The global recession combined with the industry uncertainties related to U.S. health care reform dampened investment.” The full Midwest Health Care Venture Investment Report is published yearly. Editions dating back to 2005 are available at www.bioenterprise.com.

37 123 50

Northeast Ohio by the Numbers

San Francisco-based Revere Data opened a Youngstown

office and plans to hire 50 employees within two years

Business expansion projects in Wayne County totaled more than

$123 million in 2009

The Minority Business Accelerator 2.5+ has generated

$70 million in new deals for 16 minority companies

2

Table: Midwest Health Care Venture Investment (By State)

State 2009 2008 2007 2006 2005

$

Millions # of

Cos. $

Millions # of

Cos. $

Millions # of

Cos. $ Millions # of

Cos. $

Millions # of

Cos.

Illinois 38.9 8 97.3 13 125.5 7 101.6 12 39.2 7

Indiana 76.3 14 75.4 7 135.6 10 37.2 8 23.1 4

Iowa 36.8 3 4.0 1 - - - - - -

Kansas 4.3 5 16.9 9 56.6 6 - - - -

Kentucky 97.3 7 19.2 6 32.0 4 51.4 4 19.3 2

Michigan 102.2 14 105.0 12 56.2 5 135.5 11 52.9 8

Minnesota 199.0 23 318.9 22 296.1 25 233.9 22 151.0 18

Missouri 65.8 8 50.2 11 69.6 7 39.2 10 71.9 9

Ohio 105.4 40 189.1 43 295.5 44 113.9 39 185.4 18

Western Pennsylvania

37.8 24 126.2 33 101.4 17 54.4 22 58.3 10

Wisconsin 16.2 10 48.5 8 56.2 12 25.2 7 39.3 6

Total 780.0 156 1,050.5 165 1,224.7 137 792.3 135 640.4 82

Table: Midwest Health Care Venture Investment (By Region)**

Region 2009 2008 2007 2006

$ Millions # of

Cos. $

Millions # of

Cos. $ Millions # of

Cos. $ Millions # of

Cos.

Chicago 38.9 8 97.3 13 125.5 7 101.6 12

Indianapolis 41.2 9 73.0 6 113.6 8 18.4 6

West Lafayette 28.2 3 2.5 1 22.0 2 18.8 2

Louisville 2.5 4 13.4 3 6.2 2 11.4 3

Detroit-Ann Arbor 68.8 7 89.0 8 56.2 5 98.3 8

SW Michigan 14.5 5 16.0 2 - - 6.7 2

Minneapolis 199.0 23 318.9 22 296.1 25 233.9 22

St. Louis 27.8 7 47.2 10 57.6 6 20.2 9

Kansas City* 42.3 6 19.9 10 68.6 7 19.0 1

Cincinnati* 121.2 8 19.2 2 64.6 10 13.6 4

Cleveland 66.3 21 163.5 31 241.8 28 87.9 23

Columbus 12.4 13 6.4 10 14.2 7 12.4 12

Pittsburgh 37.8 24 126.2 33 101.4 17 54.4 22

Wisconsin 16.2 10 48.5 8 56.2 12 25.2 7

* Border MSAs such as Kansas City and Cincinnati include deals from both states in those geographies; deals are aggregated into state totals based on the MSA’s principal state **Regions’ totals do not equal states as not all areas are included in list of regions Sources: Compiled by BioEnterprise team from Venture Wire, Private Equity Week, Wall Street Journal, Venture Source, SEC Filings, company press releases, and www.biospace.com.

1

News from

Midwest Health Care Startups Raise $780 Million in 2009 Minnesota Leading State

Cleveland, OH, January 29, 2010 – Midwest health care startups attracted $780 Million

in new investments across 156 companies in 2009 according to the BioEnterprise

Midwest Health Care Venture Investment Report.. While the total number of

investments is comparable to 2008, the funding level represents a 26% drop from 2008,

reflecting a similar drop nationally in health care venture investing. Minnesota

companies collectively attracted the most investment dollars within the Midwest.

“This was a difficult year for emerging health care ventures in the Midwest and

nationally,” said Baiju R. Shah, President & CEO of BioEnterprise, the Cleveland-based

biomedical venture developer. “The global recession combined with the industry

uncertainties related to U.S. health care reform dampened investment.”

By sector, the 2009 equity funding was allocated as follows:

• Medical device companies: $264 million (34%)

• Biopharmaceutical companies: $378 million (48%)

• Health care software and service companies: $139 million (18%)

“While the dollars to biotech companies are larger, the number of companies attracting

capital is balanced between biotech and medical devices,” Shah continued. “This

reflects the industry balance in the Midwest as compared to the coasts.”

The Midwest Health Care Venture Investment Report includes all reported numbers and

regionally collected data. For complete state and region results across the Midwest, see

the attached table. To view additional data about Midwest health care business activity

visit http://www.bioenterprise.com/reports/index.html.

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Pg. 3

EfficientGovNow Engagement Meetings Sweep the Region

Representatives from the Fund for Our Economic Future and Kent State University’s Center for Public Administration & Public Policy have been hitting the road across Northeast Ohio to encourage the public and government officials to participate in Round 2 of EfficientGovNow. Entities participating in recent and upcoming EfficientGovNow engagement meetings include:

Ashland Area Council for Economic DevelopmentAshland City CouncilAshtabula Growth PartnershipBurton Middlefield Rotary Chagrin Valley Intergovernmental CouncilCity of Medina, Montville, Lafayette and York TownshipsCleveland City Council CaucusFirst Suburbs ConsortiumLorain County Community Alliance Medina County Economic Development Corporation Medina County Township Trustees AssociationNortheast Ohio Four County Regional Planning and Development OrganizationNortheast Ohio Trade & Economic ConsortiumPortage County Township Trustee AssociationRichland County Regional Planning CommissionStark Development Board Tri County Municipal ClerksWestern Reserve Municipal Clerks

Similar meetings last year helped persuade 294 government entities, representing 14 of Northeast Ohio’s 16 counties, and their partners to submit 65 project ideas to the first round of the competitive grants program. In the second round, the Fund hopes to attract even more project ideas from the region’s government officials, as well as entries from all 16 counties. The deadline for government officials to submit a project abstract for Round 2 of EfficientGovNow is February 26. Updates on the progress of engagement efforts, as well as details about the second round of EfficientGovNow, are available at www.efficientgovnow.org.

45 37

300

2Northeast Ohio by

the Numbers

Cleveland Clinic’s Global Cardiovascular Innovation Center has awarded $13 million to 45

companies in just two years

Northeast Ohio’s biomedical industry has grown by 37 percent in the last five years, outpacing the national average

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Pg. 4

BioEnterprise and Team NEO Amp Up Biomedical Company Attraction

Northeast Ohio’s robust biomedical cluster is getting a shot in the arm from a collaboration between BioEnterprise and Team NEO. The two Fund grantees have been collaborating on a targeted marketing campaign to attract additional medical device companies to the 16-county Plus region. Through an informative new Web site ( www.clevelandplusbiomedical.com), ongoing national and trade media stories and targeted business development efforts, the initiative aims to:

>> Attract new businesses and jobs in core regional strengths: medical imaging, orthopedics, cardiovascular and neurostimulation

>> Promote Northeast Ohio’s biomedical cluster as an ideal location for medical device business growth because of the access to funding, talent, support entities, suppliers, customers and collaborative partners, such as the Cleveland Clinic, Case Western Reserve University, Summa Health System, University Hospitals and the Austen BioInnovation Institute in Akron

>> Increase the Plus region’s brand awareness and position in core industries

To date, the campaign has secured 15 national/trade media placements, including stories in Expansion Solutions magazine, Site Selection magazine and the Medical Device Daily technology newspaper.

More information about the effort, as well as what makes Northeast Ohio an attractive biomedical hub, is available at www.clevelandplusbiomedical.com.

33

M E D I C A L D E V I C E S

leveland’s aspirations of being a leading center of biomedi-cal device manufacturing will take a step forward when the Medical Mart and Conven-

tion Center opens in 2013. A site on the city’s downtown mall, chosen in January 2009, will accommodate 120,000 sq. ft. (11,150 sq. m.) of permanent show-rooms, 300,000 sq. ft. (27,870 sq. m.) of exhibit halls and 100,000 sq. ft. (9,290 sq. m.) of conference center space. The center, being developed by MMPI — manager of Chicago’s Merchandise Mart, among other properties — will bring together buyers and sellers of medical equipment and help showcase Cleveland’s substantial healthcare and biotech communities.

“Cleveland is on the path to de-

velop the critical mass for a sustainable biomedical industry cluster,” says Peter Gingras, president and CEO of Proxy Biomedical, Inc., which makes bioma-terials for the repair and regeneration of tissue. “The development of the Euclid Corridor and the Medi-cal Mart will help the city in attaining this critical mass and lead to additional growth,” he predicts. (The Euclid Corridor is a trans-portation project involving rapid transit and diesel-electric vehicles on Euclid Avenue.)

Catalysts for GrowthWhat’s already in place is just as

important as what lies ahead. Two organizations are behind much of the

recent growth in the area’s medical device and equip-ment sector — the Global Cardiovascular Innova-tion Center (GCIC) and BioEnterprise. GCIC is a US$250-million research and product development consortium founded in 2007 with funding from Ohio’s Third Frontier Proj-ect. The Cleveland Clinic leads the effort with par-ticipation from Case West-ern Reserve University, Ohio State University, the Universities of Toledo and Cincinnati and University Hospitals of Cleveland. GCIC has funded 45 com-panies thus far.

BioEnterprise is an

initiative of the Cleveland Clinic, Uni-versity Hospitals, Case Western, Summa Health System and the BioInnovation Institute in Akron that cultivates health-care companies and commercializes bioscience technologies.

“Access to funding is essential for biomed companies to grow,” says Gin-gras. “GCIC and BioEnterprise, and the connections to funding resources these organizations provide, demonstrate the area’s commitment to providing finan-cial resources that will help the cluster continue to grow.”

Dr. Hiroyuki Fujita, president and CEO of Quality Electrodynamics (QED), a maker of MRI RF coils for hu-man body imaging founded in Cleveland in 2005, concurs.

“The region will continue to grow, because it provides biomedical compa-nies the resources necessary to thrive,” he says. In February 2009, QED moved from 3,000 sq. ft. (279 sq. m.) of space to a 27,000-sq.-ft. (2,500-sq.-m.) facility. The company doubles its staff approxi-mately every 18 months and currently

Behind Cleveland’s BioMed Hub

Company executives credit their successto the area’s deep pool of resources.

b y M A R K A R E N Dm a r k . a r e n d @ c o n w a y. c o m

C

784 NOVEMBER 2009 SITE SELECTION

Peter Gingras (right), President and CEO of Proxy Biomedical, Inc., says development of the Euclid Corridor and the new Medical Mart will help Cleveland achieve critical mass for the biomedical industry.

The offices of QualityElectrodynamics, led byPresident and CEO Dr. Hiroyuki Fujita (left), have doubledin staff every 18 months.

25

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Report Indicates Northeast Ohio Benefits from Diversifying Industry

Northeast Ohio is trending closer to the United States in this current recession than in the 1981 recession, according to the most recent edition of Team NEO’s quarterly Cleveland Plus Economic Review. Compared to the 1981 major recession in which Northeast Ohio significantly lagged behind the United States in employment and GRP, these indicators in the 16-county region of Northeast Ohio are trending closer to national averages in this recession. The review indicates that this improvement is likely due to Northeast Ohio’s change in industry mix. Nearly 30% of the region’s GRP depended on the manufacturing industry in 1981, compared with 12% today. The Cleveland Plus region’s economy is now more diversified, with increases in health care, headquarters, professional, scientific and technical services, and other industries. More information and the complete report are available at www.clevelandplusbusiness.com.

33

Northeast Ohio by the Numbers

Phycal, a JumpStart portfolio company creating algal biofuel,

was one of BusinessWeek’s “25 Most Intriguing Companies.”

Thirty-three Northeast Ohio cleantech companies have received venture or angel investment in the

last five years

Pg. 5

Current Recession Trending Closer to U.S.An indicator of regional economic strength is the comparison of employment and GRP indexes. During the 1981 recession, Cleveland Plus employment and GRP rate dropped more sharply than the U.S. During the current recession, employment and GRP are only now approaching the decline experienced in 1981. And, the change in Cleveland Plus employment and GRP is tracking much closer to the changes for the U.S. In this recession, Northeast Ohio is performing more in line with the U.S. average.

All data are for seven quarters of each respective recession and does not project future performance.

December 2009 | Volume 3, Issue 4

U.S. in ‘81 NEO in ‘81

NEO vs U.S. GRP1981 vs. 2007 Recession

Q3 in ‘81 vs.Q4 in ’07

Q4 in ‘81 vs.Q1 in ’08

Q1 in ‘82 vs.Q2 in ’08

Q2 in ‘82 vs.Q3 in ’08

Q3 in ‘82 vs.Q4 in ’08

Q4 in ‘82 vs.Q1 in ’09

Q1 in ‘83 vs.Q2 in ’09

U.S. in ‘07 NEO in ‘07

U.S. ‘81

U.S. ‘07

NEO ’07

NEO ‘81

NEO vs U.S. Employment1981 vs. 2007 Recession

Q3 in ‘81 vs.Q4 in ’07

Q4 in ‘81 vs.Q1 in ’08

Q1 in ‘82 vs.Q2 in ’08

Q2 in ‘82 vs.Q3 in ’08

Q3 in ‘82 vs.Q4 in ’08

Q4 in ‘82 vs.Q1 in ’09

Q1 in ‘83 vs.Q2 in ’09

+2%

0

-2%

-4%

-6%

-8%

-10%

% C

hang

e

U.S. in ‘81 NEO in ‘81 U.S. in ‘07 NEO in ‘07

U.S. ‘81

U.S. ‘07

NEO ‘07

NEO ‘81

+2%

0

-2%

-4%

-6%

-8%

-10%

% C

hang

e

U.S. in ‘81 NEO in ‘81

NEO vs U.S. GRP1981 vs. 2007 Recession

Q3 in ‘81 vs.Q4 in ’07

Q4 in ‘81 vs.Q1 in ’08

Q1 in ‘82 vs.Q2 in ’08

Q2 in ‘82 vs.Q3 in ’08

Q3 in ‘82 vs.Q4 in ’08

Q4 in ‘82 vs.Q1 in ’09

Q1 in ‘83 vs.Q2 in ’09

U.S. in ‘07 NEO in ‘07

U.S. ‘81

U.S. ‘07

NEO ’07

NEO ‘81

NEO vs U.S. Employment1981 vs. 2007 Recession

Q3 in ‘81 vs.Q4 in ’07

Q4 in ‘81 vs.Q1 in ’08

Q1 in ‘82 vs.Q2 in ’08

Q2 in ‘82 vs.Q3 in ’08

Q3 in ‘82 vs.Q4 in ’08

Q4 in ‘82 vs.Q1 in ’09

Q1 in ‘83 vs.Q2 in ’09

+2%

0

-2%

-4%

-6%

-8%

-10%

% C

hang

e

U.S. in ‘81 NEO in ‘81 U.S. in ‘07 NEO in ‘07

U.S. ‘81

U.S. ‘07

NEO ‘07

NEO ‘81

+2%

0

-2%

-4%

-6%

-8%

-10%

% C

hang

e

The Cleveland Plus® Economy Through Two RecessionsThe U.S. has experienced two major recessions in the last 30 years: one beginning in 1981, and the current recession, which began in 2007. In the 1981 recession, the Cleveland Plus region saw much greater declines in employment and Gross Regional Product (GRP) than for the U.S. as a whole.

Therefore, today it is important to know how we are doing in comparison – both to the 1981 recession and to the nation. To evaluate this, the following report looks at the Cleveland Plus region’s performance through the first seven quarters of each recession.

www.clevelandplusbusiness.com

Source : Economy.com and Ohio LMI

Source : Economy.com

> From 1981 to 2007, Employment has increased by nearly 100,000 individuals

> From 1981 to 2007, GRP has increased by almost $65 billion

Our partners include:Greater Cleveland Partnership

Greater Akron ChamberStark Development Board

Team Lorain CountyYoungstown-Warren Regional Chamber

Medina County Economic Development CorporationGrowth Partnership of Ashtabula County

Cleveland Plus® Economic ReviewDecember 2009Volume 3, Issue 4

Diversifying Industries Positively Impacting Cleveland Plus Economy: A Northeast Ohio View of the Global Recession

www.clevelandplusbusiness.com

Broer to Join Leadership Team at Montessori High School

Funders Committee 2010 Calendar The first Phase 3 meeting of the Funders Committee of the Fund for Our Economic Future will be held on March 3 at the Intercontinental Hotel at the Cleveland Clinic, 9801 Carnegie Ave. The meeting will be held from 9 a.m. to noon. The dates for the other Funders Committee meetings in 2010 are:

• June 16 at the Davis Education & Visitor Center in Youngstown• September 1 (location to be determined)• December 8 (location to be determined) All Funders Committee meetings are from 9 a.m. to noon. If you have questions or suggestions for a Funders Committee location, please contact Angela Maldonado at 216-925-4900.

Members and friends of the Fund for Our Economic Future are widely familiar with the efforts of Weathertop Foundation’s Vikki Broer, who has been working as a consultant to the collaboration’s staff over the last three years. She has raised the bar in the area of member relations, feedback and fundraising. Recently, a new opportunity to advance the goals of the region, namely in the area of talent development, piqued Vikki’s interest. Over the next couple months, she will transition into the position of dean of administration at the Montessori High School at University Circle. In breaking the news of her new opportunity, Vikki shared the following reflections:

The Fund looks forward to working with Vikki in a volunteer capacity, and wishes her the best in her new position. Brad Whitehead, president of the Fund, responded:

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Pg. 6

The Fund for Our Economic Future is one of the keys to the revitalization on Northeast Ohio. I am privileged to be part of this forward-thinking network of philanthropists. While I will continue with the Fund in a volunteer capacity, I will miss the supportive and collegial atmosphere of the Fund offices. The opportunity to work with all of our members was an experience in the pursuit of excellence. The vision and dedication of Fund members, Fund leadership and staff is overwhelming. The Fund “walks the walk,” creating a regional network that encourages collaboration, and creativity in solving the challenges of our region. In my new position, I will continue the spread the message of Advance Northeast Ohio, working on what matters across silos and across regional boundaries to ensure a bright future for Northeast Ohio.

2010

Vikki has been an extraordinary asset to the Fund over the last two years, leading our strategy process, facilitating the design of our committee structure, coordinating membership efforts and regularly reaching out to Fund members to determine how they might best contribute to our collaboration – and she has been a trusted counselor and friend to me as well. Vikki certainly represents philanthropy at its finest and we are thrilled that she will still be a part of the Fund even as she moves in new professional directions.