By Jay Miller, Crain's Cleveland Business
A vote by the board of NorTech on Monday, Nov. 10, approving a merger with another regional economic development nonprofit, Team Northeast Ohio, marks the first step in a long-awaited private-sector strategy to boost the Northeast Ohio economy.
The business and philanthropic leaders behind the strategy see it as way to add vibrancy to a regional economy that has lagged the rest of the country in the creation of new jobs. The Team NEO board earlier approved the merger.
The strategy, the Regional Economic Competitiveness Strategy, or RECS, is designed to bring the region up to the pace of the nation as a whole by doing a better job of attracting new businesses and helping existing businesses compete and expand. Another key goal is building a better educated workforce that can compete for the skilled jobs of the 21st century.
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