The Fund for our Economic Future (“the Fund”) has been actively leading, championing, and pursuing economic development in Northeast Ohio for 17 years. Like the Deaconess Foundation, any stakeholders in economic development – foundations, non-profits, universities, Chambers, and others – join as members of the Fund in the belief we can accomplish more together than apart, particularly so under the capable leadership of the staff team. Membership includes a financial commitment over a three year period, so the decision to join is made deliberately.
The Deaconess Foundation board recently approved the renewal of Deaconess Foundation’s membership for the 2022 – 2024 time period, and in doing so, increased our financial commitment by 50%. Here’s why:
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- Tangible outcomes: Deaconess is interested in our financial investments making tangible progress against our mission and its desired outcomes. Our experience with the Fund has shown that its work does create that tangible progress. The Fund has generated significant outcomes for our community over many years through its support of some of our anchor economic development opportunities. For example, through its support of MAGNET, almost half of manufacturers have grown their workforces 5%+, with over 5,000 existing open positions in total. This is the job growth we need- enabling residents to have opportunities to support their families. Similarly significant outcomes were achieved by JumpStart (whose startups have created thousands of new jobs), and these are just a few examples.
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- Leadership: FFEF attracts talented, skilled young leaders and thinkers, gives them significant responsibilities together with resources and connections to stakeholders, and asks them to drive civic and economic development needs not being addressed elsewhere. We need this important role in our ecosystem: leadership incubator combined with creative space addressing the gaps and emerging challenges of our community through piloting, testing, considering and pushing. It’s also important to note that they were one of the first organizations in NEO to articulate the rationale for equitable economic development, and to incorporate that commitment into every aspects of their work.
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And speaking of leadership, take a look at the impact on our community of some of the “graduates” (former employees) of FFEF. (Here are a few: Emily Garr Pacetti, Mike Shafarenko, Ashley Oaken, Kevin Alin, Peter Truog, Heather Roszczyk). This work truly is civic leadership and entrepreneurship training, and we need more of it.
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- Commitment to our Priorities: Several of the Fund’s current priorities include the development of a more skilled and successful workforce and the systems and structures for them to be successful (such as transportation solutions.) For example, the Fund is leading the Talent priority area of the Cleveland Innovation Project (CIP). The CIP’s goals for job growth are ambitious – 20,000 new tech-led innovation jobs, with 25% filled by Black and Latina/Latino people, and 50% filled by women – by 2030. They have dedicated experts to help with the initiatives and fundraising needed to prepare these thousands of people for these good quality jobs. Nothing aligns more closely with Deaconess’ priorities.
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Membership or involvement in the Fund is open to any individual or organization interested in the objectives and with financial resources to contribute towards the work. Do reach out if you’re considering investment in the Fund for 2022-2024 but would like to ask any questions or further understand our perspective!