For immediate release: December 8, 2003
For more information, contact Laura M. Massie 216-368-4442 or laura.massie@case.edu.

CLEVELAND—Recognizing the need for increased focus within Northeast Ohio's entrepreneurial community, Case Western Reserve University and NorTech today announced an agreement to create a new organization that will combine the service lines of Case's Enterprise Development, Inc (EDI) and NorTech's NEOpreneur Inc.

The new organization, which has yet to be named, will play a vital role in supporting the region's entrepreneurs. An Interim Nominating Committee and Board comprised of equal representation from NorTech and Case began work this week by appointing Lou Schneeberger Board Chairman and Interim CEO. Schneeberger, formerly board chairman for Royal Appliance and CFO of Olympic Steel, has been a fixture on the regional entrepreneurial scene for many years, having worked directly with numerous start-ups. In addition, Schneeberger has extensive experience in mergers and acquisitions and financial transactions, having been involved with dozens of acquisitions and public offerings.
Specifically, the new partnership will seek to accomplish the following objectives:

1. Deliver direct one-on-one assistance to entrepreneurs by seasoned executives and innovators.
2. Provide pre seed funding to a select number of high-growth entrepreneurial ventures.
3. Improve networking in the region for entrepreneurs to benefit from interactions with other entrepreneurs.
4. Provide relevant, cutting edge education for entrepreneurs.
5. Incubate start-up businesses.
6. Recognize and celebrate achievement in the entrepreneurial community.

"This partnership is simply the right thing to do for the entrepreneurial community of Northeast Ohio," said Mohsen Anvari, Dean of Case's Weatherhead School of Management. "Combining the energy and vision of NorTech with the expertise and track record of Enterprise Development, Inc. will give the entrepreneurs in this region the best possible opportunity to be successful in their businesses. This new organization will truly provide a center for the leaders in our community who will stimulate the region's economy for years to come."

John Wheeler, NorTech Executive Council Member, added "This alignment of entrepreneurship services for the region is the result of work done by NorTech's Entrepreneurship Task Force and a broader community dialogue that has included the State, regional foundations and business leaders. It is intended to build on the good work of EDI over its 20-year history, the new energy surrounding NEOpreneur and the opportunity afforded by funders desiring to join forces around economic development issues. This partnership will take support for entrepreneurship in the region to a new level, striving to bring to scale a rational system of services that will measurably enhance entrepreneurship in the region. It will complement the services of BioEnterprise by adding a special focus on information technology, polymer, advanced materials and other businesses."

Rob Briggs, a NorTech Coalition Board member and Executive Director of GAR Foundation, commented: "This is a sterling example of two complementary organizations deciding that the whole is greater than the sum of its parts, setting aside self interest, collaborating and forming an entity that will be stronger, better and much more effective. The Northeast Ohio Region is poised to see more of these common sense combinations in many areas."

Brad Whitehead, Director of Economic Initiatives for The Cleveland Foundation (one of the original funders of NEOpreneur), noted that "this initiative marks the next critical step in the region's efforts to change its economic trajectory. The community needs to put its collective weight behind a focused set of initiatives that promise to deliver tangible results. Business formation and entrepreneurship are obviously way up on the list of priorities. This collaboration was developed by entrepreneurs and investors themselves and shaped through numerous community discussions. It promises to rekindle the entrepreneurial spirit that made Northeast Ohio great. We have high hopes and expectations for what this entity will deliver.

A new board will be created for the combined entity, with membership comprised of representatives from:

* The current EDI board
* Five regional academic/research institutions (Case, Cleveland State University, Kent State University, University of Akron and Youngstown State University)
* NorTech
* Entrepreneurs from various regional industries
* Early-stage capital providers
* Foundations

Lou Schneeberger, newly-named Board Chairman, remarked, "I'm excited to be an integral part of this new entity which will focus on economic development for all 13 counties of NE Ohio and will have capital to jump start certain worthwhile business plans for the first time."

The Interim Board also began planning for the integration of the service lines of EDI and NEOpreneur. According to Anvari and Dorothy Baunach, Executive Director of NorTech, the reconstituted board will approve the management team, as well as operating and financial plans, by the end of the year.

About Case Western Reserve University

Case is among the nation's leading research institutions. Founded in 1826 and shaped by the unique merger of the Case Institute of Technology and Western Reserve University, Case is distinguished by its strengths in education, research, and service. Located in Cleveland, Case offers nationally recognized programs in the Arts and Sciences, Dentistry, Engineering, Law, Management, Medicine, Nursing, and Social Sciences. http://www.case.edu.

 

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