Innovation
What the country needs next is being built here
Northeast Ohio is building on its manufacturing strengths to be the leader in sustainable polymers, advanced materials, and other high-growth industries. Major investments – including federal innovation grants and venture capital – signal growing confidence in the region, backed by a highly productive workforce, more R&D workers, and expanding access to capital.
What this tells you
Productivity
Ranking 4th among peer regions for productivity, behind only San Francisco, New York, and Boston, Northeast Ohio generate $160,041 in GDP per worker.
R&D Employment
Northeast Ohio has nearly 109,000 workers in R&D-related occupations, accounting for almost 6% of the total regional workforce.
Federal Grants
$200 million-plus in potential federal innovation investment signals growing confidence in the region’s future.
Small business funding
The number of small business loans increased 31% from 2018-2024.
Available funds
The average small businesses loan is less than half of what it was in 2020, prompting a need for creative funding solutions.
Venture capital
Northeast Ohio closed approximately 50 venture capital deals in 2025 – about 1 per week.
Federal Grants
$200 million-plus in potential federal innovation investment signals growing confidence in the region’s future.
Small business funding
The number of small business loans increased 31% since 2018.
Small business grants
JobsOhio Small Business Grants helped create 1,000-plus new jobs in five years in Northeast Ohio.
The products and processes we are developing here in Northeast Ohio could set the standard for the next half-century of industrial innovation globally.
Team NEO understands how hard it is for startups to break through. The organization has been incredibly active and effective in helping us build connections and momentum.
Small businesses are the backbone of our economy, representing almost 44% of our workforce.
Metric 01
Count and share of workers in R&D-related positions, including nearly 100 STEM-related roles.
Research and development jobs are the cornerstone to keeping the region innovative and competitive. From 2018 to 2024, R&D employment in Northeast Ohio remained steady at nearly 6%. Still, this figure lagged every other region measured, with places like Boston, San Francisco, and Austin nearly doubling this number.
The influx of federal innovation funding coming to Northeast Ohio is expected to significantly expand R&D opportunities, offering the potential for increased R&D employment. It also signals growing national confidence in the region’s materials science and manufacturing sectors.
Total R&D employment is heavily concentrated in major metropolitan areas. If we adjust for population size, with R&D share of employment, we see how research-intensive a region is for its size. This is a better way to compare Northeast Ohio against its peers.
Northeast Ohio · 2018–2024, projected to 2030
Regional initiative
The Polymer Industry Cluster is a collaboration of private and public partners, led by the Greater Akron Chamber and including Team NEO. The cluster is the recipient of a $51 million federal investment as part of the Economic Development Administration (EDA) Tech Hubs Phase 2 awards. The funds will advance a hub of innovation, growth, and investment for the U.S. focused on sustainable polymers, and result in jobs and investment for the region.
Metric 02
Loans to businesses under $1M in revenue, including total count and average loan amount.
Business loans are a critical source of capital, allowing companies to build, expand, and thrive, adding to the region's economic growth through jobs, products, and services. In 2024, there were 39,000+ loans given to small businesses—9,000 more than in 2018.
At the same time, the amount of those loans is decreasing. As of 2024, the average loan amount is over $18,000, the lowest it’s been throughout the measured timeframe, leaving a critical funding gap for small businesses.
Small business loan count and average loan size follow different trends. Although more loans were going out in 2024, the dollar amount plunged by more than 56% from the 2020 peak.
Northeast Ohio · 2018–2024
Regional initiative
JobsOhio Small Business Grants support projects in eligible Ohio communities and businesses owned by individuals from underrepresented groups, including people with disabilities, veterans, minorities, and women. Northeast Ohio has led the state in Small Business Grants since the inception of the program in 2020. A full 178 grants were awarded to Northeast Ohio in 5 years, with 57 awarded in 2024, for a cumulative impact of 1,000 new jobs.
Metric 03
Output per worker across the regional economy—a signal of how efficiently Northeast Ohio's workforce converts hours into value.
Productivity per worker measures how much economic value the average Northeast Ohio worker generates. Northeast Ohio’s output per worker is projected to grow 11.9% from 2024 to 2030. This outpaces the state of Ohio (projected at 10.2%), and the U.S. (projected at 9.1%), for the same period.
Northeast Ohio’s economy is growing stronger through productivity. The next phase of growth will rely on the region’s ability to grow talent.
Northeast Ohio ranks 4th in productivity among all measured regions. The region’s productivity is significantly higher, $25,000 or more per worker, than its 4 peer regions (Columbus, Cincinnati, Pittsburg and Indianapolis).
Northeast Ohio · ages 25+ · 2018–2024, projected to 2030
Metric 04
Venture capital investment flowing into Northeast Ohio startups — a signal of how much external capital is betting on the region's innovation pipeline.
Venture capital provides growing companies with the funding to develop ideas, bring products to market, and scale. It also signals whether outside investors are willing to underwrite a region’s next generation of companies.
Northeast Ohio attracted $394 million in venture capital in 2025, up 17% from 2018, while consistently leading its Ohio peers in the number of deals. Investment in Northeast Ohio has fluctuated alongside the broader venture market, including a 2021 peak, but the longer-term trend shows continued investor interest in Northeast Ohio companies.
The number and amount of venture capital deals closed each year from 2018-2025. Since 2018, Northeast Ohio averages 59 deals and $350 million in VC funding annually. While the region consistently has the most VC deals among Ohio peers, regions like Atlanta and Houston close about twice as many deals in a year.
Northeast Ohio · 2018–2025
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