NEOinc announced that their incubation programs have generated significant economic impact in northeast Ohio over the last three fiscal years.  Combined, the tenants of those programs have created 681 jobs, generated $230 million in revenue, attracted $79 million in investment capital, and sustained an employee payroll of $90 million. 

Wayne Zeman, Chair of NEOinc, and Vice President of Venture Development for MAGNET, said “These results are truly impressive.  It demonstrates in real, tangible terms the strong positive impact that those collective incubation programs are having on the NE Ohio economy right now.”  Each of the incubators receive funding from Ohio’s Thomas Edison Program and that funding have been leveraged to a great degree: for every dollar of Edison funding provided to the incubators, $102 in sales and investment are generated by the incubator tenants.  “We’re thrilled with the impact our tenants have already achieved and we look forward to growing impact in the future as additional, critically needed resources flow into the NEOinc incubation programs,” said Bob Cohen, Director of Braintree in Mansfield.

Zeman also said, “The services provided by NEOinc stimulate the creation of high-growth, companies providing high-wage jobs to the residents of Ohio and economic value to its taxpayers.  The assistance provided to these companies and the entrepreneurs within them will enhance the ability of those companies to develop innovative products, increase sales revenue, and attract investment capital.”

For more information call Wayne Zeman of MAGNET at 216-432-4197 or Bob Cohen of Braintree at 419-525-1614.  To find a NEOinc incubator near you, use our Contact Us page.