NEOinc is proud to announce that our incubation programs have generated significant economic impact in northeast Ohio over the last three fiscal years. 

Combined, the companies served by our programs have created 754 jobs, generated $304 million in revenue, attracted $81 million in investment capital, and sustained an annual employee payroll of $39 million. 

Wayne Zeman, Chair of NEOinc, and Vice President of Venture Development for MAGNET, said “These results are truly impressive and show growth over last year’s results even in a tough economic climate.  It demonstrates in real, tangible terms the strong positive impact that our collective incubation programs are having on the NE Ohio economy right now.” 

Each of our incubators receives funding from Ohio’s Thomas Edison Program and that funding has been leveraged to a great degree: for every dollar of Edison funding provided to the incubators, $112 in sales and investment are generated by the incubator tenants. 

“We’re thrilled with the impact our companies 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 Mike LeHere, Director of the Akron Global Business Accelerator.

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.”