The Innovative Dashboard
It will be important to measure progress in innovation over time based on the investments that we choose to make as a region, and the ways those investments translate into regional economic outcomes. Our ability to innovate is highly interdependent with the other pillars, like talent and equity.
What is an innovative, vibrant economy?
An innovative, vibrant economy has businesses with a high adoption rate of new technologies and an environment that encourages start-ups. It is also where small businesses, minority-owned businesses, and female-owned businesses have access to capital and are thriving.
Why is innovation important
to a vibrant economy?
Innovation can be a powerful economic driver if we understand our regional economic vitality and the nature of our existing assets and make strategic investments in those assets over time. Strategic investments in areas like smart and additive manufacturing are critical to making our market more competitive and more attractive as a destination for business expansion and retention.
Innovative Dashboard > R&D
NEO Progress
Research and development (R&D) jobs are the cornerstone to keeping the region innovative and competitive. From 2018 to 2022, R&D employment declined by nearly 10,000 in Northeast Ohio. In 2022, R&D workers make up 2.9% of the total workforce. This is down from 2018, when R&D workers made up 3.2% of the total workforce.
Regional Initiatives
The Polymer Industry Cluster, a collaboration of private and public partners, including Team NEO, was named the recipient of a $51 million federal investment as part of the EDA Tech Hubs Phase 2 awards. The funds will be used to 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.
Tracked Metrics
A list of nearly 100 occupations, including computer and mathematical, architecture and engineering, and life and physical science occupations, as well as managerial and sales occupations requiring a high level of scientific or technical knowledge, based on an aggregation of STEM-related occupations by the U.S. Bureau of Labor Statistics.
Measures the number of workers employed in R&D-related occupations.
Measures the number of workers employed in R&D-related occupations as a percent of the total workforce to help identify what percent of Northeast Ohio’s workforce is focused on technology and innovation.
Innovative Dashboard > Access to Capital
NEO Progress
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 2022, there were 8,000 more loans given to small businesses in revenue than when first tracked in 2018. The total number of small business loans peaked in 2021 at over 40,000 loans.
As of 2022, the average loan amount has declined to just under $23,000.
Regional Initiatives
JobsOhio Small Business Grants support projects in eligible Ohio communities or businesses owned by underrepresented populations, including people with disabilities, veteran-, minority-, and women-owned businesses.
Northeast Ohio has led the state in Small Business Grants since the inception of the program in 2020. In total, 178 grants have been awarded in Northeast Oho, with 57 awarded in 2024. The cumulative impact of these projects has reached 1,000 new jobs.
Tracked Metrics
Businesses with less than $1 million in revenue.
Measures the average loan amount awarded to businesses with under $1 million in revenue. (Source: Federal Financial Institutions Examination Council, Community Reinvestment Data)
Measures the total number of loans awarded to businesses with under $1 million in revenue. (Source: Federal Financial Institutions Examination Council, Community Reinvestment Data)
Explore more now.
Each pillar plays a critical role in shaping Northeast Ohio’s economy—but they don’t stand alone. See how talent and equity are connected, how innovation supports resilience, and how all four build competitiveness and prosperity.
Unlock the Data. Shape the Future.
With over 600 data points tracking talent, equity, innovation, resilience, competitiveness, and prosperity, the Vibrant Economy Indicators tool empowers business leaders, policymakers, educators, and economic developers to make informed, strategic decisions.
Want to review the data in detail? Fill out the form below and a member of the Team NEO research team will follow up to discuss how we can support your needs. Let’s work together to Bend the Curve for Northeast Ohio.
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Thank you for your interest in the Team NEO Vibrant Economy Indicators data. The economic data has been compiled and calculated by Team NEO. When sharing publicly, please reference: “Data sourced from Team NEO, www.TeamNEO.org, ©2025.”