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Survey also finds them concerned over extent of government support
By Paula Schleis Beacon Journal business writer
Published on Saturday, Oct 27, 2007
Northeast Ohio entrepreneurs think the region's quality of life, cost of living and development resources make it a great place to run a business.
But they continue to worry about finding the capital and government support their companies and ideas need to grow.
That's the gist of the second Northeast Ohio Entrepreneurship Confidence Survey, conducted by Cleveland State University and JumpStart Inc. The latest effort summarized about 250 opinions collected between April 18 and June 22.
The annual survey assesses the entrepreneurial climate in Northeast Ohio, and not much had changed since the first survey, conducted last year.
Much of the report was positive.
Respondents awarded Northeast Ohio four out of a possible five points for quality of life and cost of living, seeing them as advantages to starting and sustaining a business here.
Business development resources including the local work force, business support organizations, colleges and universities, and networking opportunities also earned four points from most respondents.
But as in 2006, most of those surveyed said that city, county, and state governments are not responsive enough to entrepreneurial needs.
And access to capital scored just two out of five points.
The survey's findings will help the region continue to fo
cus on areas in need of improvement, said JumpStart Chief Executive Ray Leach.
The complaints about capital were not surprising, he said. As a nonprofit investor in early-growth companies, Jump-Start has ''witnessed firsthand the high volume of ideas in Northeast Ohio alone that need funding,'' Leach said.
''We know where we need to improve, and with outlets like IdeaCrossing and the formation of new funds such as the North Coast Angel Fund and the Akron ARCHAngels, the region is striving to make those improvements,'' he said.
He also noted that the new Northeast Ohio Capital Initiative and the established Ohio Capital Fund which will provide money to venture capital firms that invest in early-stage companies are expected to funnel $200 million into the region in the next three to five years.
CSU research director Ziona Austrian said it is interesting that despite a negative perception about the overall health of the region's economy, ''most respondents again were very confident in their ability to start or sustain a business in Northeast Ohio.''
Paula Schleis can be reached at 330-996-3741 or pschleis@thebeaconjournal.com.
Northeast Ohio entrepreneurs think the region's quality of life, cost of living and development resources make it a great place to run a business.
Get the full article here.
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