In a recent study by the Brookings Institution, Cincinnati was listed as one of the top five cities in America that have proven how communities can “rewire” their current economic system, effectively generating inclusive growth. Cincinnati’s economy has become a model for other cities due to this.
In their study, the Brookings Institution focused on efforts across the United States, in the following cities:
- Cincinnati, OH
- Akron, OH
- Birmingham, AL
- Paul, MN
- Syracuse, NY
All of these cities have taken steps to boost their local economies.
Some of the efforts that were highlighted included the University of Cincinnati’s steps to grow good jobs, upskill their workers in various industries, and to catalyze innovation.
After becoming the president of the University of Cincinnati, Neville Pinto created a new innovation agenda as one of the core pillars of the school. David J. Adams was hired to be the university’s chief innovation officer to oversee existing functions of the university, including transfer/research partnerships with various industries. In addition, he worked to launch new priorities such as the 1819 Innovation Hub and the Venture Lab.
According to Pinto, universities are in a place where they are able to unite a variety of constituents. They don’t just have the ability to bring together current students and faculty, but also alumni, the local community, and leaders across a variety of industries to solve issues that arise as well as take hold of new opportunities in ways that you might not expect.
By having a hub that is dedicated to innovation, they are able to do just that. It is a space where those collisions can happen.
The success of this innovation district has become a model for the state of Ohio. They have begun trying to recreate these efforts in other cities including Columbus and Cleveland.
This growth is being pushed from the bottom up by local initiatives and boosted by partnerships between the public and private sectors and between local universities, economic development organizations, jurisdictions, neighborhoods, industries, and so much more. Strategies focused on creating new clusters of talent and innovation districts that drive sustainable growth must be enacted.
Conclusion
Cincinnati’s economy is being praised for its inclusive growth. They are one of five cities across the United States featured by the Brookings Institution for their innovative growth strategies.
If your business is located in or near Cincinnati, consider using Orcutt & Co. for your business accounting needs. We can work with your daily accounting and bookkeeping needs, payroll, and tax prep. We will keep your finances in order so you can focus on other aspects of your business.
