Health care, manufacturing set pace for middle-market growth
Middle-market companies—those with annual revenues between $10 million and $100 million—grew revenue over the past 12 months at 6.6 percent, nearly twice as fast as the S&P 500 at 3.4 percent, according to the National Center for the Middle Market’s
2Q2014 Middle Market Indicator (MMI). These results are fueled by this segment’s strongest performers, manufacturing and health care, two sectors that are prominent contributors to the Northeast Ohio economy.
Among manufacturers, 72 percent of mid-sized companies reported an average year-over-year growth rate of 7.3 percent. In health care, 68 percent of respondents an increase in revenues a jump of 16 points.
Looking ahead, four middle-market industry sectors are particularly optimistic about their prospects over the next 12 months, with three out of four saying they will growth revenue well above the national average: construction (8.1 percent), services (8 percent), manufacturing (7.2 percent), and financial services (6.7 percent).
Click to read more in the 2Q2014 MMI.
The Middle Market Indicator, a quarterly survey of 1,000 C-suite executives. is produced by the National Center for the Middle Market (NCMM), a strategic partner of the Greater Cleveland Partnership’s Middle-Market Initiative. The NCMM is a collaboration between The Ohio State University Fisher College of Business and GE Capital.
Sponsoring work visas for international employees:
What middle-market companies need to know
With an insufficient supply of certain specialized skills and intense competition for talent all over the world, middle-market companies may be at a disadvantage when it comes to hiring.
You’re up against universally recognized companies such as Microsoft or Amazon, or others located in technology hubs such as Seattle, San Francisco, or Boston.
So when your middle market company can't find a skilled American to fill a technical or specialized position, looking abroad for talent makes perfect sense.
To to hire an international professional for the position, you'll need to sponsor that employee for an H-1B work visa.
National Center for the Middle Market contributor and freelance reporter Chuck Leddy, offers five steps your mid-market company should follow to ensure that sponsoring an H-1B visa is right for you. They include:
You are offering the prevailing wages/compensation for the position in your market.
The international hire will be filling a position that requires specialized knowledge or training.
Understand the deadlines and limitations for H-1B work visas.
Click to read more.
GCP CEO elected vice chair of national chamber organization; two salespersons honored for lifetime
and annual achievements
GCP President and CEO Joe Roman was named vice chair of the American Chamber of Commerce Executives (ACCE) Board of Directors for 2014-15 at the ACCE Centennial Convention last week in Cincinnati.
After serving in this role for a year, he will become Board chair at the next annual convention to be held August 11-14, 2015 in Montreal.
Established in 1914, the American Chamber of Commerce Executives is the only national association serving the professional development needs of chamber professionals throughout the United States and Canada. Representing more than 7,000 individuals, ACCE enhances the knowledge, leadership skills, and management effectiveness of chamber executives and their staff.
Sales award winners
Lisa Mullin (photo left) received an ACCE Diamond award for achieving lifetime sales over $1.5 million, the highest achievement in sales that ACCE recognizes.
Lisa also was recognized by ACCE in the annual Circle of Champions sales competition for third place in the nation in the large chamber category.
Dian Jusko received an ACCE Platinum award for achieving lifetime sales over $750,000.
In addition, she was recognized by ACCE in the annual Circle of Champions sales competition for second place in the nation in the large chamber category.
Toledo Regional Chamber receives national honor
We congratulate the Toledo Regional Chamber of Commerce
, honored by the American Chamber of Commerce Executives
(ACCE), as the 2014 Chamber of the Year for 2014. The award was announced last week at ACCE’s Centennial Convention in Cincinnati.
Chamber of the Year is the nation’s only award recognizing the dual role chambers have in leading businesses and communities. Chambers that received this honor have not only demonstrated organizational strength but also have made an impact on key community priorities, such as education, transportation, business development and quality of life. Chamber of the Year is the most distinguished award that a Chamber of Commerce can receive.
The Toledo Regional Chamber is one of nine Ohio chambers of commerce that comprise the Ohio Metro Chambers Coalition of which the Greater Cleveland Partnership also is a member.
Click to learn more about the Toledo chamber.
GCP members finalists for NorTech Innovation Awards
Congratulations to the Greater Cleveland Partnership members listed below who are finalists for a 2014 NorTech Innovation Award.
Both individuals who are pushing tech boundaries within their businesses and across different industries and Northeast Ohio companies on the cutting edge of innovation will be honored on Tuesday, September 23 at the Cleveland Convention Center. The program will be held from 5:30 to 8:30 p.m..
Innovative Leader of the Year
Inventor of the Year
- Jerry Duffy, GE Lighting
- George Haritos, The University of Akron
- George Newkome, The University of Akron
- Sharon Sobol Jordan, The Centers for Families and Children
Most Innovative Solution
Most Innovative Technology Team (GCP members in bold)
- Mark Griswold, Case Western Reserve University School of Medicine
Most Innovative Use of a National Trend
- Auditory Labs, LeanDog & Osmisys
- LogiSync, Stride Tool & SmartShape
- NASA Glenn & Great Lakes Environmental Research Laboratory
- GE Lighting
- The University of Akron
- Lorain County Community College
- NASA Glenn, MAGNET
Click for more information about the event.
National news site takes note of Cleveland's bioscience sector
Cleveland’s Health-Tech Corridor
and the Global Center for Health Innovation
(formerly known as the Medical Mart) are in the spotlight in a story on cnn.com about Cleveland’s ascent as an international hub for medical and bioscience technology.
It notes that “The 1,600-acre Health-Tech Corridor acts as Cleveland's biomedical nerve center, housing three major health-care institutions besides Cleveland Clinic
, four higher education institutions, more than 130 biomedical and other technology companies and eight incubators that lease space and provide consulting and other business development services.
“This is where Cleveland Clinic and other partner organizations, such as incubator BioEnterprise
, interact with researchers, clinical caregivers, academics and business executives.”
Click to read the full story.