The world is changing.
We are making unprecedented investments to respond to, and prosper in, this changing world. Greater Akron is creating an economic landscape focused on advanced manufacturing, intentional inclusivity, and prioritizing what works.
In 2018, the Greater Akron Chamber, GAR Foundation, City of Akron, and County of Summit created a collaborative approach to economic development called Elevate Greater Akron (Elevate). Today, Elevate has expanded to include over a dozen partners, driving shared, and updated, priorities for 2025 and beyond.
1) Capturing growth opportunities as the global sustainable polymer capital.
In 2021, Elevate believed the region’s history and strength in rubber, plastics and advanced materials could point to new opportunities. We launched the Polymer Industry Cluster, and now have over 70 companies, organizations, and universities – including the University of Akron, the nation’s leading school for polymers – collaborating to address shared industry challenges like sustainability. The Cluster has since received a federal Sustainable Polymers Tech Hub designation, a state Innovation Hub designation, and an investment of over $100 million in public and private funding. The polymer industry has the potential to add more than $2 billion in gross regional product within a decade, driving manufacturing, job creation,
entrepreneurship, and investment.
2) Prioritizing inclusive economic growth.
Inclusive economic growth means shared prosperity for all residents. Opportunity Akron is Elevate’s effort to help the region keep this promise of prosperity. Since 2019, Elevate conducted 1,376 business visits with existing businesses, 38% with minority- or woman-owned businesses. Akron Urban League’s Minority Business Assistance Center helped create 322 jobs, secure $900,000 in capital, and generate $3.9 million in revenue. The Minority Contractor Capital Access Program, led by Western Reserve Community Fund in collaboration with Akron Urban League, generated over 424 new contracts worth $8.8 million for Black contractors. These Elevate partners demonstrate that prioritizing under-resourced businesses has and will continue to equal growth.
3) Building a thriving, connected downtown.
Downtown Akron is poised for reinvention. Attracting residents, businesses, students, visitors, and overall investment into a dense city center drives vibrancy and the regional economy. More than $176 million in private investment has been made downtown; downtown residents have increased by more than 20%; a new Downtown Akron Development Corporation is being charged with working alongside Downtown Akron Partnership to advance real estate development; and a renovated Lock 3 Park now connects to our world- class Towpath Trail. We will build off this momentum because we understand a strong downtown means a
strong region.
4) Excelling in the “New Fundamentals”
Our region has incredible assets that can work well together. This was evident when Elevate quickly deployed $14.3 million in grants to over 3,200 small businesses in Summit County. Beyond coordinating in crisis, we need to work well every day to provide high-quality, consistent, and multi-partner support to ensure the success of Greater Akron companies. This is why Elevate built the Greater Akron Business
Navigator to connect local businesses with over 200 resources. It’s why, every week, Elevate partners come together to proactively coordinate and solve problems for our region’s employers. It’s why Elevate’s Spark team of entrepreneur support organizations work together to meet the unique needs of small businesses. We will stay focused on these “new fundamentals” to create a growth-oriented community
where it is easy to do business.
Some communities will fare better than others in this changing world. As Bruce Katz said in Governing, “the winning metros are organizing themselves to coordinate an eclectic mix of public, private and civic institutions.” Those who are intentional about working together – like Elevate Greater Akron – will come out on top.
Learn more at elevategreaterkakron.org
