Cleveland Foundation’s innovative investing strategy boosts local economy
Bravo to the Cleveland Foundation for their continued innovation in place-based philanthropy (“Success is paid forward for investment pool in area companies,” March 9). Beyond civic boosterism, my assumption – as a non-economist – is that investing in locally based companies will have trailing and multiplying benefits to the region. While national and global in scope, much of the workforce and supplier ecosystem is local, which allows for a compounding effect that adds to the economic activity and vitality of Northeast Ohio.
This extends a long-held corporate and philanthropic partnership toward mutual benefit where the foundation draws upon these corporate citizens for civic-minded board members and donors, while the foundation and…
