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Northeast Ohio’s tech industry is not only growing, it’s thriving says OHTec’s 2015 NEO Tech Industry Report. The organization conducted the same survey in 2014 as it did in the end of 2010 and recent results show an increase in employment, revenue and overall growth.
“Four years ago we used the same survey to get a snapshot of what the industry looks like,” explains OHTec director Brad Nellis. “We wanted to see what it looks like now and how things have changed in four years. It’s important because people don’t really realize the impact and scope of the tech industry here in Northeast Ohio. This report gives light to it.”
Nellis cites the fact that 68 percent of the region’s tech employers now have more than 10 employees – far above the national average of 18 percent – while in 2010, 45 percent had 10 or fewer employees. Today, only 32 percent fall into the very small category, while the number of companies with more than 25 employees and more than 50 and more than 100 employees has grown significantly.
Furthermore, the report states that in 2010, just seven percent of companies reported revenues of more than $10 million annually, while in 2014 that percentage rose to 13 percent.
Nellis notes that an important point in the report is that 60 percent on the area’s tech companies are doing business outside of Northeast Ohio. “It’s not just moving money around in the region that’s already here,” he says. “With big growth in companies doing business outside of Ohio, that’s dollars being imported into the region.”
There really hasn’t been much change in the types of technology companies in the region, says Nellis – Northeast Ohio continues to host a mix of companies, from software and IT services to web site development. And many tech employees are making good money. "We don't have any mega-tech companies here like Oracle, Google or Facebook, but there are high salaried individuals in web development, software development -- many making six figures," he says.
Ohio in general has strong technology bases statewide, each with its own niche market. Nellis says the state has been supportive of the technology industry, which will only fuel future growth.
“Barring an economic upheaval, we will continue to see strong growth,” Nellis says. “We consider ourselves on a good, strong path.”
“Four years ago we used the same survey to get a snapshot of what the industry looks like,” explains OHTec director Brad Nellis. “We wanted to see what it looks like now and how things have changed in four years. It’s important because people don’t really realize the impact and scope of the tech industry here in Northeast Ohio. This report gives light to it.”
Nellis cites the fact that 68 percent of the region’s tech employers now have more than 10 employees – far above the national average of 18 percent – while in 2010, 45 percent had 10 or fewer employees. Today, only 32 percent fall into the very small category, while the number of companies with more than 25 employees and more than 50 and more than 100 employees has grown significantly.
Furthermore, the report states that in 2010, just seven percent of companies reported revenues of more than $10 million annually, while in 2014 that percentage rose to 13 percent.
Nellis notes that an important point in the report is that 60 percent on the area’s tech companies are doing business outside of Northeast Ohio. “It’s not just moving money around in the region that’s already here,” he says. “With big growth in companies doing business outside of Ohio, that’s dollars being imported into the region.”
There really hasn’t been much change in the types of technology companies in the region, says Nellis – Northeast Ohio continues to host a mix of companies, from software and IT services to web site development. And many tech employees are making good money. "We don't have any mega-tech companies here like Oracle, Google or Facebook, but there are high salaried individuals in web development, software development -- many making six figures," he says.
Ohio in general has strong technology bases statewide, each with its own niche market. Nellis says the state has been supportive of the technology industry, which will only fuel future growth.
“Barring an economic upheaval, we will continue to see strong growth,” Nellis says. “We consider ourselves on a good, strong path.”
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For 14 years Christie Murdoch has called Tremont home to her eclectic boutique Banyan Tree – selling unique clothing, jewelry, accessories and gifts to loyal customers. Last October, The Banyan Box became one of the first tenants of Small Box Cleveland – a market of shops in renovated shipping containers.
Now, Murdoch is moving east and about to open her third Banyan Tree store at 11440 Uptown Alley in University Circle’s Uptown. “I feel like it’s a fresh and new area that people are just hearing about, just learning about,” says Murdoch of the location. “There’s a mixture of people coming here, and it’s different than Tremont.”
Murdoch wasn’t actively looking for a third location, but Uptown felt right. “I looked at spaces over the years, but it wasn’t right,” she says. “Then this came along and we were open to it. It turned out really nice. It has the same feel as Tremont, but more modern.”
The Tremont Banyan Tree has a solid East Side customer base, Murdoch says, but having an east side location will add to it. “Our east side customers are very loyal, but I think they’d come here more. And we love that we’re staying in the City of Cleveland.”
The Uptown store will carry similar items as the Tremont location, but Murdoch will adapt as needed. “In the beginning we will have very similar things,” she says. “Then, when we figure out who our client base is, we will bring in more items. We want to get to know our clients first, get feedback, then go from there.” The store will also showcase work from local artists and designers.
Murdoch grew up in retail – her mother owned a seasonal store – but didn’t initially intend to go into retail herself until she came across an empty storefront in 2001. “I had graduated from college and was looking for a job when I saw this space in Tremont,” she recalls. “And I decided I could do it.”
Fourteen years later, the Banyan Tree is one of Cleveland’s prized stores for shoppers looking for something a little different.
The Uptown location opens Thursday, October 8 with an opening night party at 6p.m with food, drinks and shopping exclusives. Regular store hours are Monday through Wednesday from 11am to 7pm, Thursday through Sunday from 11am to 9pm and Sunday 11am to 4pm.
Now, Murdoch is moving east and about to open her third Banyan Tree store at 11440 Uptown Alley in University Circle’s Uptown. “I feel like it’s a fresh and new area that people are just hearing about, just learning about,” says Murdoch of the location. “There’s a mixture of people coming here, and it’s different than Tremont.”
Murdoch wasn’t actively looking for a third location, but Uptown felt right. “I looked at spaces over the years, but it wasn’t right,” she says. “Then this came along and we were open to it. It turned out really nice. It has the same feel as Tremont, but more modern.”
The Tremont Banyan Tree has a solid East Side customer base, Murdoch says, but having an east side location will add to it. “Our east side customers are very loyal, but I think they’d come here more. And we love that we’re staying in the City of Cleveland.”
The Uptown store will carry similar items as the Tremont location, but Murdoch will adapt as needed. “In the beginning we will have very similar things,” she says. “Then, when we figure out who our client base is, we will bring in more items. We want to get to know our clients first, get feedback, then go from there.” The store will also showcase work from local artists and designers.
Murdoch grew up in retail – her mother owned a seasonal store – but didn’t initially intend to go into retail herself until she came across an empty storefront in 2001. “I had graduated from college and was looking for a job when I saw this space in Tremont,” she recalls. “And I decided I could do it.”
Fourteen years later, the Banyan Tree is one of Cleveland’s prized stores for shoppers looking for something a little different.
The Uptown location opens Thursday, October 8 with an opening night party at 6p.m with food, drinks and shopping exclusives. Regular store hours are Monday through Wednesday from 11am to 7pm, Thursday through Sunday from 11am to 9pm and Sunday 11am to 4pm.
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