September 21, 20213 yr An overseas deal like this translates to how many local jobs? A couple dozen? https://www.crainscleveland.com/manufacturing/parker-hannifin-wins-support-meggitt-shareholders-87-billion-takeover
October 16, 20213 yr 1 hour ago, KJP said: VC investment passes $2B in Ohio for the first time – and 66% is in Columbus https://www-nbc4i-com.cdn.ampproject.org/c/s/www.nbc4i.com/news/columbus-business-first/vc-investment-passes-2b-in-ohio-for-the-first-time-and-66-is-in-columbus/amp/ 2/3 of all VC money goes to Columbus? While Cleveland is the largest market? Very sad. Hopefully this will wake up the city of cleveland, economic development organizations in Cleveland, and tech start ups here that we are quickly falling behind. It is utterly absurd that Columbus would get 66% of all VC money. If anything, CLE should be the 66% with the remainder to be split with Cincy and Columbus.
October 16, 20213 yr 1 hour ago, Pugu said: 2/3 of all VC money goes to Columbus? While Cleveland is the largest market? Very sad. Hopefully this will wake up the city of cleveland, economic development organizations in Cleveland, and tech start ups here that we are quickly falling behind. It is utterly absurd that Columbus would get 66% of all VC money. If anything, CLE should be the 66% with the remainder to be split with Cincy and Columbus. I mean one company appears to be the bulk of that money for Columbus. However, good for them that's impressive numbers.
October 16, 20213 yr Unless I'm remembering wrong, up until a couple years ago, Cleveland was number 1 in Ohio, and second in the Midwest after Minneapolis. This dynamic went on for quite awhile until it switch to Cbus being top in Ohio. It seems to run in cycles, and as pointed out above can be greatly distorted by one company attracting a very disproportionate amount. Could Cleveland be doing more to attract funds? For sure, we always can. But I wouldn't be concerned by this right now. There's still alot going on here.
October 18, 20213 yr ^I believe you are recalling the healthcare vc investment rankings that BioEnterpise used to compile. For overall vc activity, I don't think Cleveland has fared so well over the years.
October 18, 20213 yr On 9/20/2021 at 10:28 PM, KJP said: They have a reputation of being a very hypercompetitive and even backstabby place to work. I suspect that's a factor. A lot of people are hiring in manufacturing. We're looking to add quite a few CNC operators ourselves.
October 18, 20213 yr 14 minutes ago, E Rocc said: They have a reputation of being a very hypercompetitive and even backstabby place to work. I suspect that's a factor. A lot of people are hiring in manufacturing. We're looking to add quite a few CNC operators ourselves. I agree. I've heard stories about overlooking employee drama because it keeps everyone on their toes and increases employee output.....and burnout. This is a situation where its more about the management/management style/culture, than it is about employees shortages. People have been working from home for over a year, who wants to (return) to an office with a toxic environment?
October 18, 20213 yr 13 minutes ago, MyTwoSense said: I agree. I've heard stories about overlooking employee drama because it keeps everyone on their toes and increases employee output.....and burnout. This is a situation where its more about the management/management style/culture, than it is about employees shortages. People have been working from home for over a year, who wants to (return) to an office with a toxic environment? To be fair, their year end bonuses tend to be very large. But they are competing with other employees, sometimes members of their team, for them. At least that was how it was done back when I was hearing from them on a regular basis.
October 18, 20213 yr 2 minutes ago, E Rocc said: To be fair, their year end bonuses tend to be very large. But they are competing with other employees, sometimes members of their team, for them. At least that was how it was done back when I was hearing from them on a regular basis. Does a bonus make up for a toxic and problematic daily working environment?
October 18, 20213 yr FWIW - I have a cousin that works there (since college) and he's had an overall positive experience.
October 18, 20213 yr 6 minutes ago, YABO713 said: FWIW - I have a cousin that works there (since college) and he's had an overall positive experience. I grew up on the east side with lots of my friends fathers working there and it was always THE place to work. Maybe of my friends from high school followed in their footsteps and work there now as well.
October 18, 20213 yr 18 minutes ago, YABO713 said: FWIW - I have a cousin that works there (since college) and he's had an overall positive experience. Perhaps the culture and / or working environment has changed. Good to hear this experience.
October 18, 20213 yr I had always heard growing up (in the 60's) that Lincoln Elec. gave Christmas bonuses to their employees that was the equivalent to a year's salary. I don't know if that was accurate or if it's true today. Sounds like Wall St. 🤨 http://www.mainstreetpainesville.org/
October 18, 20213 yr 56 minutes ago, YABO713 said: FWIW - I have a cousin that works there (since college) and he's had an overall positive experience. 36 minutes ago, MyTwoSense said: Perhaps the culture and / or working environment has changed. Good to hear this experience. or maybe--since Yabo said "since college"--the cousin has no basis for comparison and doesn't know how things are at other companies. Overall, if their reputation within CLE is crap (mostly), Lincoln should 1) fix their management and 2) actively recruit outside of CLE--which will also have the benefit of bringing new people to Cleveland.
October 18, 20213 yr 43 minutes ago, Pugu said: or maybe--since Yabo said "since college"--the cousin has no basis for comparison and doesn't know how things are at other companies. Overall, if their reputation within CLE is crap (mostly), Lincoln should 1) fix their management and 2) actively recruit outside of CLE--which will also have the benefit of bringing new people to Cleveland. Good point.
October 18, 20213 yr 1 hour ago, Pugu said: or maybe--since Yabo said "since college"--the cousin has no basis for comparison and doesn't know how things are at other companies. Overall, if their reputation within CLE is crap (mostly), Lincoln should 1) fix their management and 2) actively recruit outside of CLE--which will also have the benefit of bringing new people to Cleveland. I wouldn't call it crap. I'd call it as a high pressure intense place that isn't for everyone.
October 18, 20213 yr 1 hour ago, Pugu said: Overall, if their reputation within CLE is crap (mostly), Lincoln should 1) fix their management and Isn't Lincoln Electric employee-owned?
October 18, 20213 yr 15 minutes ago, Cleburger said: Isn't Lincoln Electric employee-owned? They are publicly traded.
October 18, 20213 yr 1 hour ago, freefourur said: They are publicly traded. Right--however I think they give out lots of bonuses to rank-and-file employees in the form of stock. Not sure what the percentage is currently.
October 18, 20213 yr 44 minutes ago, Cleburger said: Right--however I think they give out lots of bonuses to rank-and-file employees in the form of stock. Not sure what the percentage is currently. I understand what you're saying now. I'm not sure if stocks are part of their annual bonuses or not. I thought you meant employee owned as in a cooperative. So yes, employees may own a small portion of stock but I am not sure.
October 18, 20213 yr 38 minutes ago, freefourur said: I understand what you're saying now. I'm not sure if stocks are part of their annual bonuses or not. I thought you meant employee owned as in a cooperative. So yes, employees may own a small portion of stock but I am not sure. When growing up I would always hear my friends dads saying the were "employee owned" but they were probably just referring to their stock holdings (which may have been greater way back then). I also remember one of the dads getting super drunk at a Geauga Lake company picnic, but that is an entirely different story...
October 19, 20213 yr We have a mayoral election thread. Use that for talking about mayoral candidates. We don't want that derailing other threads on the forum.
October 20, 20213 yr Medtech company with ties to CWRU, UH completes $70 million IPO "Lucid Diagnostics Inc. (Nasdaq: LUCD), an esophageal cancer test-maker that uses technology developed jointly by medical school faculty at Case Western Reserve University and University Hospitals, has completed a $70 million initial public offering.....The underlying technology for EsoCheck and EsoGuard was co-invented by Sanford Markowitz, the Ingalls Professor of Cancer Genetics and Medicine at the Case Western Reserve University School of Medicine and an oncologist at University Hospitals Seidman Cancer Center; Amitabh Chak, a professor of medicine at the med school, gastroenterologist at the University Hospitals Digestive Health Institute and the Brenda and Marshall B. Brown Master Clinician in Innovation and Discovery at UH Seidman; and Joseph Willis, a professor of pathology at the medical school and pathology vice chair for translational research at UH...." https://www.crainscleveland.com/health-care/medtech-company-ties-cwru-uh-completes-70-million-ipo? Idea and technology created by Cleveland people and Cleveland institutions, and fostered by Cleveland organizations. Why is this a New York company?!?!? It should be a Cleveland company. How do we keep such businesses in Cleveland? All that payroll and profit and prestige and supporting business gone to NY instead of here. I don't know if they started in CLE and moved to NY or just set up in NY over CLE from the outset but either way its not good for CLE.
October 20, 20213 yr 3 hours ago, Pugu said: Medtech company with ties to CWRU, UH completes $70 million IPO Idea and technology created by Cleveland people and Cleveland institutions, and fostered by Cleveland organizations. Why is this a New York company?!?!? It's in NY for the same reason Cleveland Biolabs is in Buffalo: the financiers required it. The lack of start-up funding in NEO is a real drawback. Remember: It's the Year of the Snake
October 21, 20213 yr 17 hours ago, Pugu said: Medtech company with ties to CWRU, UH completes $70 million IPO How do we keep such businesses in Cleveland? All that payroll and profit and prestige and supporting business gone to NY instead of here. I read the prospectus for Lucid. CWRU and the 3 Cleveland doctors actually do pretty well. CWRU gets 1.33 million shares and the docs get 408K each (shares initially valued at $14.00); plus CWRU gets 5% of sales up to $100 million and 8% over that. The university also gets a fixed guaranteed royalty that is modest but grows with success. So some of the money is staying in Cleveland. Remember: It's the Year of the Snake
October 21, 20213 yr Back in 2019 London Stock exchange announced it would be opening the American HQ of ELITE, it's international business support and capital raising initiative. I remember seeing reports of this at the time and it sounded like it could be a huge boost for Cleveland, but I haven't heard anything since. Anyone have any updates?
October 21, 20213 yr 9 hours ago, Dougal said: I read the prospectus for Lucid. CWRU and the 3 Cleveland doctors actually do pretty well. CWRU gets 1.33 million shares and the docs get 408K each (shares initially valued at $14.00); plus CWRU gets 5% of sales up to $100 million and 8% over that. The university also gets a fixed guaranteed royalty that is modest but grows with success. So some of the money is staying in Cleveland. Yeah, that's pretty standard. But I meant more than 3 doctors in Cleveland getting rich (who spend money around town and add to the economy), i was referring to a full company being based here so there is a lot of jobs and an actual payroll. That was my frustration.
October 21, 20213 yr 2 hours ago, Luke_S said: Back in 2019 London Stock exchange announced it would be opening the American HQ of ELITE, it's international business support and capital raising initiative. I remember seeing reports of this at the time and it sounded like it could be a huge boost for Cleveland, but I haven't heard anything since. Anyone have any updates? I haven't seen any updates either, except for this article from Oct 2020: "In October 2019, Elite announced that Cleveland would be the the home of its Americas headquarters. But due to travel restrictions as a result of the Covid-19 pandemic, the group has postponed the opening of the Cleveland office and the Elite Global Conference until 2021." https://www.bizjournals.com/cleveland/news/2020/10/01/cleveland-firms-join-london-business-program.html
October 22, 20213 yr https://www.bls.gov/regions/midwest/oh_cleveland_msa.htm Sep. numbers out. Unemployment down, but otherwise numbers don't look too great to me.
October 24, 20213 yr Just came across this video about Climate change and CLE/Buffalo/Chicago: Why the best place to live in the US will be the Rust Belt
October 24, 20213 yr That was posted a couple of days ago here: "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
October 24, 20213 yr 1 hour ago, Pugu said: Just came across this video about Climate change and CLE/Buffalo/Chicago: Why the best place to live in the US will be the Rust Belt Our Fresh water will be a factor and I think politically people who moved away, will return.
October 24, 20213 yr 20 minutes ago, MyTwoSense said: Our Fresh water will be a factor and I think politically people who moved away, will return. We need to prevent diversion of same, basically by any means necessary.
October 26, 20213 yr ideastream: Cuyahoga County is betting on microgrids to power the area's business future. https://wcpn.ideastream.org/news/cuyahoga-county-is-betting-on-microgrids-to-power-the-areas-business-future Not exactly clear what areas are covered, but hopefully the central business district and University Circle will be included.
October 26, 20213 yr With coastal ports backed up, can Cleveland’s help fill the gap? CLEVELAND, OHIO — With a logjam of ships holding up goods on the country’s coasts, part of the solution to the region’s could be sitting right on Cleveland’s waterfront. The Port of Cleveland has been importing shipping containers since 2014, but only uses about 6% of its capacity while container ships on the West and East coasts sit in days-long lines to be unloaded. https://www.cleveland.com/business/2021/10/with-coastal-ports-backed-up-can-clevelands-help-fill-the-gap.html
October 26, 20213 yr 1 hour ago, Mov2Ohio said: With coastal ports backed up, can Cleveland’s help fill the gap? CLEVELAND, OHIO — With a logjam of ships holding up goods on the country’s coasts, part of the solution to the region’s could be sitting right on Cleveland’s waterfront. The Port of Cleveland has been importing shipping containers since 2014, but only uses about 6% of its capacity while container ships on the West and East coasts sit in days-long lines to be unloaded. https://www.cleveland.com/business/2021/10/with-coastal-ports-backed-up-can-clevelands-help-fill-the-gap.html It would be great if our Great Lakes politicians were focused on these kinds of investments rather than worry about what gender sign is on a restroom or accepting bribes from fossil fuel corporations.
October 27, 20213 yr 12 hours ago, Cleburger said: It would be great if our Great Lakes politicians were focused on these kinds of investments rather than worry about what gender sign is on a restroom or accepting bribes from fossil fuel corporations. Was that necessary? Political threads are that way. 👈 Smh
October 27, 20213 yr Independence to Solon. Yet another suburb vs suburb story.... Kichler Lighting will vacate its longtime HQ in Independence "Kichler Lighting, a major employer in Independence, plans to empty out its mammoth headquarters next year — moving its corporate offices to Solon and relocating its distribution hub to Pennsylvania. The homegrown maker of light fixtures and ceiling fans confirmed Wednesday, Oct. 27, that it plans to vacate its longtime home, a 631,000-square-foot warehouse and office complex at 7711 E. Pleasant Valley Road. In a news release, Kichler characterized the decision as part of its "strategic plans to reposition its business for a dynamic future....." https://www.crainscleveland.com/real-estate/kichler-lighting-will-vacate-its-longtime-hq-independence
October 27, 20213 yr 24 minutes ago, Pugu said: Independence to Solon. Yet another suburb vs suburb story.... But also losing distribution hub to PA.
October 27, 20213 yr The silver lining is that that warehouse space they're leaving should fill up quickly in this tight industrial market.
October 28, 20213 yr A little more info on Kichler move. https://www.cleveland.com/realestate-news/2021/10/kilcher-lighting-moving-from-longtime-home-in-independence-plans-to-lay-off-85-workers.html
November 4, 20213 yr I've been moderately obsessed with our clogged ports and possible solutions. I've seen the idea of more container ships coming through Cleveland to alleviate the coastal ports. Is there anything to this or is it just noise and fun headlines? Couldn't this be a nice short term boon for the area? https://www.cleveland.com/business/2021/10/with-coastal-ports-backed-up-can-clevelands-help-fill-the-gap.html
November 4, 20213 yr Not sure why cleveland.com is making such a big deal (i.e. leaving the article up for DAYS) about 76 people being laid off at Progressive. Couldn't these folks be reassigned - almost immediately - within the company just relying on normal turnover? https://www.cleveland.com/news/2021/11/progressive-will-layoff-76-employees-in-mayfield-according-to-state-filing.html Edited November 4, 20213 yr by Dougal Remember: It's the Year of the Snake
November 4, 20213 yr 4 minutes ago, Dougal said: Not sure why cleveland.com is making such a big deal (i.e. leaving the article up for DAYS) about 76 people being laid off at Progressive. Couldn't these folks be reassigned - almost immediately - within the company just relying on normal turnover? https://www.cleveland.com/news/2021/11/progressive-will-layoff-76-employees-in-mayfield-according-to-state-filing.html They are probably miffed about decreased advertising sales.
November 4, 20213 yr 7 minutes ago, Dougal said: Not sure why cleveland.com is making such a big deal (i.e. leaving the article up for DAYS) about 76 people being laid off at Progressive. Couldn't these folks be reassigned - almost immediately - within the company just relying on normal turnover? https://www.cleveland.com/news/2021/11/progressive-will-layoff-76-employees-in-mayfield-according-to-state-filing.html Not only can they be, but they have. Not sure it was mentioned in the Cle.com article, but it was in Crain's
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