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Be My Neighbor

This philanthropic fund is encouraging business growth, but will it start a trend?

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This story appears in the August 2006 issue of Entrepreneur. Subscribe »

Here's a novel concept: philanthropic organizations joiningforces to transform a flagging regional by fosteringentrepreneurship. Sound improbable? In Ohio, 80 entities formedFund for OurEconomic Future to do just that.

The three-year initiative launched in 2004 has raised $35million, which is earmarked in part for fostering entrepreneurshipand formation in sectors with strong growth potential."Our goal is to shift the regional economy from traditionalindustries to promising areas such as advanced energy,nanotechnology and electronics," explains Bradley Whitehead,who oversees implementation of the fund's initiatives.

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