Last week the business world mourned the loss of one of its legendary icons, New York Yankees owner George Steinbrenner. Known for his brass knuckles, micromanagement style, Steinbrenner helped restore a fledgling Yankees franchise into a multi-billion dollar empire. Steinbrenner embodied everything that makes an entrepreneur successful. He took risks, winning meant everything to him, and he portrayed a sense of raw resilience that would make any Fortune 500 CEO envious. Yet, one of the most forgotten facts about this great business legend is the fact that he was a native Clevelander. Born in the Cleveland suburb of Rocky River in 1930, Steinbrenner attended Williams College and excelled at track and football. After a stint in the Air Force, he joined his family’s Great Lakes shipping business, Kinsman Marine Transit, and later went on to own a Cleveland basketball franchise before leading a consortium bid for the New York Yankees in 1973.
George Steinbrenner joins the ranks of many business legends who once called Cleveland their home. Perhaps the most notable business icon from Cleveland was John D. Rockefeller, who got his start as bookkeeper for the Hewitt & Tuttle commission merchants. Years later, Rockefeller went on to build his career in the refinery business and later started Standard Oil in 1870. At the height of his career, Rockefeller had an estimated worth of almost $1 billion, in today’s value he would be worth more than $200 billion. His notable accomplishments transcended business, as he used his wealth to help establish the University of Chicago and the Rockefeller Foundation.
Nonetheless, as history has shown us, Cleveland’s past is full of notable business icons. But the one thing that stands out the most is the fact that while many of these icons start in the city, they tend to leave their talents and go elsewhere. The recent departure of basketball superstar LeBron James has even added to this myth of Cleveland being place where the most talented leave for greener pastures. Across the Rust-Belt, the flight of the creative class seems to be a standard anecdote. For Cleveland, this anecdote has been a sad reality for years. However, there is still much to hope for in that shining city on a lake.
Currently, Cleveland has a number of business leaders who are beginning to help re-energize Cleveland’s business climate. From Al Mixon, CEO of Invacare, to Baiju Shah, CEO of BioEnterprise, Northeast Ohio’s future as a hotbed of entrepreneurship and innovation is promising. Biotechnology, healthcare, and renewable energy combined together could help fuel a new era of economic growth in the region. Let’s just pray that the emerging and current business leaders keep their talents at home for the next few decades.
Justin...there was a reason Rockefeller left Cleveland -- the city wouldn't give him the tax breaks he needed to jumpstart his enterprise. In order to keep the talented entrepreneurs that you have mentioned, Cleveland must make the business climate favorable for them.
ReplyDeleteThank you so much for your post. I completely agree with your comments. Cleveland needs to develop a more aggressive strategy to attract entrepreneurs. As it stands now, we do not have a very competitive business climate. The start-up process to create a business is filled with red tape. Local taxes are also very high. Additionally, our education system does not incentivize highly educated families to raise a family in the city. Addressing these problems, among a host of others will be critical to creating a more viable future for Cleveland.
ReplyDeletePlease continue to read the blog. Your comments are greatly appreciated.