Brite Recognized in White House Report on Opportunity Zones
WARREN, Ohio – The collaboration between Brite Energy Innovators and the Youngstown/Warren Regional Chamber Foundation has led to recognition in a report by the White House Opportunity and Revitalization Council.
The report, “Best Practices and Case Studies: Qualified Opportunity Funds,” was created by the 23-member group established in late 2018 to carry out the Trump Administration’s Opportunity Zone program to encourage investment in urban areas. Brite itself and the work of two portfolio companies were mentioned in the report.
“Qualified Opportunity Fund capital enabled an energy incubator in Northeast Ohio to assist two startups by funding their work in medical software and Internet of Things hardware solutions,” said one example.
The other example stated: “One product, an artificial intelligence-powered medical diagnostic and patient care tool, was deployed in response to COVID-19. The other investment scaled implementation of energy optimization Internet of Things devices for smart buildings.”
Last year, the Regional Chamber Foundation and Brite showcased the efforts in the local Opportunity Zone to White House officials through a local prospectus. The document was produced by the chamber’s economic development staff and continues to be updated.
“It’s quite an accomplishment for two of our portfolio companies to have their work recognized by the White House,” said Brite President and CEO Rick Stockburger in a statement. “We were grateful for the chamber’s partnership on the event last year. It really put us on the map.”
“This is further proof of how much we can accomplish through collaboration between our organizations,” added Guy Coviello, president of the Regional Chamber Foundation.
The full White House report can be read HERE.
Copyright 2020 The Business Journal, Youngstown, Ohio.