Cincinnati chamber sending development team to Israel

By David Holthaus
dholthaus@enquirer.com

The Cincinnati USA Regional Chamber will lead an economic development trip to Israel in November, with part of it devoted to connecting with that country's entrepreneurial and venture capital community.

It will be the chamber's first trip to the Jewish state and is the latest example of the business group expanding its overseas efforts beyond Western Europe and Japan, the traditional sites of its overseas economic development work.

The chamber will lead a group of about 20 business leaders, including representatives from Procter & Gamble, Cincinnati Children's Hospital Medical Center, Corporex Cos. and CincyTech.

One goal is to tap into what's described as a thriving entrepreneurial and venture capital scene, find new sources of start-up funding and link entrepreneurs from the two countries. "We want to immerse ourselves in their innovation economy and educate ourselves about how we can grow the innovation economy here," said Doug Moormann, the chamber's vice president of economic development.

Israel attracted $2 billion in venture capital in 2008, according to Startup Nation, a book that details the entrepreneurship scene in the nation of 7 million people.

Chamber officials will also meet with executives from companies interested in expanding or locating in the U.S., the traditional purpose of economic development trips.

The group will also promote the consumer marketing expertise in Cincinnati, building on the city's recent state designation and funding as a consumer marketing hub. The group will sell Cincinnati as a lower-cost alternative to New York or London for marketing and brand-design services. "It's a saleable idea," Moormann said.

The chamber has recently been looking for international business prospects beyond Western Europe and Japan. This fall, officials will make their second trip to India, for example.

Among those expected to make the Israel trip are Michael Fisher, CEO of Children's Hospital; Bill Butler, chairman of Corporex; Bob Coy, president of CincyTech; Chris Hassall, a P&G vice president; and Enquirer publisher Margaret Buchanan.