Pharmaceutical companies often are judged by their "pipeline" of future products. Their stock price could fluctuate on the value of this pipeline and the potential it has to drive future revenue. The Columbus2020! initiative also tracks its pipeline of potential projects, those competitive initiatives that could add jobs and investment in the Columbus region. A close analysis likely would warrant a "buy" recommendation if the Columbus region were selling shares of stock.

The Columbus2020! initiative's pipeline comprises companies that aren't here yet but that are considering central Ohio for new facilities, as well as existing companies that are considering expansion locally and a host of new enterprises that are being developed through TechColumbus and at satellite entrepreneurial centers throughout the area. One thing is clear: The level of activity is up compared to the past several years, and our prospects for the future are bright.

A closer look at the new companies looking at our region shows that 58 percent of the projects are small- to medium-size operations in the advanced-manufacturing sector; 28 percent are international companies considering the United States, and a framework for headquarters and back-office projects has the potential to create hundreds of jobs. Projects are being sourced from nearly every corner of the nation, and each international mission is creating qualified projects.

The region's technology incubators and entrepreneurial centers are nearing capacity in Columbus, Dublin and New Albany, driven by market opportunities in the advanced-energy, advanced-materials, information-technology and medical-healthcare sectors. It is a testament to the efforts of state and local leaders that such operations exist to nurture these new enterprises that represent the future of central Ohio.

As another indicator, in 2010 funding for local startups reached new heights as a record-setting 117 promising young companies received $307.56 million in innovation capital to fuel the growth of their businesses. This is a 73-percent increase over 2009. TechColumbus has the entire report online at TechColumbus.org.

The Columbus area has to compete to win these projects, and the companies have to execute on their plans for our potential to be realized, but the market potential is there. The Columbus region has a lot to feel good about: Its future prospects for job growth and investment look great.

Kenny McDonald is chief economic officer for Columbus2020! Email McDonald at km@columbusregion.com or visit columbusregion.com for more information.