Chairman and founder of the Saranow Group, LLC, Mitchell Saranow is a prominent figure in Chicago's civic life. He served on the board of governors of Northwestern University Library between 2000 and 2010, winning the Deering Family Award in 2006 for his contributions. Established in 1851, Northwestern University is one of the United States' premier research universities, with some of the finest library resources in the country. The Northwestern University Library, which started out in 1856 with fewer than 2,000 titles and a yearly budget of $1,000, now has a collection of over 4 million volumes and an annual budget of $22 million. It is particularly well known for its collections in music, transportation, and African studies as well as for its innovation in library technology, having developed an electronic user service and reserves system as early as the 1960s and ‘70s. To meet the challenges and changes of the electronic age, the library is prioritizing the digitization of unique library resources for greater accessibility. Today it serves not just as a repository, but also as a publisher of information.
Mitchell Saranow, founder and Chairman of The Saranow Group, LLC, earned a Bachelor of Science in Business Administration at Northwestern University in Evanston, Illinois, where he served his salutatorian of the undergraduate Business School and was inducted into Beta Gamma Sigma, a national business honorary society. Mr. Saranow earned a Master of Business Administration and Juris Doctor concurrently at the Harvard Business School and Harvard Law School. While attending Harvard Business School, Mitchell Saranow qualified as a “Baker Scholar,” placing in the top 2% of his class, and was invited to join the “Century Club.” Since that time, Mr. Saranow has returned to Harvard, spending a year as a “James M. Collins Senior Lecturer” and participated in the “Traphagen Distinguished Law School Alumni Speaker Series.” Mr. Saranow has served as a Director and Chairman of the “Knapp Entrepreneurship Center” at the Illinois Institute of Technology and recently joined the “Entrepreneurial Advisory Committee" of the Chicago-Kent College of Law. Mr. Saranow has received numerous awards. In 1981, Mr. Saranow earned the “Elijah Watt Sells Award” for placing in the top 100 of 62,000 CPA candidates nationally. He was also named “Illinois-Indiana Manufacturing Entrepreneur of the Year” in 1994, which was sponsored by Inc. Magazine, and in 1996, he was inducted into the William Blair/Arthur Andersen/University of Illinois “Entrepreneurship Hall of Fame.” Mr. Saranow also received the “Deering Family Award” from the Northwestern University Library, the “Distinguished Service Award” from the Juvenile Protective Association, and the “Distinguished Community Leadership Award” from the Chicago Chapter of the Anti-Defamation League.
An Overview of U.S. Manufacturing
As Chairman of the Saranow Group, Mitchell Saranow founded Fluid Management, L.P., a world leader in the fabrication of color formulation equipment for paints and inks, and SureTint Technologies, LLC, developer of an innovative formulation system for hair dye color, where he served until 2013. Saranow’s career reveals that while some talk about American manufacturing as a thing of the past, in reality, U.S. manufacturers continue to play a vital role in the country’s economy. This overview provides a broad sketch of this important sector.While it is true that manufacturing accounts for much less of the nation’s GDP today than in the 1970s, the sector remains critical to U.S. economic health and dynamism. Many observers are surprised to learn that, far from being insignificant, US factories currently produce 21% of the world’s manufactured goods. To make them, the nation’s manufacturers employ almost 12 million people, paying them an average wage of nearly $24 per hour. Instead of declining, factory employment has grown faster than other job categories during the post-2008 recovery.Undoubtedly, manufacturing is shifting, with growth in high-tech industries plus advances in automation and efficiency reshaping what used to be a labor-intensive area. Massive investments in research and development have helped drive these transformations. In fact, manufacturing firms are responsible for two-thirds of the research and development performed by the private sector. Although U.S. factories will continue to face challenges, such investments will help the sector to thrive in a changing world, and the work of Mitchell Saranow and the Saranow Group provides clear evidence that American ingenuity and innovation continue to drive the economy.