Grant to Sustain Region’s Entrepreneurial Support Efforts
Fund for Our Economic Future approves up to $500,000 to support inclusion, network efforts of JumpStart
CLEVELAND–Sept. 18, 2013–The Fund for Our Economic Future announced it has awarded a grant of up to $500,000 to JumpStart to sustain and strengthen Northeast Ohio’s culture of high-growth entrepreneurship. The grant award was made on Monday, by a vote of the Funders Committee, the Fund’s governing board.
The Fund is a philanthropic collaboration of more than 50 foundations and organizations committed to advancing a growing, opportunity-rich economy for the people of Northeast Ohio.
The 15-month grant will support two activities:
- Up to $375,000 will be used to embed inclusion efforts that support minority entrepreneurship
- Up to $125,000 will be used to support a network of entrepreneurial assistance organizations.
“Sustaining our region’s efforts to promote and encourage entrepreneurship, particularly among minority and inner city entrepreneurs, is an important role for our Fund to play in transforming our region’s economy,” said Deborah Hoover, chair of the Fund and chief executive of the Burton D. Morgan Foundation based in Hudson, Ohio. “One of the first grants our Fund ever made when we were formed in 2004 was to JumpStart, and since then JumpStart has played a key role in building a strong entrepreneurial culture in Northeast Ohio that has resulted in more than $1 billion in investments in dozens of promising startup companies. We are pleased to support JumpStart’s work to sustain that progress.”
The Funders Committee meets quarterly to consider grants and review the Fund’s efforts to promote business growth, elevate talent and enhance the quality of place in Northeast Ohio. Since 2004, members of the Fund have committed more than $80 million and thousands of hours of their time to help transform our region’s economy.
“The Fund recognizes the important role entrepreneurship plays in the region and we are thankful for their continued support,” says JumpStart CEO Ray Leach. “This grant demonstrates the Fund’s commitment to increasing the economic success of minority entrepreneurs, and to the regional, collaborative approach we and our partners take in order to efficiently deliver resources and support to help high-growth entrepreneurs launch and grow their businesses.”
About the Fund for Our Economic Future: The Fund is a philanthropic collaboration of more than 50 organizations and institutions committed to advancing a growing, opportunity-rich economy for the people of Northeast Ohio. Learn more about our Fund at www.thefundneo.org and follow us at @thefundneo on Twitter.
About JumpStart Inc.: JumpStart accelerates the successes of diverse entrepreneurs, their companies and the ecosystems supporting them. Since 2004, the nonprofit development organization has given intensive business assistance to more than 380 entrepreneurial clients and been an investor in 76 early stage Northeast Ohio companies. For more information on the nonprofit development organization, visit www.jumpstartinc.org and follow @JumpStartInc on Twitter.
MEDIA CONTACT: Chris Thompson, 216-456-9800