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The Burton D. Morgan Foundation Invests in Northeast Ohio

09/29/2008

The Burton D. Morgan Foundation Wednesday announced a major investment in the Northeast Ohio economy.

   The Foundation will provide up to $3 million over the next three years to JumpStart Inc., an organization that helps develop and fund promising start-up companies in this region.

  The grant will require matching money, so the overall impact could mean a $6 million boost for the venture development organization.

   “We are putting our money where our mission is,” Morgan Foundation President Deborah D. Hoover said.

  The mission of the Hudson-based Foundation is to strengthen the free enterprise system by investing in organizations and institutions that foster the entrepreneurial spirit.

  JumpStart’s mission is to accelerate the growth of innovative early-stage businesses and ideas into venture-ready companies by providing intensive hands-on assistance and funding.

   “JumpStart is grateful for the generous support we have received from The Burton D. Morgan Foundation. With this funding we will be able to continue to foster the growth of promising entrepreneurial ideas in Northeast Ohio,” said Ray Leach, CEO of JumpStart Inc. “As an organization that uniquely blends public and private support to assist the economic development of Northeast Ohio, this contribution affirms that the region sees the potential long-term benefits of JumpStart’s programs, outreach and investments.”

      Since its startup in 2004, JumpStart has worked closely with more than 1,400 first-time entrepreneurs. Companies with the most potential are selected to work with one of five JumpStart Entrepreneurs-in-Residence to hone their business plans and work on an investor presentation. Only those with the highest potential -- 32 so far -- have been chosen to receive start-up investments from the organization’s Evergreen Fund.

      The Burton D. Morgan Foundation grant can be used either for the organization’s Evergreen Fund or for operations, which will enable JumpStart staffers to spend more time identifying and helping businesses that could become blockbuster successes. The $3 million award supplements $850,000 the foundation has provided to JumpStart already.

   “JumpStart continues to stand out as the premier entrepreneurial services provider in the state and as a major force in creating a culture of entrepreneurship throughout Northeast Ohio,” Hoover said.

    A recent New York Times article highlighted JumpStart as “one of the more innovative” non-profit groups across the nation working to nurture new business development.

     The grant will be paid over three years, beginning in 2009. In order to get all $3 million, JumpStart must raise an additional $3 million. State and federal dollars cannot be counted toward that amount.

    Hoover issued a challenge to other foundations, corporations and individuals.

    “Through this substantial $3 million challenge grant, The Burton D. Morgan Foundation hopes to inspire other funders to step forward and provide the resources JumpStart needs to realize its goal of transforming the region’s economy,” she said. “These funds will enable JumpStart to develop an even more robust pipeline of early-stage companies in the region.”    

     Trustees of the Morgan Foundation also approved a $250,000 grant this week for the Northeast Ohio Technology Coalition (NorTech) TechLift initiative. The grant will be used to fund an advanced energy Entrepreneur-in-Residence to work with companies focusing on alternative energy, power, and propulsion. The Foundation initially funded the position in 2007 through 2008 and this grant will continue that funding through July 2010.