The JumpStart Launch100 Initiative, brought to you by the Ohio Department of Development Minority Business Enterprise Division and JumpStart Inclusion Advisors, is a collaborative statewide initiative to create a pipeline of 100 high potential minority and inner-city based businesses in Ohio over the next five years.
The initiative, being rolled out in Northeast Ohio in 2010, followed by a statewide roll-out by mid 2011, is designed specifically for entrepreneurs whose companies or business ideas have the potential to become larger enterprises, and who face the unique challenges associated with growing businesses that will ultimately service a national and international client base. A network of service providers, including Ohio’s minority business assistance organizations, will work collaboratively with JumpStart to identify companies and ideas that meet the following six criteria:
Criteria
- Sales growth potential of more than $15 million in the next 3 to 5 years.
What this means: Your company does not have to be a startup, but you need to be able to credibly demonstrate how your company will increase its existing annual sales by over $15 million given the right level of support and resources
- The potential to create 50+ jobs in Northeast Ohio.
What this means: Your business can create 50+ sustainable jobs based in Northeast Ohio.
- Demonstrate the ability AND desire to raise capital from private equity, angel, or venture capital investors.
What this means: You are willing to share ownership in your business to achieve its full potential to create wealth for you, your employees and investors, and you recognize this may require a shift in how you have historically approached your business.
- Possess a significant competitive advantage or barrier against future competitors.
What this means: Ideally – a patent on a product or process, but this can also represent an exclusive license or business relationship that is unique and difficult for the competition to duplicate.
- Operating in a growing national/international market of at least $500 million in total market value, and conducting or planning to conduct business in at least a multi-state region.
What this means: The total “universe” of potential clients in your chosen industry exceeds $500 million in overall potential (of which you may target just 3 percent), and your targeted client list consists of customers in multiple states.
- Business requires at least $250,000 in non-bank capital in next 12-24 months to grow.
What this means: Your business has a growth and associated risk profile that requires capital in excess of traditional bank support.
Outline of Assistance Provided
All six criteria must be met in order to qualify for assistance. For qualifying, selected companies, the JumpStart Launch100 Initiative provides intensive business assistance and direct access to growth capital from a network of seasoned advisors with specific experience in growing larger scale firms. It’s the kind of assistance designed to accelerate the growth or “launch” of your high potential company by:
- Delivering specific industry expertise to validate your new technology or innovation
- Effectively preparing and “packaging” your business plan and strategies in a form and structure preferred by investors and tailored for growth
- Helping to identify, focus, and execute on the critical success milestones that best position your business to attract capital
- Helping to prepare and effectively articulate an “investor ready” Power Point presentation
- Gaining direct access to a regional and national network of angel investors and venture capital firms
- Connecting your business to major “first client” pilot opportunities to further validate and prove out your business concept
What Now?
If you think you and your company are a fit, submit your application today. Here’s what the process looks like once your application is submitted:
- A network service provider and JumpStart will review your application
- If your application meets the initial six criteria you will be asked to submit an executive summary
- Your network service provider and JumpStart Inclusion Advisors will assist you in the preparation of your executive summary
- At predetermined deadlines, all executive summaries are submitted and reviewed by a collaborative team at JumpStart
- Of the pool of submitted summaries, certain companies will be selected to receive up to 15 hours per month of intensive assistance from JumpStart over the next 12 to 18 months
- Companies not selected can reapply for the next submission of summaries, and will continue to receive assistance from the network with a specific focus on developmental areas identified during the review
For more information check out the frequently asked questions or call any of our participating network partners: Northeast Ohio’s MBPAC, PTAC, or SBDC.
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