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JumpStart Seeks More Bright Ideas

Tuesday, October 05, 2004

Next Deadline for Investment Applications is November 1

JumpStart Inc., Northeast Ohio's entrepreneurial development and funding organization, has announced its second application cycle deadline for regional entrepreneurs to apply for funding. Entrepreneurs interested in applying are encouraged to visit the new JumpStart website at www.jumpstartinc.org.

In its first round of submissions, JumpStart received applications from more than 140 entrepreneurs spanning the fifteen counties served by JumpStart. The organization is completing its due diligence process on those applicants, and will be announcing its investment decisions in late October.    

We are very pleased by quantity, variety, and quality of the submissions we've received, said JumpStart CEO Ray Leach.  There are great ideas coming from every corner of the region. Given that we have limited investment funds, we have been working very hard to pick the companies we feel can have the greatest impact.  

Leach noted that while JumpStart is unable to fund every applicant, the JumpStart team provides business development assistance to many applicants. We believe that everyone who engages with JumpStart,whether they receive funding or not, can gain value from the relationship, he said.

JumpStart expects to provide seed financing of about $3 million per year to early stage companies over the next three years, with an average investment per company of $250 thousand (and a range of $50 thousand to $800 thousand).  JumpStart will offer significant business development services to about 45 companies per year and invest in ten to fifteen of those companies.

JumpStart made its first investment in mid-summer when it provided funding to Stanton Advanced Ceramics, which developed a patent-pending technology for producing ceramic composite materials for high-temperature industrial applications.

Companies or individuals interested in applying should visit the JumpStart website (www.jumpstartinc.org) for more information. The new JumpStart website, which debuted in late-September, includes a complete description of the JumpStart application process, as well as detailed information about its investment criteria.

The application-to-close-of-funding process takes approximately sixteen weeks. JumpStart has three application cycles each year,with deadlines of July 1, November 1, and March 1.