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The Business of Launching Businesses

Wednesday, March 31, 2010

Nonprofit JumpStart Inc. was supposed to fold by now. Instead it's growing. Is that good sign?

Excerpt of story provided by Cleveland Scene Magazine
Written by D.X. Ferris

In 2004, Entrepreneur magazine ranked Cleveland dead last in a national survey of "Hot Cities for Entrepreneurs." To do something about that, Northeast Ohio's Fund for Our Economic Future and the state of Ohio made major investments in JumpStart Inc. The nonprofit organization would attract startup money for regional entrepreneurs, and it aimed high. It invested between $100,000 and $500,000 in "high-potential entrepreneurs and their innovative, early-stage companies that have the potential to generate $30 to $50 million in revenues in five to seven years and create hundreds or thousands of globally-competitive jobs."

The numbers are impressive. In 2007, Entrepreneur ranked JumpStart the No. 9 venture-capital firm in the country. Today, JumpStart estimates that the $16 million it has funneled to 47 companies has "created 347 direct jobs with annualized payroll of $23,752,170, for an average salary of $68,450..."

...JumpStart's Venture 47 portfolio companies include Synapse Biomedical, Embrace Pet Insurance and Akron digital-marketing applications company Knotice...

Read the complete article.

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