Funds Will Help the Program Expand to New Businesses in New Sectors
Late last month, Burton D. Morgan Foundation awarded more than $3.2 million in grants to promote entrepreneurship in Northeast Ohio, including $1 million over three years to JumpStart’s Burton D. Morgan Mentoring Program.
The program was launched in March, 2012 as a way to expand access to high-impact business assistance for Northeast Ohio entrepreneurs. It is currently led by founder and former CEO of Mirifex Systems, and former Ernst & Young Entrepreneur of the Year Bill Nemeth.
“We are working to build a world-class entrepreneurial support system here in Northeast Ohio,” said Nemeth. “We have so many successful business leaders donating their time and knowledge to this mentoring program, and none of it would be possible without the support of Burton D. Morgan Foundation.”
A previous grant from the foundation in 2013 enabled the young program to begin its expansion and recruit more talented mentors and entrepreneurs. Funds from the original and current award also help JumpStart manage the Northeast Ohio ESP network, a group of 14 entrepreneurial support organizations who receive support from the Ohio Third Frontier program and work collaboratively across the 21 counties of Northeast Ohio.
To date, the Burton D. Morgan Mentoring Program has worked with 100 mentors, who have collectively donated over 6,600 hours to guide the growth of 101 startups. With support from their mentors, clients of the program have also gone on to secure a combined $35.2M in capital raised and revenue generated.
“We believe in the power of mentoring as a means of tapping the broad expertise of experienced entrepreneurs in order to drive strategic growth of ventures,” said Deborah Hoover, president and CEO of Burton D. Morgan Foundation. “We emphasize the practice of mentoring across all levels of entrepreneurial training we support and through this emphasis, we honor the generosity of our founder who freely shared his entrepreneurial talents with the leaders of fledgling businesses. The Burton D. Morgan Mentoring Program has exceeded our expectations since its inception three years ago and we are proud to support this next chapter in its evolution.”
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About JumpStart Inc.
JumpStart is committed to strengthening the economy through entrepreneurship. The nonprofit has been accelerating the successes of diverse entrepreneurs, their high growth companies and the ecosystems that support them since 2004.
About Burton D. Morgan Foundation
Founded in 1967 by a true visionary we honor daily, the mission of Burton D. Morgan Foundation is to champion the entrepreneurial spirit. The foundation serves youth, collegiate and adult entrepreneurs by cultivating transformative opportunities and interlocking networks that bring together the best minds and most creative thinkers. Leveraging its extensive experience in venture philanthropy and ecosystem expansion, the foundation today is pursuing a strategic blueprint that will drive entrepreneurial growth and education regionally and nationally by supporting those with the courage to power our economy. To find out more, visit www.bdmorganfdn.org.