JumpStart Partners With Cleveland Foundation To Establish Organizational Philanthropic Fund

JumpStart has partnered with the Cleveland Foundation to establish a new organizational philanthropic fund, the foundation announced at its annual meeting this week.

During his Robert D. Gries Keynote Lecture, AOL co-founder Steve Case said he was “delighted” to hear that creating an inclusive approach to entrepreneurship and innovation is a focus for both the Cleveland Foundation and JumpStart.

He shared what he called some “sobering” data points: 78% of all venture capital in the country goes to California, New York and Massachusetts, leaving Ohio and the rest of the states fighting over 22%.

And 90% of venture capital goes to men. Only 1% goes to African Americans.

“Right now, it does matter in this country where you live, who you know, what you look like and we need to figure out ways to make sure we really are truly a land of opportunity, and the American dream really is available to everybody, and everybody everywhere really has a shot in this process,” said Case, author of the book “The Third Wave,” chairman and CEO of Revolution LLC, a Washington, D.C.-based investment firm he co-founded, and chairman of the Case Foundation, which he and his wife established in 1997.

Every place, including Cleveland, Case said, can create the jobs and lead the industries of the future. It’s just a matter of investing in that.

“The domain expertise in this region I think it really positions Cleveland to really thrive as an even greater startup city in the third wave,” Case said.

The annual meeting was part of the inaugural Cleveland Foundation Organizational Fund Partner Appreciation Week, recognizing more than 170 greater Cleveland nonprofits that have partnered with the foundation to establish such funds to support their long-term missions.

The JumpStart Future Fund will focus on initiatives that extend the economic benefits of entrepreneurship and small business growth to all communities, rather than those who are already connected to the venture capital ecosystem. JumpStart and the foundation will work over the next several months to finalize the details of the fund’s priorities, according to a release.

Read the full story at Crain’s Cleveland Business and watch the video of the Future Fund announcement below.