The Ohio Third Frontier Commission has awarded up to $28.2 million to a coalition led by JumpStart Inc. of Cleveland under a program that helps entrepreneurs develop products and grow their companies.
Other Northeast Ohio recipients of Third Frontier money, through separate programs, are Kent State University, Case Western Reserve University, the Cleveland Clinic Foundation, the University of Akron, University Hospitals, and two small companies, ICBM Medical in Cleveland and Smart 3D Solutions in Akron.
In total, the Third Frontier on Thursday, Oct. 27, approved $67.4 million aimed at bolstering entrepreneurs in the state, according to a news release.
The grant that went to JumpStart will support a total of 13 local organizations that work with entrepreneurs. It was the largest of four grants awarded through the Third Frontier’s Entrepreneurial Services Program. The organizations receiving those grants provide resources to entrepreneurs including mentorship by industry professionals; business support including legal, tax and accounting services; assistance developing intellectual property and marketing/sales strategies; recruiting talent; business incubators; and accelerators guiding entrepreneur teams through business “boot camps.”
The money is awarded for “up to three years, with the third year (CY 2019) an option that is subject to performance review,” according to an email from a Third Frontier spokeswoman.
In addition to the JumpStart grant, CincyTech LLC in Cincinnati was awarded up to $13.9 million; Rev1 Ventures in Columbus was awarded up to $13.8 million, and TechGROWTH Ohio at Ohio University in Athens was awarded up to $5.4 million.
Read the full story at Crain’s Cleveland Business.