COLUMBUS– State Senator Tom Patton (R–Strongsville) today announced that the Ohio Controlling Board has authorized the use of $5 million for the development of technology-based startup companies in Northeast Ohio. Jumpstart has match the state contribution, giving a total regional investment of $10 million.
“This program will help provide the tools these companies need to succeed,” said Patton. “Our technological sector is a driving force in our state’s continuing economic recovery and this program will allow increased investment for multiple start-up companies striving to add jobs throughout our region.”
JumpStart is a Cleveland-based company that is now acting as a lead organization for the Entrepreneurial Signature Program (ESP). Their history with successfully planting technology start-ups in Northeast Ohio has made them an asset for regional job creation and economic development.
This $10 million investment will be directed through JumpStart aid high potential, technology-based imagining and incubating phase companies located in Northeast Ohio become more strategically positioned to access available equity capital sources. These sources, such as angel and venture capital, as well as other sources of funding including state and federal grants, can contribute exponentially to growing companies in this important industry.