Tag: Business
Entrepreneurs Get a $3 Million Boost
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High-growth entrepreneurial companies create lots of jobs and lots of wealth. Companies like Google start small, grow fast and someday become giants. Northeast Ohio has recently had a few such high-growth enterprises — companies like MemberHealth in Solon, Turning Technologies in Youngstown, and Technigraphics in Wooster. But we need more and the Burton D. Morgan Foundation is putting some serious cash up to do just that.
The Hudson-based foundation, which was formed by the late entrepreneur Burt Morgan, has awarded a grant of up to $3 million to JumpStart, the regional organization that assists and invests in promising companies. JumpStart will need to raise an additional $3 million to get the full Morgan grant.
“JumpStart continues to stand out as the premier entrepreneurial services provider in the state and as a major force in creating a culture of entrepreneurship throughout Northeast Ohio,” said Deborah Hoover, president of the foundation.
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Sharing to Grow Companies
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Akron is again demonstrating how multiple communities can benefit through revenue sharing.
Akron City Council recently approved a $6.75 million loan to InfoCision to expand and add nearly 400 local jobs. More details are available in this story for the Akron Beacon Journal.
Akron has been a pionner in using Joint Economic Development Districts (JEDDs) to spur economic growth.
As part of the JEDD, Bath Township receives property taxes from the businesses while Akron and Fairlawn split the income taxes of employees.
The council is providing loan financing for the purchase over 23 years and in exchange, InfoCision has agreed to retain its headquarters in the JEDD for another 15 years. In addition, about 200 of those jobs are expected to go to Akron residents, which will pay about $40,000 a year.
JEDDs represent a smaller version of the more ambitious regional planning and revenue sharing effort being advocated by the Northeast Ohio Mayors & City Managers Association. Learn more about that effort here. If revenue sharing can work in Summit County, can it work in all of Northeast Ohio?
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Building Business Networks
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During Voices & Choices the public asked that the region figure out a way to make it easier for entrepreneurs to be successful. One program that emerged from that call is a web site run by JumpStart called IdeaCrossing. That web site was highlighted today by a Wall Street Journal blog. Here’s what the WSJ had to say:
First, a tool that could help democratize the funding hunt — IdeaCrossing.org. Think of it as matchmaking service between entrepreneurs and investors.
IdeaCrossing is open and free to anyone in the U.S. Entrepreneurs build a profile, and the system matches them to like-minded participating investors. Investors can see these profiles (the entrepreneur doesn’t get to right away) and reach out with time or money.The site is still in beta with about 1,000 users. It needs critical mass to really work, but is a good idea that could help tap pockets of money in more regions.
IdeaCrossing is going national — even global. To really work for Northeast Ohio, more businesses here have to start using it. Check it out today.
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