Tech company's Toledo office to receive more than $5 million in state grant funds
The money is part of $32 million in grant funds awarded by the Ohio Third Frontier Entrepreneurial Services Provider Program to 14 collaborators across northern Ohio.
By Kate Snyder / The Blade
Sat, 30 Nov 2019 12:30:00 GMT
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The Toledo office of a Cleveland-based tech company will potentially receive as much as $5 million in state grant money to help new entrepreneurs get their ideas off the ground.
The money is part of $32 million in grant funds awarded by the Ohio Third Frontier Entrepreneurial Services Provider Program to 14 collaborators across northern Ohio, the agency said in a news release. JumpStart Inc., a nonprofit which established a Toledo office in January, was the head applicant for the grant and will work with several entities to use the money for projects designed to help tech entrepreneurs start and grow new companies.
JumpStart’s Cleveland office was awarded up to $26.5 million. Ohio Third Frontier is a technology-based economic development initiative, and a part of the larger Ohio Development Services Agency.
The collaborators for JumpStart’s Toledo office are the University of Toledo, ProMedica, and Mercy Health. Separately, UT also is slated to receive $200,000 from the Ohio Third Frontier for the university’s Rocket Fuel Fund, a program designed to advance development of different technologies to commercialization.
JumpStart is a business incubator that since 2003 has helped small businesses gain a foothold in northeast Ohio. The goal for its Toledo office is to do the same for northwest Ohio.
“Really at the end of the day, it’s about driving jobs to northwest Ohio and sustaining businesses,” said Amy Haschak, partner in network management for JumpStart.
In Toledo, JumpStart will manage all activities and outcomes for the three-year grant. The money will be shared among the company’s three collaborators based on individual needs. To access the money, all state funding must be matched with donations and fund-raising.
Ms. Haschak said JumpStart in Toledo has assisted more than 300 companies at various stages of operation — from companies in the very early stages to companies that are posting revenue.
“Without these funds, we would have to be more selective of the businesses that we assist,” she said.
Earlier this year, JumpStart asked the city of Toledo for $50,000 for operations costs out of its Toledo office. In January, the Toledo-Lucas County Port Authority board approved a $50,000 gift to the organization’s local office.
The organization was previously denied $50,000 in Community Development Block Grant funding.