CLEVELAND, Nov. 1, 2016 /PRNewswire/ -- On October 27, The Ohio Third Frontier (OTF) Commission awarded up to $28.2 million to JumpStart Inc. and the 12 other members of the Northeast Ohio ESP Network—a collaborative group of entrepreneurial support organizations located throughout the 21 counties of Northeast Ohio. The awards cover three years and require matching dollars from non-state public, private and philanthropic supporters in order to access the state resources.
"The Ohio Third Frontier has a long track record of helping entrepreneurs get their ideas to the marketplace," said Aram Nerpouni, president and CEO of BioEnterprise, one of the 13 organizations that make up the Northeast Ohio ESP Network. "Beyond the direct economic impact, these state resources incentivize engagement and participation from public, private and philanthropic partners by leveraging their funding dollar-for-dollar — essentially doubling the impact of their investment."
"Economic development professionals from across the U.S. wish their community and state had the benefits of the Ohio Third Frontier," said Joe Roman, president and CEO of the Greater Cleveland Partnership. "Our ability to leverage Third Frontier monies with other public, private and philanthropic funding is an incredibly powerful tool to grow Greater Cleveland and the state."
Other recipients of OTF ESP funding included CincyTech LLC in Cincinnati, who was awarded up to $13.9 million, Rev1 Ventures in Columbus, who received up to $13.8 million and TechGROWTH Ohio in Athens, who received up to $5.4 million.
"Whether it is JumpStart and its partners in Northeast Ohio, CincyTech, Rev1, or TechGROWTH, the support we receive from the OTF and our additional public, private and philanthropic partners generates a strong return on investment," added Ray Leach, CEO of JumpStart. "During 2015 alone the companies supported by the Northeast Ohio ESP Network generated an economic impact greater than $1.4 billion in the state of Ohio and the five-year economic impact total exceeds $3 billion."
JUMPSTART INC. unlocks the full potential of diverse and ambitious entrepreneurs to economically transform entire communities. For more information, visit www.jumpstartinc.org and follow @JumpStartInc on Twitter.
THE NORTHEAST OHIO ESP NETWORK is a collaborative funded in part by the Ohio Third Frontier that includes accelerators, incubators, angel funds and other organizations dedicated to accelerating entrepreneurial successes.
OHIO THIRD FRONTIER is an internationally recognized tech-based economic development initiative that is successfully changing the trajectory of Ohio's economy. The $2.1 billion initiative supports existing industries that are transforming themselves with new, globally competitive products and fostering the formation and attraction of new companies in emerging industry sectors.
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SOURCE JumpStart, Inc.