Transforming Economies By Tapping Into Regional Entrepreneurial Potential

Transforming Economies by tapping into regional entrepreneurial potential

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about the

Regional Entrepreneurship Project Who We Are program Fast Facts

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The U.S. needs to create million full-time jobs by 2020 to bring national unemployment back to pre-recession rates.

JumpStart is a nonprofit venture development organization established in Northeast Ohio in 2004 with a simple goal: job creation. We believe the best way to revitalize and transform a regional economy is to help entrepreneurs build fast growing, competitive companies that create high paying jobs. We focus our efforts on entrepreneurs and companies that offer great potential, but currently lack access to the capital and expert resources needed to establish and grow their businesses. We deliver these much-needed resources directly to entrepreneurs, and support other individuals and organizations that wish to bring complementary assets to the region. We also help engage entrepreneurs, attract investor

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Unemployment is up to greater in the U.S. minority population.

and customer interest, and raise awareness of the region’s entrepreneurial successes.

And it’s working. JumpStart has committed $29 million in 76 pre-seed technology companies and provided thousands of hours of human capital to more than 400 similar companies. Together, these companies created 1,536 direct jobs. In addition, we are pleased to report that third-party investors validated the quality of JumpStart’s startup clients by investing more than $604 million in those young, growing companies.

Young high growth firms have the potential to create millions of jobs in the coming decade.

In 2010, attracted by the region’s success, the U.S. Commerce Department’s Economic Development Administration, the John S. and James L. Knight Foundation, and the Surdna Foundation recognized our work by funding JumpStart to apply the lessons learned in Northeast Ohio to six Midwest regions.

To help these regions tap into their entrepreneurial potential and transform their economies, JumpStart brings stakeholders together to develop and implement programs

Regions can develop, capitalize, operate and sustain high-impact economic development approaches tailored to their unique opportunities and innovation assets.

or organizations focused on the region’s unique assets and opportunities. Today, we’re proud to work with entrepreneurs, investors, and economic development organizations, in tandem with public, private, institutional, and philanthropic organizations, to help spark economic growth and job creation in 16 regions across the country—and that list is growing every day.

JumpStart’s Process Building a thriving entrepreneurial ecosystem requires the close collaboration of many regional partners. As a first step, we identify regional leaders who are passionate about entrepreneurship and have firsthand knowledge of the region’s opportunities and challenges. Ideally, they also include individuals and organizations that have earned the trust of entrepreneurs, investors, and funders and can help drive the project and rally support.

JumpStart employs a customized approach to help regional leaders design and implement a solution to accelerate business formation and growth, and catalyze the development of the regional entrepreneurial ecosystem.

Plan. When the project begins, JumpStart works with regional leaders to identify: • Regional organizations that provide capital and business development services to entrepreneurs; • Significant sources of “deal flow”—startup business opportunities and existing small companies with the potential to grow rapidly and compete effectively—with an emphasis on opportunities that struggle to find the resources required to grow and succeed; • Specific resources (capital and assistance) needed by this high potential deal flow; and • The solution—a detailed business plan describing the establishment, funding, and implementation of the organization and/or program(s) required to deliver the necessary resources; this may include pilot programs to spur activity and test the market.

Fund. JumpStart advises regional leaders through the process of securing the financial resources necessary—via public, private and philanthropic partnerships—to implement recommendations. In the past, regions have received implementation funding from city, county and state government, local and national foundations, as well as from individuals interested in supporting entrepreneurship.

Implement. JumpStart also helps regional leaders put their plan into action. Drawing on our experience in Northeast Ohio and other regions, we can provide assistance with management recruiting, program design and execution, metrics collection and reporting, and other areas of operation. We also offer access to a free online community called IdeaCrossingÂŽ, which helps facilitate regional connections between entrepreneurs, and the resources they need to grow their businesses.

Once the new organization or program is open for business, JumpStart’s job is done, although JumpStart remains available to answer questions and provide assistance. We strongly believe that success depends strongly on local ownership and leadership. We come to help, not to stay.

It is our privilege to work with regional leaders throughout the U.S. to help them revitalize and grow their economies.

Regional Discussions We work with the following communities to accelerate their own entrepreneurial successes: Northern Indiana: Northeast (Fort Wayne), Northwest (Gary), and North Central Minneapolis Saint Paul, MN Duluth, MN Akron, OH Upstate New York: Western, Central, Finger Lakes, and Southern Tier Detroit, MI Baton Rouge, LA St. Louis, MO Central Georgia Atlanta, GA Memphis, TN

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