ECONOMIC DEVELOPMENT Kent State and JumpStart establish a partnership

The idea is to provide the impetus for creating thousands of new jobs.
KENT -- A partnership is being forged between Kent State University and JumpStart, a nonprofit organization that identifies, advises and funds high-growth businesses and ideas, in the hopes of creating high-paying jobs in Northeast Ohio.
"With JumpStart identifying businesses and entrepreneurs with good ideas, and investing in their start-up, coupled with Kent State University's strength in research, technology transfer, education and training, we have the potential to support entrepreneurial ventures and businesses with the greatest growth potential, & quot; said Dr. Pat Book, vice president for Regional Development at KSU.
JumpStart, based in Cleveland, covers 15 counties in Northeast Ohio but lacks the personnel and funding to have a facility in each county. KSU, with its eight-campus system, has a presence in many of those areas.
How partnership is set up
Through the agreement, JumpStart and its clients have access to KSU facilities, including the Center for the Study and Development of Minority Businesses, the Entrepreneurial Academy, the Center of Excellence for Entrepreneurship and Business Innovation and Small Business Development Centers, according to a KSU news release.
In return, JumpStart may offer internship or fellowship opportunities for students and faculty with portfolio companies. KSU also will collaborate with JumpStart to reach hundreds of businesses and entrepreneurs through a series of networking events as part of JumpStart Exchange, the press release said. Through the program, entrepreneurs meet and exchange ideas at events throughout the year.
Three times yearly, JumpStart accepts applications from entrepreneurs for intellectual assistance and investment capital. JumpStart experts review and critique plans for entrepreneurs, and for a small group, they assist and invest in the company. Specifically, JumpStart said it is seeking to accelerate the growth of any idea that has the potential of being a $30 million to $50 million company within five to seven years. Any capital made from JumpStart's investments is returned fully into investing in more new companies, the company said.
"We're trying to change the culture of Northeast Ohio, & quot; said Ray Leach, JumpStart's president and chief executive officer.
"The ability to attract capital to our area through entrepreneurship is critical to the economy."
Leach says JumpStart-invested companies will help employ thousands of Northeast Ohioans in the next 10 years. In the last nine months, the company has created and supported more than 50 new, high-paying positions.
XFor more information on JumpStart, visit www.JumpStartInc.org. For more information on entrepreneurial facilities at KSU, contact Gregory Wilson, associate vice president for economic development and strategic partnerships, at (330) 672-0704 or greg.wilson@kent.edu.