State Rep. Stephanie Howse (D-Cleveland) today announced the release of $18,799,086 in state funding to JumpStart Inc. in Cleveland, Cuyahoga County, to expand the Ohio Third Frontier Entrepreneurial Services Program (ESP). The Controlling Board, a panel tasked with oversight of state spending, approved the funding at today’s meeting.

“Ohio has long been a state of high-tech innovation, full of entrepreneurial potential” said Howse. “For years, ESP has inspired and provided key tools to help streamline Ohio technology, making us more competitive and agile. This partnership with JumpStart will help the state continue to support small businesses, creating opportunities for job growth in Ohio.”

ESP is a network of resources that assist entrepreneurs of start-up technology companies with growing their company and getting their ideas on the market. JumpStart, the ESP lead organization in Northeast Ohio, will provide young technology companies with mentorship from seasoned professionals, access to investors and capital, talent recruitment, a three-month business boot camp, and a host of business services.

Ohio Third Frontier has supported ESP since 2007. In addition to the state funds, JumpStart will also provide an equal funding match for the twenty-four-month program.

Rep. Howse today also announced the release of $500,000 in state dollars to The Cleveland Clinic Foundation (CCF) for its Technology Validation and Start-up Fund project. The Ohio Third Frontier program works with higher education institutions to accelerate market placement of new technology developments.

“This start-up project is a positive step in intensifying the momentum Ohio already possesses to maintain our position as a global leader in healthcare.”

CCF’s technology project provides grants to Ohio colleges, universities, and non-profits to transition their developed technology for sale. The funding for phase 1 will ensure testing and prototyping for new inventions, while phase 2 provides initial seed funding to Ohio start-ups that will both license and market the technology created by higher education and nonprofit research institutions. CCF will provide an equal match in funds for the project.

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