The JumpStart America Initiative aims to expand what JumpStart already does.
AKRON -- The John S. and James L. Knight Foundation is offering a $1 million challenge grant to help JumpStart Inc. promote its entrepreneurial efforts and create new jobs nationwide.
The JumpStart America Initiative aims to expand what JumpStart already does: encourage community-based partnerships among public, private, philanthropic and institutional entities to identify and support entrepreneurs who want to start businesses and spur growth - especially women and minorities.
The initiative is part of the Startup American project created last year and it will build on an initial $2.5 million grant from the Knight Foundation, U.S. Commerce Department and the Surdna Foundation in New York City.
JumpStart introduces entrepreneurs in struggling communities to economic development groups and other leaders, and helps them with research, funding and strategies in an effort to bring their ideas to fruition. Last year its efforts were touted by President Barack Obama as a national model for incubating new businesses and fostering innovation and economic rebirth.
The Knight grant will expand the scope of the program beyond the current 10 regions in Minnesota, Indiana, Michigan, Ohio, New York and Louisiana to 20 additional cities, to be determined by JumpStart.
"We are encouraging other foundations to participate in this effort as JumpStart endeavors to bring this to other communities," said Jennifer Thomas, the Knight Foundation's program director in Akron.
The foundation hopes to raise at least $14 million more to sustain the program over the next three years.
"JumpStart's approach is based on one simple truth: to succeed in creating an environment for innovation, we must deliberately focus on engaging the community in determining the best way forward," said Paula Ellis, Knight Foundation's vice president for strategic initiatives, in a statement.
"This is about bringing diverse people together to develop a specific, customized and informed approach to addressing a region's entrepreneurial economic development opportunities," said JumpStart Chief Executive Ray Leach.
He said half of the money raised will stay in Northeast Ohio to support JumpStart's work here, and the other half will support efforts elsewhere.