JumpStart Inc., with headquarters in Cleveland, said it will use the grant for continued investing in startup companies and for its core operations.
CLEVELAND, Ohio -- A nonprofit group fostering growth of promising early-stage Northeast Ohio companies has received a $1 million gift from a Fairlawn foundation.JumpStart Inc., with headquarters in Cleveland, said it will use the grant from the Richard J. Fasenmyer Foundation for continued investing in startup companies and for its core operations.
"Our annual budget is between $8 million and $10 million, so this is a significant part of that budget," said Cathy Belk, chief marketing officer for JumpStart.
To date, JumpStart has invested $16 million in 47 companies.
The grant is the Fasenmyer Foundation's first in a mission to promote entrepreneurship and free enterprise. The foundation's efforts typically include support for research and patient education in the treatment of AIDS, and encouraging economic development in partnership with the arts.
Fasenmyer "knew that entrepreneurs, their ideas, their passion and their companies were critical parts of the local community, in part because they create jobs for people in the community," John Baechle, chief executive of RJF International Corp. and director of the foundation, said in a news release.
The late Richard J. Fasenmyer founded RJF, a Fairlawn company that makes and distributes interior wall coverings, industrial matting products and specialty films.
