Entrepreneurs in the Midwest to Profit from Commerce Department Investment to Expand JumpStart, Inc.
June 16, 2010
Contact: John Atwood, (202) 482-4085
Grant promotes innovation and small business development in OH, MI, IN and MN areas affected by automotive downturn
WASHINGTON - U.S. Commerce Secretary Gary Locke today announced a $1.5 million U.S. Economic Development Administration (EDA) grant to JumpStart, Inc., to promote innovation and small business development in the cities of Akron, Ohio; Detroit, Mich.; Fort Wayne, Ind.; Gary, Ind.; St. Paul, Minn.; and Duluth, Minn., which have been affected by the restructuring of the American automotive industry. JumpStart will help develop regional entrepreneurship action plans (REAP) and training and assistance programs for entrepreneurs and early-stage businesses.
"President Obama is committed to creating jobs and sparking regional competitiveness in areas impacted by the auto industry's downturn," Locke said. "This EDA grant will help Midwestern communities develop a plan for businesses to collaborate and take advantage of local resources, spurring job growth, innovation and entrepreneurship."
This grant will help JumpStart replicate its proven approach, which has seen success in Cleveland and throughout northeastern Ohio, to significantly bolster innovation and regional collaboration efforts in the six cities. JumpStart will examine entrepreneurial eco-systems and create REAP programs in these communities that have been affected by the restructuring of the American automotive industry. Michigan, Ohio, and Indiana, respectively, have the first-, second-, and fourth-highest number of automotive manufacturers in the United States.
JumpStart will work to increase access to capital in each region and conduct educational events for entrepreneurs. The events will provide training and information, short- and long-term critical analysis and mentorship, and will connect entrepreneurs and investors.
About the U.S. Economic Development Administration (www.eda.gov): This year, the U.S. Economic Development Administration (EDA) marks 45 years of public service, with a mission of leading the federal economic development agenda by promoting competitiveness and preparing American regions for growth and success in the worldwide economy. EDA is an agency within the U.S. Department of Commerce that partners with distressed communities throughout the United States to foster job creation, collaboration and innovation.