Ohio has a message for women- and minority-led startups: Move to the Buckeye State and you have a real shot at getting funding. Leading the charge is Cleveland-based JumpStart, a nonprofit that invests in young tech firms.
Part of our focus is to accelerate opportunity for women and minority entrepreneurs in Ohio, said JumpStart CEO Ray Leach. It now wants to expand that mission nationally.
JumpStart has launched a $10 million seed fund that will solely invest in women and minority-led tech startups. The Focus Fund will invest in about 20 companies in less than three years — ideally young companies with five employees or less. JumpStart will also take equity in the startups, although it would not disclose how much.
Each startup will get $500,000 in funding. The catch: Entrepreneurs will have to move their headquarters to Ohio to score the money.
We do require them to move to Ohio, but they don’t have to stay for any particular period of time, said Leach. Having said this, we believe once they come to Ohio they will not see any need to leave.
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