JumpStart receives $1 million boost to broaden its reach and continue its startup mentoring program

JumpStart, a nationally recognized nonprofit that provides startups with mentoring from experienced entrepreneurs, got a $1 million boost from the Hudson-based Burton D. Morgan Foundation, to broaden its reach.

JumpStart invests in big ideas and talented people to create jobs and economic vitality. We’ve been successful, creating 10,000 jobs and $5.6 billion in impact since 2010. In addition to the new funding boost, JumpStart is also raising $35 million through its “FUEL” campaign to fuel new programs, invest in companies and strengthen the magnetic draw of our region.

Since its launch 2012, the Ohio-based JumpStart program has served more than 200 startup and small businesses to date with its 180+ mentors having volunteered more than 10,000 hours to help entrepreneurs. The startups served by the program have gone on to raise $74.9 million in capital and generate $109.6 million in revenue, and they currently employ nearly 200 people across the region.

The new grant will provide continuing support for JumpStart’s Burton D. Morgan Mentoring Program, which connects startups and small businesses with teams of up to four mentors who offer invaluable advice on everything from sales and marketing to raising capital and forming a board of directors.

“Our founder Burt Morgan was a big believer in the power of mentoring to help entrepreneurs navigate startup pitfalls and challenges,” said Burton D. Morgan Foundation President and CEO, Deborah Hoover. “Throughout his memoirs he references individuals who helped him ‘start businesses from scratch’ and he routinely paid it forward, helping hundreds of aspiring entrepreneurs figure out how to move forward successfully. Burton D. Morgan Mentoring Program honors our founder and strengthens the capacity of our ecosystem by linking the expertise of experienced mentors to startups in the throes of solving tough problems for their ventures.”

“Support from Burton D. Morgan Foundation has allowed us to build a large, connected entrepreneurial community with direct impact on entrepreneurs’ success and the economic future of Northeast Ohio,” said Burton D. Morgan Mentoring Program Director, Bill Nemeth. “From high school students to 60+ year-old entrepreneurs, we see the impact the program has on peoples’ lives every day and we hear ‘I could not have done it without my mentors’ on a weekly basis.”

“Ultimately, these mentors are giving the most valuable resource they have – time,” added Nemeth. “When you consider the time donated in relation to the amount of capital and revenue generated, this program has generated an hourly return of $18,450 for each mentor hour. That is an impressive return on investment.”

With funding from this latest Burton D. Morgan Foundation grant, the mentoring program will not only provide ongoing assistance to entrepreneurs, but also work to engage entrepreneurs in the community in new ways.