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Tuesday, January 26, 2016

Funding Available for Minority and Women-Owned Tech Start Ups in This State

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Women and minority-led technology startup companies have a very good opportunity to get funding; all they need to do is move their business or start their business in Ohio. It's a sweet deal; each startup will receive $500,000 in funding.

$500,000 in funding

The funding is being offered by a Cleveland-based nonprofit that invests in young tech firms, JumpStart. The name is well suited to the company because that is exactly what they do. As the company CEO Ray Leach explained it, "Part of our focus is to accelerate opportunity for women and minority entrepreneurs in Ohio." The size of the JumpStart fund is $10 million of seed funding, and it will be invested strictly in women and minority-led tech startups.

JumpStart was founded in 2005 and has already invested in 85 early-stage tech firms in Ohio, of which 35 percent are founded by women or minorities. The new fund, called a Focus Fund, is the largest seed fund to focus entirely on women and minority-led tech startups, according to Leach.

How to qualify

Companies who qualify must be high tech startups. They can be in one of many high tech fields, such as health care, IT, biotech, cleantech and wearables. And small companies who receive a grant are not required to remain in Ohio. However, Leach adds that he hopes once they come they will stay.

Find out more about the JumpStart Focus Fund at www.jumpstartinc.org


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