If you’re a female or minority and you move your startup to Ohio you could receive $500,000 in funding.
Cleveland-based JumpStart, a nonprofit that invests in young tech firms, is offering 20 companies the chance to earn half a million dollars by relocating to the state.
The company has launched a $10 million seed fund that plans to lead the charge over the next three years.
JumpStart is looking for young companies with five employees or less. The non-profit investment firm will take equity in the startups, although it would not disclose how much.
Each startup will receive $500,000 in funding simply for establishing their business in Ohio.
The non-profit says companies involved in the program have to relocate to Ohio but they haven’t set a specific amount of time they must stay.
Tech startups are particularly popular in Cincinnati, Columbus, and Cleveland. Companies in those cities are most often fueled by accelerators and a growing number of venture capitalists and angel investors in the area.
Officials in Ohio have invested more than $500 million over the last five years in attempting to build a new business eco-system in the area.
JumpStart was founded in 2005 and has invested in 85 early-stage tech firms. 35% of its investments have gone to companies with women or minority founders.
The first Ohio investment for JumpStart is expected to be approved in the next 90 days.