Move your startup to Ohio and you could earn $500,000

Jumpstart investing 10 million in startups

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.

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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.

Written by Peter Mondrose

Peter Mondrose

Peter Mondrose is the Editor-In-Chief at BusinessPundit. He received his degree in Economics in 1998 and a second degree in Journalism in 2004. He has served as a financial adviser, market trader, and freelance journalist for the last 11 years. When he's not investigating market conditions and reporting on workplace news, he can be found traveling with his wife, dog, and laptop. He can be reached at PeterMondrose@BusinessPundit.com or (929) 265-0240.