A $1 million challenge grant from the John S. and James L. Knight Foundation will help bring a new model to try to encourage entrepreneur business opportunities in 20 cities.
The Knight Foundation announced Wednesday it is supporting what is called the JumpStart Inc. America Initiative as a way to involve new leaders in their community's economic future. The foundation said in a news release that the community-focused effort is part of the Startup America Partnership, a national initiative backed by President Barack Obama. JumpStart is one of the founding members of the StartUp America Partnership, which includes three of the nation's biggest technology companies -- Intel, Hewlett-Packard and IBM -- and is an independent private-sector alliance working with the White House to support entrepreneurial businesses.
The America Initiative aims at building on public, private, philanthropic and institutional partnerships to spur the creation of new jobs by developing, identifying and supporting high-impact entrepreneurs, said JumpStart and Knight Foundation leaders.
"JumpStart's approach is based on one simple truth: to succeed in creating an environment for innovation, we must deliberately focus on engaging the community in determining the best way forward," said Paula Ellis, the Knight Foundation's vice president for strategic initiatives. "Its focus on empowering transformational change, while leveraging technological solutions like the online community IdeaCrossing, demonstrates the type of innovative approaches we encourage."
Ellis was referring to an online resource community for entrepreneurs to connect to others in their region or elsewhere.
The Knight challenge grant begins an effort to raise an additional $14 million to implement the program over the next three years. Knight was an early supporter of the work, initially providing $500,000 in seed funding to help six regions in Minnesota, Indiana, Michigan and Ohio. The founding pilot project then expanded to New York and Louisiana. The 20 new communities have not yet been determined, JumpStart officials said.
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Cleveland-based JumpStart said it brings traditional economic development groups together with entrepreneurs and other public, private, philanthropic and institutional leaders and citizens. The group then conducts research, develops frameworks and strategies and helps raise resources and support for entrepreneurs.
"This is about bringing diverse people together to develop a specific, customized and informed approach to addressing a region's entrepreneurial economic development opportunities," said JumpStart Chief Executive Officer Ray Leach.
For example, in Northern Indiana, more than 1,000 residents worked with JumpStart to look beyond their neighborhoods to design a regional strategy that focuses on a mix of global industries. The plan will require an anticipated $18 million from regional, national public, private, philanthropic and institutional sources.
"This approach to entrepreneurship is widely recognized for its success in Northeast Ohio -- and its potential for regions across the country," said Jennifer Thomas, Akron program director for the Knight Foundation.
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