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    JumpStart, Inc.— Health-Tech Corridor Attraction Fund

    For the first time ever, the City, Cleveland Foundation and several Health-Tech Corridor developers provided $1Million in funds to be matched by the state’s Third Frontier fund, on a one-to-one basis, creating the $2 Million Health-Tech Corridor Attraction Fund, as part of JumpStart, Inc.’s Evergreen Fund. The City contributed $200,000 of the $1 Million in funds to be matched.
     
    The Health-Tech Corridor Attraction Fund is an important investment tool to accelerate the vitality and facilitation of innovation in the Health-Tech Corridor (HTC)—three miles on Cleveland’s east side stretching from Cleveland State University to University Circle.
     
    The Health-Tech Corridor Attraction Fund is a significant step in strengthening the attractiveness of the HTC by providing flexible financial resources to innovation driven technology companies and building upon the existing innovative capacity of the HTC.
     
    JumpStart, a nationally recognized business accelerator, will administer the $2 Million fund with capital investments done on a company-by-company basis ranging from $100,000 to $500,000. This fund will create a marketable and competitive advantage and differentiate the HTC as a place where stakeholders support a unified vision for an ecosystem of innovation, which will both attract new companies and be available to help the growth and retention of existing companies. JumpStart is committed to creating 4 full-time equivalent jobs over the next 5 years. 
     
    “This is a $2 Million public-private-philanthropic partnership,” Cathy Belk, JumpStart’s chief operating officer said, “It’s one of the first of its kind, and one of the first focused on a particular geography.”