Jump-Starting Entrepreneurship in Auto-Impacted Cities
The U.S. Economic Development Administration has awarded several grants to encourage innovation and entrepreneurship and create new jobs in areas that were previously supported by the auto industry.
One grant of $1.5 millionis being awarded to Cleveland-based JumpStart, a non-profit focused on spurring economic transformation through high-growth entrepreneurship. JumpStart is developing regional entrepreneurship action plans (REAPs) in the communities of Akron, Ohio; Detroit, Michigan; Fort Wayne, Indiana; St. Paul, Minnesota and Duluth, Minnesota. It has already been successful in increasing innovation and entrepreneurship in Cleveland and other parts of northeastern Ohio and will try to replicate this success by "increasing access to capital in each region and conducting educational events for entrepreneurs. The events will provide training and information, short- andlong-term critical analysis and mentorship, and will connect entrepreneurs and investors."
More information about the EDA's efforts to revitalize poorly performing local economies through innovation and entrepreneurship can be found at the EDA website or its Know Your Region blog.