JumpStart: IdeaExchange Blog » Blog Archive » New Help for Minority & Inner City Entrepreneurs in Ohio
JumpStart, in collaboration with Governor Ted Strickland, and
Much has been written over the past few years about the economic opportunity that exists for our community if we had more of our region’s citizens participating in high growth entrepreneurship. In short, higher growth emerging businesses simply create more jobs. The challenge has been that many of our region’s entrepreneurs, specifically ethnic minority populations and firms based in lower income census tracks commonly referred to as the inner city, have not participated equally in the types of growth opportunities attractive to angel and venture capital investment. Absent this critical component of early-stage funding, these entrepreneurs have been led to the types of businesses that generally did not require much capital which in turn led to a greater propensity of lower growth service oriented businesses. While smaller firms have always been, and will always be a critical component of our economy, even a modest increase in more diverse businesses growing larger scale operations can have a dramatic impact on job creation for all of our region’s citizens.