JumpStart Inc. receives $300,000 federal grant for new JS MedTech Fund

Cleveland’s JumpStart Inc. is one of 42 organizations that will receive funding through the U.S. Economic Development Administration’s Regional Innovation Strategies (RIS) program, out of a pool of more than 200 applicants, Crain’s Cleveland reports. JumpStart will receive $300,000 to “create a $30-$25M JS MedTech Fund focused on biomedical devices, diagnostics and health care IT startups in the Northeast Ohio region,” the article reports. According to a government news release, “JumpStart anticipates making 20-25 seed stage investments ranging from $100K to $2M and estimates five-year impacts to include $125m in follow-on investment capital, 25 new business starts, and 210 direct jobs.” The grant will come from RIS’s Seed Fund Support category, which “provides funding for technical assistance to support the creation, launch, or expansion of equity-based, cluster-focused seed funds that invest regionally-managed risk capital in regionally-based startups with a potential for high growth.” For more, read the full article

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