Jumpstart, Inc. Case Study
explanatory Essay
1379 words
In a conference discussing the importance of entrepreneurship in the 21st century, a startling statement was made “It is vital for the world economy to study the different tasks an entrepreneur has to accomplish because without entrepreneurs a world economy cannot exist.” (Ludwig Von Mises Institute Europe, 2015). This statement is sound is this age, where modern economy thrives on innovation and novelty from these model of entrepreneurs. And yes, “the different tasks and entrepreneur has to accomplish” are taxing and complicated. For these reasons, JumpStart was established. The organization’s mission is to help entrepreneurs navigate through the barrier of difficulties in their early days through various programs and services, in hope of promoting a healthy job growth and economic growth in Northeast Ohio. Firstly, this paper will introduce the history of JumpStart, Inc., followed by its initial startup program. Then, the paper will discuss JumpStart’s approach …show more content…
In this essay, the author
- Introduces jumpstart, inc., and its mission to help entrepreneurs navigate through the barrier of difficulties in their early days through various programs and services.
- Explains that mccollough's 2002 article assessing ohio’s economy emphasized five key factors that would fortify the ohio economy. jumpstart was founded in 2003 to address the declining job growth and lack of entrepreneurship.
- Explains jumpstart's initial program to address the lack of job and entrepreneurial growth was through the organization investment in startup companies. the burton d. morgan mentoring program aims to help provide mentorship to the small businesses that are in need of guidance.
- Explains that alboher praised jumpstart's method of tackling the shortage of entrepreneurs.
- Opines that it is important to look at the report on how well jumpstart, inc. is meeting its needs in the current age.
- Explains that jumpstart's switch in investment is because scaleups can immediately create new jobs as they have already built a working infrastructure.
- Reports that jumpstart has generated us$56.3 million in goods and created 364 new jobs in northeast ohio region. the city has made considerable advancement in entrepreneurship through startups program and scaleups services.
- Explains that jumpstart has won awards for its work for the public good, including a gold excellence in economic development award in the category of entrepreneurship and an economic opportunity award at the dr. martin luther king, jr. commemorative celebration.
- Concludes that jumpstart has effectively served its mission, matured through time, and successfully funded and fostered startups. the future for job growth in ohio is brighter than it had been in the past.
The reasons for JumpStart’s switch in investment is that scaleups can immediately create new jobs as they have already built a working infrastructure. By offering services to these scaleups, JumpStart hopes to create jobs at a faster rate while still investing in startups, which will generate new jobs in the distant future. One advancement of this program is that JumpStart will not only focus on the medical, tech or clean energy area, it will branch out to any other small businesses are that promising. “It could be a bakery,” quoted Ray Leach, JumpStart CEO, “It could be a high-tech manufacturer. It could be (a business that) was a startup company eight years ago” (Soder, 2017). This novel approach is good news for existing companies that have hit a plateau in
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