Foundation pledges $1.5 million to build back better
The Burton D. Morgan Foundation has pledged $1.5 million to support two local projects from the Economic Development Administration’s regional Build Back Better Challenge.
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Trustees of the Hudson-based foundation approved the grants at their June board meeting. The challenge aims to grow regional industry while embracing economic equity, creating well-paying jobs, and improving US competitiveness.
The foundation awarded JumpStart a $1 million grant to support entrepreneurial services and programs in northeast Ohio. JumpStart is leading one of eight projects included in Northeast Ohio’s joint proposal for the regional Build Back Better Challenge, which aims to “align regional assets and strengthen its advanced manufacturing cluster, putting l ‘focus on energy storage and advanced materials’. Grant dollars would be used as cash consideration for the initiative if awarded.
“We are deeply grateful for this support,” said Ray Leach, president and CEO of JumpStart Inc., in a press release. “It’s meaningful to have philanthropic leaders like the Burton D. Morgan Foundation who understand the power of entrepreneurship and partner to impact inclusive economic growth. Through this partnership, we will deepen our collective impact by providing entrepreneurs with access to the services, connections and capital they need to grow and through transformational collaborations such as Build Back Better.
The University of Akron Foundation has received a conditional grant of $500,000 to support its cash contribution to the Build Back Better initiative, which would lead to the construction of a research, development and production facility for polymers.
“We are grateful for the Burton D. Morgan Foundation’s support of the University of Akron Build Back Better Grant Application Matching Requirement,” said Kimberly Cole, Executive Director of the University of Akron Foundation. ‘Akron, in a prepared statement. “Their partnership here demonstrates loud and clear the strength and commitment of our region to exploit this economic opportunity. Again and again, leaders from across Northeast Ohio come together to bring high-impact ideas to life that build on the talent and strengths of our university and region.
The Economic Development Administration is expected to announce award decisions in September.
Additionally, trustees awarded $663,050 in grants that will support entrepreneurship programs and opportunities for Northeast Ohio youth, students and adults. Recipients include:
• Cuyahoga County Public Library: $100,000 to support an innovation center at the Solon branch.
•Purdue University: $60,000 for an after-school entrepreneurship program for two years.
•University school: $303,050 to support the Young Entrepreneurs Institute during the 2022-2023 academic year.
•West Reserve Community Fund: $200,000 in loan capital to support small business lending.
Other grants include:
•Crafty Mart: $12,500 for Maker 2022 sessions, which includes Launch Market and Creative Catapult.
•Community initiatives: $20,000 to support the operation of the Entrepreneurship Funders Network.
•Hudson Town School District: $3,000 for the Six District Educational Compact.
•Kent State University Foundation: $1,000 for travel costs associated with the Deshpande Symposium.
• Kent State University Foundation: $15,303 for studies related to EntrepreNew’s 3rd year evaluation work.
• Ohio Branch: $5,000 for the two-day Leadership Ohio Akron session.
• North Akron Community Development Corporation: $20,000 to support NoHi and Market House operations.
•Change SEA inc. : $20,000 for the 2022 Northeast Ohio Signature Cohort focused on social enterprise.
• Summit artistic space: $20,000 to support artist entrepreneurship programs
•Teen Business Foundation: $5,000 to support the Pop-Up Shop Challenge for Young Entrepreneurs
• University of Massachusetts-Lowell: $20,000 to support the Deshpande Symposium in Cleveland.
•University school: $20,000 for the Greg Malkin Youth Entrepreneurship Fund.
•University school: $20,000 for sponsorships on the YIPPEE website.
•Venture for America: $10,000 for the San Antonio Scholars Program.
•VentureWell: $10,000 to sponsor the Open 2022 conference
Grants awarded for Hudson initiatives include:
•Destination Hudson: $6,000 for operating and program support.
•Hudson Town School District: $10,000 to support Hudson Middle School Clubs.
•Hudson Community First: $6,000 for career panel and Intern for a Day program.
•Hudson Community Foundation: $2,500 for the Hudson Bandstand Fund, for the 2022 Summer Concert Series.
•Hudson Community Foundation: $2,500 for educational programs focused on inclusive entrepreneurship.
•Hudson Community Services Association: $8,000 for the pantry program.
•Sister city Hudson-Landsberg: $5,000 for the Christkindlmarkt event.
•Hudson Montessori School: $5,000 for operating support.
•Western Reserve Music: $3,000 for the 2022-23 concert season.
The foundation also provided a $50,000 grant to Razom for the Emergency Response Project providing critical humanitarian relief and recovery in Ukraine.
Philanthropist Burt Morgan established the foundation in 1967. Its mission is to champion entrepreneurship, contribute to a strong entrepreneurial ecosystem, and be a leader in the field of entrepreneurship education.
For more information, visit https://www.bdmorganfdn.org/.
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