A Cleveland venture capital group plans to fund over 200 startups in Ohio through a new state-wide initiative.
Flashstarts is working with the Third Frontier program to distribute over $100 million over the next three years. It’s called the Cleveland200 fund. Flashstarts CEO Charles Stack says at least $5 million of the fund will advance job growth in Northeast Ohio by supporting startups.
Every study that’s ever been done shows that the vast majority of all new jobs come from startups. Big corporations over time add and reduce and eliminate almost as many jobs, so it ends up being a net of zero. But actual job creation is almost entirely the result of new companies.
The program will boost the startups with grants from $20,000 to $50,000 per company. Stack says it is a “once-in-a-generation opportunity” since there are no plans to renew the fund.