In a recent Huffington Post article, John Dearborn, President of Cleveland's JumpStart Inc., writes about Lorain County Community College's Innovation Fund. It awards grants of $25,000 and $100,000 to fledgling startups.

Internships are another important part of the Innovation Fund. "It might seem obvious or even slightly trivial, but interns offer startups a hardworking, forward-thinking labor pool at a heck of a price."

"This unique and groundbreaking fund has three important tenets: 1) as funds are paid back, they are then re-invested in another startup; 2) the company needs to work with a business mentor at the Innovation Fund's related incubator; and 3) every company that receives an award from the Innovation Fund commits to providing at least one local college student with a work-based learning experience."

The startups receive talent they cannot otherwise afford, and the interns receive a better education than they would ever get in the classroom.

"So far, the Innovation Fund has invested $4.3 million in 60 companies that have sponsored 130 internships. When it comes to slowing the region's "brain drain," this program shows evidence of creating change. The companies have created 100 full-time jobs that, in some cases, have been filled by interns."

Read the rest here.