The Burton D. Morgan Foundation in Hudson and the Blackstone Charitable Foundation have committed $3.2 million to train area young entrepreneurs through Blackstone LaunchPad, a venture coach program developed at the University of Miami, Florida in 2008.

Students, faculty and alumni at Baldwin-Wallace College, CWRU, Kent State and Lorain County Community College will have the chance to participate in the program, which takes applicants from idea to full-fledged business.

“A lot of schools around Northeast Ohio have strong entrepreneurship programs, but there’s an experiential gap for the students,” says Deborah D. Hoover, president and CEO of the Burton D. Morgan Foundation. “There are a lot of really good ideas simmering on campuses but the commercialization is lacking. This program will help with that.”

The Blackstone LaunchPad was first started in Detroit in 2010 at two colleges. The program provides participants with advice, mentors, resources, counsel and networks necessary to get their ideas started. Since 2008 Blackstone LaunchPad has generated 65 start-up ventures, 120 new jobs, and drawn nearly 2,000 student participants.

“One of the reasons they selected Cleveland was they are looking at regions being hit hard by economic downturns,” says Hoover of Blackstone’s decision. Participants will be selected in early 2012 and be in full swing by fall.

Source: Deborah D. Hoover
Writer: Karin Connelly