Kauffman Foundation partners with LCCC to develop Innovation Fund America
June 01, 2012
The Ewing Marion Kauffman Foundation recently partnered with the Ohio-based Lorain County Community College Foundation to provide a $1 million grant that will bring the Innovation Fund America project to the national forefront. LCCC developed the program in 2007 and it has since proved successful as a way to provide mentorship for entrepreneurs and fund high-growth start-ups.
Since the Innovation Fund was launched, it has provided entrepreneurs with nearly $6 million in funding through almost 100 awards, as well as an additional $62 million in follow-up support.
To expand the education programs and in turn spur economic growth, the Kauffman Foundation will launch Innovation Fund America pilot programs in three communities across the U.S. Ultimately, the foundation and LCCC plan to expand the program into communities nationwide.
"Kauffman has a rich history of working with colleges and universities to build entrepreneurship education programs and curricula because entrepreneurship is a long-term strategy for job development and economic growth," said Thom Ruhe, Kauffman Foundation vice president of entrepreneurship. "We see a tremendous opportunity to employ their resources to support, educate and inspire local residents to pursue entrepreneurial ventures."
Small-scale projects that receive large contributions might benefit from grant management software
to ensure money is allocated correctly.