Akron, Bounce Innovation Hub receive $2M grant to boost entrepreneurs

AKRON, Ohio – The city of Akron and the Bounce Innovation Hub announced a $2 million grant from the Department of Commerce’s Economic Development Administration.

An additional $530,000 in local funds is being provided by the city of Akron. The money will be used to expand and renovate the innovation hub’s second floor, according to a news release. Bounce is a nonprofit organization that aids entrepreneurs, startups and small businesses by offering affordable workspaces, advising and programming. The organization operates out of a 300,000-square-foot building owned by the city.

“This funding will help grow community, catalyze innovation, and further support local entrepreneurship at Bounce,” Akron Mayor Dan Horrigan said in a news release. “We’ve seen incredible success with Bounce so far and this grant will help propel it to the next stage of growth. I want to thank Rep. Tim Ryan and Sen. Sherrod Brown for their support of Akron and our entrepreneurs, as well as the EDA for seeing the value in what we are doing here in Akron. I applaud all the city employees and the Bounce team including Doug Weintraub and Jessica Sublett for their hard work to make this possible.”

The investment is expected to create 100 jobs, retain 42 jobs and spur $2 million in private investment, according to the release.

“This award from the Economic Development Administration is a great achievement for the city of Akron’s business and economic future,” Ryan said in the release. “This federal investment will create good-paying jobs, expand job and skills training, and attract new private investment in our community. Northeast Ohio continues to see tremendous economic growth and this investment further underscores the incredible talent of Ohio’s workers and entrepreneurs. I’m proud to have incredible partners in the leaders at Bounce Innovation Hub to bring these federal dollars back home.”

“On behalf of everyone at Bounce, thank you to the EDA for this amazing opportunity to expand our facilities, amenities and offerings to serve even more of Northeast Ohio’s entrepreneurs,” Bounce COO and incoming CEO Jessica Sublett said in the release.

Sublett co-authored and oversaw the grant application process, which took two-and-a-half years to complete.

Want more Akron news? Sign up for cleveland.com’s Rubber City Update, an email newsletter delivered at 5:30 a.m. Wednesdays.