HUDSON — The Burton D. Morgan Foundation was recently awarded a grant of $3.75 million from the Richard J. Fasenmyer Foundation to provide educational and network support to Northeast Ohio scaleup companies seeking to grow, and to strengthen the region’s scaleup ecosystem.
The foundations have a shared focus on promoting entrepreneurship in Northeast Ohio and collaborated on the Scalerator NEO initiative since 2016. Adapted from the Scalerator program developed by Daniel Isenberg of the Babson College Entrepreneurship Ecosystem Project, Scalerator NEO is a six-month cohort-based educational program for entrepreneurs and leaders who want to deliver immediate growth to their businesses and are open to learning new ways to achieve this goal.
The program focuses on education, mentoring and networking to help participants achieve their goals. The grant will enable Morgan Foundation to continue to develop and carry out Scalerator NEO, adjusting and evolving it as required by the economy and shifts in Northeast Ohio’s ecosystem. With the infusion of funds, the Morgan Foundation will be better positioned to advance a culture of growth in the region that will create fertile ground for the success of Scalerator NEO or similar programming focused on scaleups, enabling participating companies to achieve growth, expansion and improved job creation.
"Morgan Foundation is greatly honored to be the recipient of this generous grant from Fasenmyer Foundation aimed at continuing our shared priority of promoting educational opportunities for promising scaleup companies seeking to grow," said Deborah Hoover, president and CEO of Morgan Foundation. "Our Trustees and staff thank Fasenmyer Foundation for the faith they have placed in our organization and we are committed to optimizing these resources to advance a culture of growth across our region."
"The Fasenmyer Foundation is delighted to partner with the Morgan Foundation on this focused effort," said Fasenmyer Foundation Trustee John Baechle. "The vitality of Northeast Ohio is dependent upon a prosperous, growing business community. This joint effort to support the growth of existing businesses is a key element to business retention and continuing job creation in our region."