Morgan Foundation Receives $3.75 Million Grant from Richard J. Fasenmyer Foundation
Burton D. Morgan Foundation was recently awarded a grant of $3,750,000 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 have 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, 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.
Deborah Hoover, President and CEO of Morgan Foundation commented, “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. 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.”
Fasenmyer Foundation Trustee John Baechle stated, “The Fasenmyer Foundation is delighted to partner with the Morgan Foundation on this focused effort. 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.”
The potential impact of Fasenmyer’s grant is further bolstered by Morgan’s commitment to match all dollars awarded by the Fasenmyer Fund. The second cohort of Scalerator NEO is currently underway. Morgan Foundation will begin using grant dollars immediately for a third cohort, scheduled to begin in spring 2019.
The first cohort of Scalerator NEO is already posting impressive results. Fourteen companies graduated from the initial Scalerator NEO cohort in 2017, which included a mix of manufacturers, software companies, and service providers that say the experience transformed their businesses. Collectively, participating companies experienced a growth in earnings (EBIT) of 40% from 2016 to 2017. Average company revenues grew nearly 9% in 2017, with the group planning to double revenue growth to a projected 18% by the end of 2018.
The application process for the third cohort is now underway. If you are interested in participating in Scalerator NEO or would like to learn more, visit ScaleratorNEO.org or contact Vikki Broer at 330-655-7923 or vbroer@bdmorganfdn.org.