AKRON, Ohio — City of Akron Mayor Dan Horrigan and Bounce Innovation Hub announced a $2 million grant from the Department of Commerce's Economic Development Administration (EDA).
The grant was awarded to Akron to renovate and expand the significantly under-utilized second floor of the Bounce facility on South Main Street in downtown Akron.
The space will be used to help support start-up businesses and will include co-working/office space, conference rooms and classrooms.
“This funding will help grow community, catalyze innovation, and further support local entrepreneurship at Bounce,” said Mayor Horrigan. “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 Congressman Tim Ryan and Senator 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 grant will also be supported by what the city is calling "local funds" to match over $530,000 of the $2 million in the grant that is expected to create 100 jobs, retain 42 jobs and generate an additional $2 million in private investment.
“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,” said Bounce COO and incoming CEO Jessica Sublett, who was a co-author and oversaw the grant application process. “This was a two-and-a-half-year-long project in the making and it’s exciting to see our hard work pay off. Thank you to the City of Akron for their continued partnership and support. Many thanks to Congressman Tim Ryan and Senator Sherrod Brown for their strong support on this project, as well. We look forward to getting started and now let the real work begin!”
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