Small businesses and entrepreneurships have long been touted as the top growth factor in this nation's economy. In the interest of jumpstarting and sustaining economic growth at a time when the financial climate of the country has been sluggish at best, new programs are matching up entrepreneurs with community colleges to provide the infrastructure necessary to get these new business start-ups off the ground. The idea began as a local movement, but quickly went national as federal legislators and President Obama hopped onboard the entrepreneurship bandwagon. This article will explore the innovative new approach to economic stimulus that pairs business and community college in a synergistic relationship.
Humble Beginnings in Ohio
Lorain County Community College is teaming up with some new businesses in Ohio to provide innovation and jobs to a community in need. The Innovation Fund, started by this institution, offers grants to high-tech start-ups so they have the opportunity to test out their new technology and attract investors to their business.
According to a report on WhiteHouse.gov, one of the first companies to reap the benefits of this fund is ABS Materials. The company has produced an absorbent material dubbed "Osorb," which soaks up organic contaminants like a sponge to help clean up oil spills and polluted waterways. The company has begun generating revenue from their idea in just two short years, providing economic stimulus and jobs to this Ohio community along the way.
President Obama was so intrigued by the Ohio