Frequently Asked Questions
MY BUSINESS ISN’T A TRADITIONAL “STOREFRONT” OPERATION. DO I QUALIFY FOR CHAIN REACTION?
Yes. We are looking for a variety of business types for this project. The most important characteristics of target businesses are the opportunity to scale and grow, the potential to create jobs and investment in the target neighborhood.
WHICH CLEVELAND NEIGHBORHOOD WILL BE SELECTED?
Our team is currently working to select from the Cleveland neighborhoods that were named finalists. All have great potential. We will identify the selected neighborhood in May – prior to the deadline for business applications.
WHAT IF I DO NOT WANT TO OPEN MY BUSINESS IN THE SELECTED NEIGHBORHOOD?
The neighborhood will be selected prior to the deadline for business submissions. If you have already submitted your pitch and the neighborhood is not one in which you are willing to locate your business, send an email to us at CLEchainreaction@jumpstartinc.org and tell us you would like to withdrawal. Please know that the neighborhood we select will be selected based on its ability to successfully host our businesses.
HOW MUCH WILL BE INVESTED IN MY BUSINESS?
The investment in your business and the terms of that investment are at the discretion of you and your investor. Each investor will be required to demonstrate $100K in minimum available investment funds. However, there are no designated minimum or maximum limits for investment for this project. In our experience, $75-$150K is likely more than adequate for many of the scale-up businesses that will be a part of this project.
WHAT KIND OF HELP AND SUPPORT WILL BE AVAILABLE TO ME THROUGH THIS PROJECT?
The producers of this project and the investors bring a broad network of resources of all kinds to the project. To the extent possible, our goal is to extend those networks and resources to the project participants in support of your efforts. Your success is ours!
WILL I NEED TO PROVIDE EQUITY, ROYALTIES OR COMMISSIONS TO THE CHAIN REACTION PROJECT?
No. The producers of the project are supporting this work for its value to the community. There is no payment or compensation provided to them by the investors or the participating businesses.